Man buys mansion just to tear it down
Everybody has a dream home, but for some people, it's all about finding the perfect piece of property first.
Don't you hate it when you buy this spectacular house, but you just want more?
The Wall Street Journal recently reported that Pacific Investment Management Co. "Bond Guru" Bill Gross plans to join the three other billionaires who live in the small, gated community on Harbor Island in Newport Beach, Calif., after buying a bayfront home there for $23 million.
The 11,000-square-foot Georgian Colonial home with nine bedrooms and 12 bathrooms was built in 1979 on a double lot with 112 feet of water frontage. But alas, he's tearing it all down -- to build his own mansion, according to WSJ.com.
Reporter Sara Lin offers some insight into the deal in this video:
It's gives me hope that in a state where there were 124,874 foreclosed homes on the market in July, and where Playboy founder Hugh Hefner loses $10 million in a home sale, there is still property that's considered a rare find, and a buyer willing pay for it -- not once, but twice.
Apparently, Gross, co-founder and chief investment officer at Pimco, did try to be sneaky about the deal, purchasing it through the Monte Carlo Trust -- which may not have been so sneaky after all, since Lin says Monte Carlo is actually the name of the street he now lives on with his wife in the Irvine Cove neighborhood of Laguna Beach, Calif.
In other high-end real estate news, Lin also discusses the recent sale of a $25.9 million Southampton, N.Y., home that the government seized from hedge-fund manager James Nicholson in March.
Nicholson, president of Westgate Capital Management LLC, is accused of bilking at least $150 million from investors through a Ponzi scheme. He bought the 10,000-square-foot home with nine bedrooms, nine bathrooms and 222 feet of oceanfront for $27 million in 2008, which kinda makes the feds look pretty savvy about the real-estate market.
Although they put it on the market for $33 million after seizing it, considering the state of the luxury real-estate market, they nearly came out ahead at that price. I am impressed.
Lesson for the day is: If you're involved in finances, you'd really rather be considered a bond guru than a bilker.
check out what this guy has created and maybe you wont hate him quite as much..
YOU ALL BAG ON A GUY WHO HAS AMASSED HIS WEALTH FROM PRUDENT, CALCULATED, PATIENT BOND MOVES OVER 30+ YEARS. MOST OF YOU HAVE NO UNDERSTANDING WHATSOEVER WHAT A BOND IS SO U LUMP HIM IN WITH HEDGE FUND MANAGERS, BANKERS, POLITICIANS ETC...BILL GROSS IS IN A DIFFERENT CATEGORY FRIENDS...PLEASE DONT DEGRADE THIS MAN AS HE IS TRULY A PATRIOT...YOU MAY NOT AGREE BUT IF YOU TRULY UNDERSTOOD HIS INDUSTRY YOU WOULD PROBABLY VOTE FOR HIM......
We were all given the gift of free will. We all make our own choices, good or bad. Count your blessings, be grateful for what you have instead of focusing what you don't have. As bad as you think you may have it, there is always someone out there who is worse off than you.
Envy is the art of counting the other fellow's blessings instead of your own. ~Harold Coffin
This is an absolutely beautiful home, contrary to what someone else said. And, I normally HATE these huge monstrosities. I agree with the posters who suggest that the home be given away, sold cheaply maybe, or just torn apart carefully and GIVEN to one of those
salvage stores so the parts can be sold at low prices for people like myself, for one, who
cannot normally afford some of the lumber, fixtures, etc. that go into these huge homes.
This man definitely has no scruples, I am so sick of these greedy, ignorant people.
Must be nice! My home has been on the market now for nearly 17 months and we keep lowering the price to try to get someone to bite on it...only have a few more months left before we move don't know what we will do if we don't sell! I understand that people with 23 million to just throw away don't really care about a person trying to sell a $225,000 house but it really just makes me nauseous to read about...OK yeah I can admit it I am a bit jealous! I do hope for him that he does get the home of his dreams...
Most of you posters have very poor thinking and guarantee most of you are poor, period. The guy has made his fortune off of buying and selling bonds. Almost all of you work for a company of some sort or another. Where do you think money comes from? You? Wake up. Companies have to sell bonds so they get money today so you get your paycheck on a regular basis instead of waiting for profits to mature. Don't think it applies to you because you work for a government agency? Wrong! Think again. Government is so far in debt and has been for years it gets it's money from bonds too. This guy has helped many people to have jobs and most of you don't even have a clue.
The guy deserves what he buys. Do you?
hey..here's a thought for people blowing smoke about doing good deeds, but never do; PAY to have the house MOVED as a donation for say a woman's outreach, or troubled youths. or a few homeless families that could give back by working, say a farm or contractor.
demolishing a home is destroying our resources, our communities our families and our hope that a better tomorrow will come...NAMASTE
About Teresa Mears
Teresa Mears is a veteran journalist who has been interested in houses since her father took her to tax auctions to carry the cash at age 10. A former editor of The Miami Herald's Home & Design section, she lives in South Florida where, in addition to writing about real estate, she publishes Miami on the Cheap to help her neighbors adjust to the loss of 60% of their property value.