Ed must have either large debts, high on-going costs or a bad contingency contract with his lawyers. He was rumored to have collected $7.2 million for negligent mold clean up at his house after a water pipe break in 2002.
The same wikipedia page I referenced above said that he was rumored to have amassed a $200 million dollar real estate empire in the 1990's, mainly in Malibu. It also noted that this may have declined due to divorce and the recent decline in real estate.
I'd guess it is that real estate empire or the associated partnerships that are having problems and impacting his personal finances. Anyone from CA have a better local read on it?
Rhodesian,
Check your posts before you write them for syntax. And thank you for such an erudite comment.
As for Checker, please note the category that my post was placed in. I try and have a little fun on the blog as well as write something useful. If you bother to check further you will find lots of quotes that have nothing to do with business as well as cartoons, pictures and historical anecdotes. Your comment is an ad hominen attack that avoids the issue that I raised.
I have never has the assets that Mr. McMahon had and I have never worked for the salary he has and his mold settlement is 6 times or better than my life time income. I have worked only 2 of the last 6 years full time and suffered from a lot of problems some of which are very disabling.
OTOH, my home is not in foreclosure and not likely in the next year or so. So while we are all sub prime now, I wonder how some many folks with more gifts than I are in such holes.
Tom, CR is one of THE nicest bloggers that I've had the pleasure to run across. Surely there are bloggers more deserving of your self righteous indignation.
All the best,
As for Elvis, if you have to find humor in an old man with a shattered life than all I can say is that I pity you.
Tom Lindmark | Homepage | 06.04.08 - 1:11 am | #
He might find your description of him more distasteful than Elvis's attempt at humor.
"Former "Tonight Show" sidekick Ed McMahon broke his neck in a fall last year and was recovering after two surgeries, his publicist said Thursday. Susan DuBow said the fall happened last March. She said she did not believe McMahon was at his Beverly Hills home when it happened. "It's been a tough year, but I'm working hard in rehab and doing the best I can to get through it," the 85-year-old McMahon said in a statement."
He could ave bought a very nice home for cash, but now we're supposed to be so sympathetic just because he was Johnnie's side-kick? I don't think so. However, I do feel bad about his injury. But not about is itiotic gamble in the re market.
"Its about time there was a little bit of good news for auction rate securities. The U.S. Treasury Department is working with Goldman Sachs and Lehman Brothers to create a new outlet for student-loan securities. The plan is to have the brokerage firms create a new asset based commercial paper facility that would fund purchases of auction rate student loans by issuing short term debt secured by the bonds. Hopefully, it will unlock some of the securities that were frozen in the collapse of the auction rate securities market."
Tom, you tool, don't you realize that the solution is lower-cost education?
And do you really think that whatever Paulson, Goldman, and LEHMAN come up with is really in the common, student-loan-owing-average-joe's best interest?
After reading a bit more of your "blog", it's clear you're quite the 5th rage blogger...and so for you to come to CR and critize...well, as you naively said in your Lehman post, "These guys just have no shame whatsoever."
Thank you, DN, but I just wanted to be polite, even though my post was somewhat rude. It's hard to feel sorry for multi-millionaires who lose their houses wen it's such a struggle for the common man to keep a home bought in the same period.
The student loan program was pretty important to some of us. Better than saving up for 10 years to get an education. Before anyone gets righteous let it be known that I did work full time to get along with the help of the loans.
That being said, it should not be hard to go and collect from those who do not repay.
... Snider said he saw some of his well-to-do clients running out of time. "They're just pushing aside their mortgage payments, holding default off," he said, even using credit cards to make mortgage payments.
Those options will run out over the next few months, Snider predicts, pushing more hilltop mansions over the financial edge. ....
Tom, CR is one of THE nicest bloggers that I've had the pleasure to run across.
True, that. However, I'll bet living with something day after day for close on two years is likely to produce a pretty tough hide.
I wonder how much all that medical care and rehab treatment from McMahon's accident cost? Not just directly, but in the modified living arrangements that might be needed. If his other holdings are somehow not so liquid, I can imagine those costs eating up the equity on the one residence.
I wonder how much all that medical care and rehab treatment from McMahon's accident cost?
Don't worry, I'm sure he has Medicare supplemental insurance for just a dollar a day.
