THE ONE - house selling for half a billion [UPDATE: reduced to $295million]
- Thread starter TEN
- Start date
I would get it, but I got to pay off the $2000 credit card first.
Without giving too much info on this one.
A guy has a house in Cali worth 7 MIL.
He owed about 4 MIL
Dude only insured his home for 1 MIL and that bitch burned to the ground in a recent fire.
He tried everything to get a certain mortgage company to approve him to just keep the money and not turn that MIL into the bank.
He was going to walk away from the mortgage and keep the 1 MIL. The bank was not having it.
Completely underinsured his home and now he is fucked.
I'd buy a 20 million house and keep the rest of the money....
Someone will buy that house and not even live in it. Just buying to flex and show off. 
Just goes to show the mark up on American properties is ridiculous.
This is a Cape Town property (for example), and you can keep 490 million for a rainy day.
www.sothebysrealty.com
This is a Cape Town property (for example), and you can keep 490 million for a rainy day.
Cape Town, Western Cape, 7806 South Africa
View this luxury home located at Cape Town, Western Cape, South Africa. Sotheby's International Realty gives you detailed information on real estate listings in Cape Town, Western Cape, South Africa.
There could be a family of 6 living with you and you wouldn't know it.
No one is going to pay that amount in this shitty economy it'll end up selling for $15 million.
There could be 6 families living with you and you wouldn't know it.
Nah playa.... they get dropped off by three chartered vans in the am..... and shipped back out in the pm..... only mofos living there other than the owner and his peeps are security and the 24hr cook....
.
uh, why are you getting insurance for less than the price of the house?
In this case, I think as he paid down the loan, he was able to lessen the amount of coverage he had. He was gambling that he would not have a catastrophe, which is exactly what happened.
I do know the insurance company gave the guy a check for exactly $1 MIL.( Policy Limit amount) The check was made out to him and the mortgage company.
He did everything he could to get the mortgage company to agree to endorse the check.
Yeah that, or they live in one of the many guest houses. Either way, it's a hassle to have to deal w/ people that aren't your family walking around your property all day.
Why didn't he insure the house for at least 7 million? He didn't want to pay it? Or he couldn't afford it.
I mean this is a lesson to put insurance on big ticket items. I am sure his cars were fully insured.
I mean this is a lesson to put insurance on big ticket items. I am sure his cars were fully insured.
Cash rich. Dude is a multi-millionaire and cheaped out on the insurance.
A lot of wealthy people play these sorts of games. Most pay cash for their cars and self insure because they are loaded.
It's a chance because they could have their home burn down or what if they hit someone driving and get sued, now that money has to come out their pockets. It's a chance that a lot of them take.
After the newness wears off it'll be a burden!!
Might take 5yrs or so but it will be a thorn in someone's side.
Might take 5yrs or so but it will be a thorn in someone's side.
Couldn't even afford the landscaping on a home like that. That home is like a small corporate office building. It will need a near full time electrician, plumber, building manager, housekeepers, etc... No amount of money would convince me to live with randoms in my house everyday.
Pass
Bro i saw homes in Durban when I'd take my lunch break and go to McDonald's. Homes on the coastline of the Atlantic. The view was so big you could see the earth curve.Just goes to show the mark up on American properties is ridiculous.
This is a Cape Town property (for example), and you can keep 490 million for a rainy day.
Cape Town, Western Cape, 7806 South Africa
View this luxury home located at Cape Town, Western Cape, South Africa. Sotheby's International Realty gives you detailed information on real estate listings in Cape Town, Western Cape, South Africa.
All those homes sold for no more than $250k and they we're beautiful.
All while the people of this country fight for jobs, can’t afford to pay for medicine that keeps them alive and starve, wish hell was a real place.
This is very true.
Although in most cases, when a homeowner suffers a total loss, they usually get enough to pay off their home and will have some extra money to get started somewhere else. I see it all the time. Just depends on your coverage. Most homeowners will get around 10 to 20K free and clear once they pay off their loan. That amount plus whatever they get for the contents. Sometime homeowners really get over on some of these insurance claims. Good for them though.
I get that they lose a lot of personal items and that shit is traumatic, but financially, some come out of it with way more money than they started with.
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