Posted on 02/13/2020 8:45:10 AM PST by Oldeconomybuyer
Amazon founder Jeff Bezos has bought a Beverly Hills mansion from media mogul David Geffen in a record-breaking transaction for Los Angeles, according to the Wall Street Journal.
The world's richest man is said to have paid $165m (£126m) for the property - known as the Warner Estate - which would make it the most expensive home in the Los Angeles area.
It beats the previous record set last year when Fox Corporation chief executive Lachlan Murdoch bought the Chartwell estate in the city's Bel Air neighbourhood for $150m (£115m).
The 9.4-acre Warner Estate was built in 1937 by its namesake, Warner Bros Studio boss Jack Warner, and is kitted out with huge terraces, gardens, guest houses, a tennis court and a golf course.
It is listed in The Legendary Estates of Beverly Hills book, which was quoted in the Journal as saying: "No studio czar's residence, before or since, has ever surpassed in size, grandeur, or sheer glamor the Jack Warner Estate on Angelo Drive in Benedict Canyon."
In 1990, Mr Geffen purchased the property for $47.5m (£36m), which was also a record for Los Angeles at that time.
He then reportedly gutted the home except for a wooden floor said to be the one that Napoleon stood on as he proposed to Josephine.
(Excerpt) Read more at news.sky.com ...
I’d still try it for a week. Just a week. Then I’ll let ya know. :^)
And besides... Proverbs 30:8 (KJV)doesn’t keep the lights and heat on, nor pay the mortgage, or the wife’s medical bills... etc., etc., etc.
The wife and I had a conversation about multi-billionaires the other night. While we're both free enterprise capitalists, we wondered what do these billionaires do with that money? We figured if we were to have 50 million accessible dollars, we could live a luxurious life and be able to charter a private jet and avoid airport hassles, not to mention various get-away properties. We just couldn't comprehend having a billion or more and not give much of it away to legitimate charities/causes.
We would research who gets the most bang for our bucks, and directly wire the funds under contract that the recipients use them for the cause, with little to no commission fees - salaries would be acceptable. There would be a stipulation if not used as we directed, no more funds forthcoming. I personally would read the P&L.
Other than some immediate relief, all our designated causes would go to building opportunity, sustainable growth, and self reliant motivation. "Give a man a fish, he eats that day. Teach a man to fish, he eats every day".
That tax bill must be quite a doozie!
In Californicator land, the new property tax bill will start this month at the new purchase price and plus any improvements. The new bill will be due this 31 March 2020!
Pruitt Igoe of St. Louis, the most famous housing project disaster. My wife stayed their as a small child.
It was required reading in Architecture College.
https://en.wikipedia.org/wiki/Pruitt%E2%80%93Igoe
I wonder how much the
Capital Gains tax will be on this transaction.??
The property taxes are based on Prop 13, which in Los Angeles amounts to about 1.25% of the sale price....Which works out to about $2,062,500 in the first year.
Commissions at 6% are $9,900,000.
Romney has the beachfront property.
Not so bad, because he will keep a home office and discount the taxes as an expense.”””
Not that simple.
He will have to calculate the square footage of the ‘office’ in comparison to the total square footage of the house, and can only deduct that percentage of taxes from his income taxes.
Not so bad, because he will keep a home office and discount the taxes as an expense.”””
Not that simple.
He will have to calculate the square footage of the ‘office’ in comparison to the total square footage of the house, and can only deduct that percentage of taxes from his income taxes.
I wonder how much the
Capital Gains tax will be on this transaction.??
The property taxes are based on Prop 13, which in Los Angeles amounts to about 1.25% of the sale price....Which works out to about $2,062,500 in the first year.
Commissions at 6% are $9,900,000.
I payed 20k for my “vacation cabin” on 6 acres.
(outhouse and no running water)
Until recent years it was one of my favorite places to stay..but the area is starting to get developed and it’s not quite as nice anymore.
Probably sell it in the next several years for 80k and look for another diamond in the rough.
Then you have the entertainment room. The rest room. The exercise room and shower. The ice cream room. The news gathering room (tv room)
Am I missing any other “business”rooms?
He could drive an electric golf cart from one office to the next and declare it one big office?
Col. Mustard in the Conservatory with the lead pipe?
He won’t pay a 6% commission.
He can pay property tax for the next 100 years, in advance, and not even feel it.
The possibility of getting to be very rich indeed is necessary for capitalism to generate the jobs and goodies the rest of us want. That said, there are social and political risks in allowing wealth so vast that it makes ordinary billionaires look like teenagers on an allowance.
Society needs these people, but needs to be protected from them, too.
When Carnegie sold his steel business to John D Rockefeller he was worth $345 billion in 2014 dollars. Not bad for a kid who hit US shores at age 12 with $1.20 in his pocket!
Carnegie spent the rest of his life disposing of his money.
He built Carnegie Hall, libraries, colleges and gave away 90% of his wealth by the time he died.
John D Rockefeller likewise spent the last years of his life disposing of vast amounts of wealth.
Something tells me Bezos and the current crop of robber barons will go to their graves clutching every dollar they can.
... and he’s still butt-ugly.
There is a bigger house next door.... really. He bought a small home in that neighborhood.
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