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This is a classic example of people getting rich and going nuts with it. It would be so nice if people would see that God has blessed them with wealth to be good stewards of it. How foolish it is to build an estate that you can not possibly maintain or even use all of it. There are people starving in this world and people are throwing money away on this foolishness. Outrageous!
It sounds to me like many of these were strategic defaults, i.e., owners purposefully walking away and declaring bankruptcy of a shell LLC corp. while the rest of their assets are protected in a trust, separate corp., partnership, etc. What’s even more amazing is how many of these flops were the brainchild of so-called professional experts in the real estate industry. Now we all get to pay for the bad loans behind these white elephants via bank bailouts concocted by the creative minds of the Federal Reserve and Wall Street.
Heads they win, tails we all lose. The rich know how to stick it to us in more ways than we can possibly imagine. Thanks for bringing that to my attention again Forbes.
big is nice, but this is outrageous. What happened to classic elegant styles?