How far underwater are you on your house? Or maybe you're a starving realtor (TM)? Every comment you've ever posted here has been pro-bailout, anti-personal responsibility.
You're not fooling anyone. Feel free to continue posting, though. The rest of us enjoy seeing your ignorance about housing matters on constant display.
and props to andrew. I didn't read the comments. Rush of imaginary video came first. And to those that think old guy, bad health, show pity -- the only thing I have to say to you is... kharma. How many false hopes were preyed upon? What's next? Tears for casino operator foreclosures? Oh, that's right, he didn't mean anything by it -- he only did it for the money. Maybe his church can save him. I grew up poor and ignorant and I'd just like to say, "Ed McMahon, **** you and the system that created you!" And news for the rest of you... trust arbitrage is over. The Internet will win.
Sana gave me my first laugh of the day. Please don't delete that piece of Halospam, CR. In the context of this comment thread, it's funny. Not sure why.
Publishers Clearinghouse, tech stocks of the '90's, real estate empires of the '00's... Get rich quick schemes, all. And all inevitably end up as broken portfolios, life-altering foreclosures, or piles of unread magazines.
Lehman Brothers lost $500m-$700m on certain hedging positions in the second quarter, contributing to what is expected to be a larger-than-anticipated loss that may lead the bank to raise more capital by selling a stake to an outside investor.
People close to the matter said Lehman had opened talks with potential investors including asset managers and Asian banks.
I await the sublime financial humor of discovering the contents of the "certain hedging positions".
CR, or anyone, is there a chart that tracks the conference board #s of Americans who plan to buy a home - Number seems to be at or close to all time low of 2.1 pct.
(how anyone can predict a bottom with this # dropping is beyond me)
Another party in distress is Lehman Bros. that now is behaving a lot like Bear Stearns of recent infamy:
Lehman Brothers Holdings Inc., facing a sharp decline in its stock that will make it more difficult to raise fresh capital, may look to a foreign land for a strategic partner.
The Wall Street firm has managed to raise capital from a rich base of existing U.S. shareholders, but this week reached out to overseas investors, including at least one in South Korea.
The firm has a long history in South Korea, an effort led by the firm's well-connected vice chairman Kunho Cho. The options for Lehman include the Korea Development Bank and Woori Financial Group. One person familiar with the situation said it is unlikely Korean Investment Corp., an investor in Merrill Lynch & Co., would be an investor.
Foreign suckers sought. Get in before it's too late. Step right up, etc.
"As for Elvis, if you have to find humor in an old man with a shattered life than all I can say is that I pity you."
Hey people like to make fun of people who have had it super easy for no good reason. Ed never did a thing other than publicly suck up to a celebrity and say silly things. For that he became a multi-millionaire. It makes folks feel good when such undeserving zeros have trouble of the sort that is most often visited upon the working poor or lower middles who have actually done something for the small amount of money they have made. I call it justifiable schadenfreude.
A 4.8 million mortgage + $300,000 line of credit all on a house that is obviously not worth 5.75 million since it can't sell at that price. And it has 4, 5? (I forget how many) bedrooms for two people, not to say how many baths, and three garages (or so it would appear from the photo). Yeah I sure feel sorry as hell about Ed's predicament.
I have a friend who spent years working for 2 NY CPA firms that specialize in Hollywood types. Most have no money sense at all; get talked into investing in businesses (or schemes) they do not understand; are forced to spend to keep up appearances. No surprise here with Mr. McMahon.
What stinks is that my buddy now is the personal accountant for a hedge fund manager I've never heard of. I miss the funny stories from my friend. The hedge fund manager makes 10 times what anyone does in Hollywood and pays better.
I remember a kid in grammar school who wanted more friends to visit his house. So he'd come to your pool and pee in it, then invite you over to use his.
Can't think of why that comes to mind now.
Back to the topic: I don't think this has anything to do with Schadenfreude over Mr. McMahon. I have a hard time carrying resentments at any 85-year-old unless he's a former concentration camp guard, or a politician.
The point is, despite CR's recent graphs about the unbalanced concentration of foreclosure and depreciation crises in certain markets, the fact remains that financial recklessness was not at all "contained" to the poor.
Has anyone read any good articles re: when and how does this housing disaster end. What will create the bottom, etc.? Not the doom-and-gloom, hoard guns and money, but a real analysis of what this lead to, etc.
