Realty Check
Tough talk on all things housing -- booms, busts, bargains and more -- from "Nightline" correspondent Vicki Mabrey
Vicki Mabrey is a correspondent for "Nightline" based in New York. She covers real estate as well as a range of national stories.
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Livin' Large
August 21, 2009 10:58 AM
A couple of lighter stories to end the week. No advice, just "things that make you go, 'Hmmm.'"
The first involves a Miami woman who found herself and her family evicted for a day, even though they had scraped up the dosh to save their home from foreclosure. Or so they thought. Due to a court mix-up, the house, purchased three years ago for $260,000, was sold at auction to another buyer for $87,000. When the new 'buyer' came to claim the house, the sheriff ignored the pleas and papers of the actual owners and evicted them. Just for a day, but still.... Plenty of comments at other sites saying they never should have let their payments get so far behind, blah blah blah. I'm sure they know that now.
The second involves Bill Gross, head of Pacific Investment Management Corporation (PIMCO), and his wife Sue, who paid $23 million for an 11,000 square foot mansion on gated Harbor Island just off Newport Beach, CA. The Georgian-style manse, built in 1979, has 9 bedrooms, 12 baths, and comes with 112 feet of waterfront -- enough to house both of your 100-foot yachts. The original asking price was $26 million, but when you're paying cash you can get a deal. And thank goodness for that -- the Grosses plan to tear it down and build their own home sweet home.
Recession? What recession?
August 21, 2009 | Permalink | User Comments (5)
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You have to wonder how many people's 401k's and lives were destroyed in the financial collapse so that Bill Gross could walk away with enough money to buy a $23 million home to tear down. No one is worth that kind of money! If the government were doing its job, it would investigate Gross and everyone like him.
Posted by: Proud Native American and Angry Independent Voter | Aug 21, 2009 12:08:34 PM
Bill Gross sounds out of touch with reality.
Posted by: LIsa Simeone | Aug 22, 2009 7:49:13 AM
Hopefully, as the Grosses thumb their noses at the rest of us in their "Let them eat cake" manner, the foreclosures Gods will come tumbling down on them!!!!!
Posted by: Lesley | Aug 22, 2009 9:32:48 AM
Ummmm...this is Opulence at its best! Fruits of a capitalist society. So when our present administration speaks of spreading some of the wealth, maybe some of the zealots will stop hollering "socialists"! It's time to do something, people.
BTW, I have disagreed with our government vehemently in the past, never so much as during the Dubya years, but I don't ever recall dissenters calling for violence, assassination, death, pestilence and plague as they are now. Some of these right-wingers are a nasty bunch! Are the barbarians truly at the gate??!!
Posted by: Jana | Aug 22, 2009 11:03:10 AM
Bill Gross could pick up another job moonlighting in the evenings as a health insurance company CEO and pick up another $20 million to $30 million in pocket-change spending money.
Posted by: Proud Native American and Angry Independent Voter | Aug 24, 2009 1:01:33 PM
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