Super Rich: Estate Sales Are Latest Solution

wsj.com:

VERO BEACH, Fla. -- Richard and Amanda Peacock spent five years building their dream home, a 10,000-square-foot, orange mansion overlooking the ocean here. They filled it with leopard-skin chairs, pinball machines, antique Coca-Cola signs and six sports cars. It had a room full of 100 hunting trophies -- including a hyena and the head of an elephant -- and an aviary out back housing eight rare parrots.

Read the whole story: wsj.com

Comments

[Tyler-Durden]

no sympathies here. except for the animals that were killed for their gaudy sense of style

[Haditup2here]

Four million on a leopard and gold designed house filled with stuffed dead animals and wall trophies

One million dollars for a mortgage for another ocean front house used while building their mansion

And when all was said and done only a net profit of $100,000 because they had to pay $200,000 of the $300,000 to the auctioneer and for other fees --and because they couldn't let go of their home for 5.5 million which would have covered the 2.2 Million Dollar mortgage.

And just to think this guy was a real-estate developer. Didn't he even read the agreement in terms of the fee of the auctioneer before signing. I don't know about anyone else, but this doesn't come off as being too bright. I wonder if he built his business from the ground up or just got lucky.

[skymuffin]

Seems kind of nouveau riche, no? The old money is kind of stingy.

Sorry you guys have to sell the dead elephant heads. Will it help keep you out of tent cities?

[shaman]

I am having trouble getting past the name Peacock. That being said, these folks are not the super rich. They are the nouveau rich. It may be the super rich that would be willing to pay cash for these distress sales however. That would be a story that might even be more interesting. The Super Rich keep getting richer and the Nouveau Rich getting poorer.