More mansions

Katherine Hepburn's house is on the market. I like it. Only 15 rooms, not too big. Nice location. I could probably mow that amount of lawn myself (on a rider mower) I'm short some cash though.

http://www.lonny.com/Katharine+Hepburn%27s+Waterfront+Connecticut+Estate?utm_source=outb&utm_medium=cpc&utm_campaign=Lifestyle-1

I'd go halvsies. I just request we turn one wing into a shop, and I get to manage the backyard lake

Designed by Hepburn herself in 1939, it
was for sale at 28 mil. Now it's only 14 mil.

Only.

Watch this video, if Hepburn hadn't owned
it, this is a 3 mil house.

http://www.huffingtonpost.com/2014/05/12/katharine-hepburn-home_n_3259527.html

Quote: Evenbob

Watch this video, if Hepburn hadn't owned it, this is a 3 mil house.

Katherine Hepburn died June 29, 2003. The owners paid $6M for the house the year after she died and began renovating the home. So I would think you are being a little negative at $3M, but they are out of their minds to think someone is going to pay $14.8M let alone $28M. My guess is that it goes for $8M.

10 Mohegan Ave, Old Saybrook, CT 06475 6 beds, 8 baths, 8,368 sqft Lot: 1.47 acres Built in 1939 Last sold: Sep 2004 for $6,000,000
9 Mohegan Ave, Old Saybrook, CT 06475 4 beds, 3 baths, 3,000 sqft Lot: 1.2 acres Built in 1949 Last sold: Nov 2003 for $850,000 Zestimate®:$3,168,390

Kaley Cuoco sold her home when she got married this year. How much appreciation did she get after 3.5 years? Less than 7% total. Not even enough to pay for the realtor. That's what you get for being a mega celebrity.
05/19/14 $2.565M
11/19/10 $2.400M
12/16/04 $2.330M

Of course, if you make $12M a year, then how much is a $2.5M house relative to your net worth?

Here's a much better deal:

http://www.italymagazine.com/news/sale-ebay-italian-village?utm_content=buffer3dd38&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer

Quote: Evenbob

Here's a much better deal:

There are a lot more of these old villages being abandoned. In some cases they have been inhabited for thousands of years.

But I would much rather be the people who bought the smaller house next door to Katherine Hepburn's house after she died for $800K. You can renovate it and sell it and say, the next door neighbor used be KH!

Instead the people who bought Katherine Hepburn's house for $6m and then dumped a ton of money in for renovations, may find that the number of people who want to pay a fortune to live in her house are few to nonexistent.

Quote: Pacomartin

There are a lot more of these old villages being abandoned.

There's a reason these places are so cheap.
Modern infrastructure is almost nonexistent.
Water, sewer, electric, it would cost a fortune
to modernize.

Boy talk about gambling and real estate prices in the west. Here is a home near Palm Springs that was bought for about $5M in 2001. It's been on the market with three different firms who started at $12.5 million and dropped price to $4.25 million over 7 years.

The Obamas are rumored to be the new buyers.

07/17/14 Listing removed$4,250,000
06/17/14 Price change$4,250,000
03/03/13 Listed for sale$7,000,000 Sotheby

07/03/12 Listing removed $8,000,000
10/02/09 Listed for sale $8,000,000 Windermere

09/14/08 Listing removed $9,500,000
03/26/08 Price change $9,500,000
06/20/07 Listed for sale $12,500,000 Number1Expert

12/01/04 Sold $397,500
01/05/01 Sold $4,900,000
Built 1993

I guess Bill Gates needed a little cottage home for the occasional weekend.

Quote:

Bill Gates has purchased weight-loss guru Jenny Craig ’s Rancho Santa Fe, Calif., equestrian estate.

According to public records, the price was $18 million, and the deal closed in mid-September. A spokesperson for the Microsoft co-founder confirmed the purchase and said the Gates family “has enjoyed visiting the San Diego area with friends and family for many years.”

Known as Rancho Paseana, the property is about 20 minutes north of San Diego. Its roughly 228 acres include a ¾-mile racetrack, a guesthouse and an office, an olive orchard, five barns and a veterinarian’s suite

http://online.wsj.com/articles/bill-gates-buys-jenny-craigs-california-horse-farm-for-18-million-1412805259?google_editors_picks=true

Quote: rxwine

I guess Bill Gates needed a little cottage home for the occasional weekend.

$18mil, Gates had that much in pocket change
after lunch.