So, if you own a home, live in it. Only move it you have to. If you own an investment property, understand that it has decreased in value and sell if you need to at a loss or hold on to it for the purpose of using it.
lama writes:
I have a friend who spent years working for 2 NY CPA firms that specialize in Hollywood types. Most have no money sense at all; get talked into investing in businesses (or schemes) they do not understand; are forced to spend to keep up appearances.
I read somewhere Kirsten Dunst, of Spiderman fame, said she didn't pay any attention to "that kind of sh*t" when referring to her finances. Of course one should always realize that many have rehab costs, not to mention drug costs, in addition from time to time that eat into capital.
The kid who plays Harry Potter has invested, according to news reports, in two Manhattan apartments, one for 4.3 million that he will rent out and another for 4.9 million that he will live in while there playing in Equus. How is Manhattan real estate doing? Up or down? Of course his investments are dictated, I think, by some UK bankers who run his money. He is said to have a total of about 40 million, so these two investments would be about a quarter of that, unless he used a mortgage.
I am reminded of another 85 year old, my father, now deceased. This second old man furiously argued that he could not afford assisted living because it cost more per month than his pension and social security provided -- by about $10. Nevermind that he had savings to augment and working adult children to help out; those weren't to be spent; monthly in and out had to balance. Long before 2003, He used to point to attractive homes and say things like "nice view those people have, but they're probably worried about making payments, not actually enjoying the view at all." Just a few of father's teachable moments to his adult off-spring. Of course, Dad wasn't a banker, just a mathematical physicist. Is that actually what it takes to get this balance/live within your means thing clear?
Chris,
They also have extended families and lots of nice, genuine friends who need assistance.
Come to think of it, maybe Kirsten Dunst has it right. Maybe she's putting her money into index funds instead of trendy South Beach restaurants....
I doubt it.
Bruce Willis was a poster child for Hollywood spendthrifts. Bought property everywhere(before the boom), but he wouldn't just buy a million dollar place, he had to buy a $10mm place(unless it was a $20mm pad in LA), whether it was NY, London, Sun Valley, anywhere.
Add on staff to maintain and taxes and all of a sudden he had to do 2 movies a year just to make his nut, let alone his fondness for the finer side of life(on a shoot in Czech rep. he blew through a month of PD's in 2 nights on gambling party favors and women. allegedly)
So he upped the workload, unloaded some property and all was right with the world.
melidere writes:
This certainly buttresses the legal case that the lenders were making loans purely on the value of the property, without regard to income.
Counting on income from an 85 year old?
I think that the bank could creditably claim to rely on a statement that Ed McMahon had a million dollar a year income from residuals and investments.
"Maybe she's putting her money into index funds" re: K. Dunst.
I doubt it. I've never heard of a Hollyweird celebrity with that much good sense. She is fresh out of rehab and has gone to NYC where she is "decorating" a new loft she has purchased. About 3 million if memory serves.
The burgeoning mass of the destitute and hungry that has resulted from this latest manifestation of the ill effects of the transformation o the US economy from one that produced tangible goods to one that engages mainly in financial speculation is replete with cases far more desperate, who suffer in anonymity. Ask not for whom the bell tolls ...
Wow, that's strange...uh, first?
Can't.. Resist.. Please forgive.
"You may already be a winner.."
Ed must have either large debts, high on-going costs or a bad contingency contract with his lawyers. He was rumored to have collected $7.2 million for negligent mold clean up at his house after a water pipe break in 2002.
Ed McMahon - Wikipedia, the free encyclopedia
"Heeeerrrrreeeee'sss your foreclosure notice."
Supposedly the place has been for sale for 2 years at $5.75 million. Guess he needs more than just the loan covered.
Do you think Countrywide will foreclose on an 85-year-old man with a broken neck?
Elvis, that's just cruel (LOL)!
The same wikipedia page I referenced above said that he was rumored to have amassed a $200 million dollar real estate empire in the 1990's, mainly in Malibu. It also noted that this may have declined due to divorce and the recent decline in real estate.
I'd guess it is that real estate empire or the associated partnerships that are having problems and impacting his personal finances. Anyone from CA have a better local read on it?
Cr,
I've come to expect more from you than this. I can find cheap tabloid journalism anywhere. Get back to what you do well.
As for Elvis, if you have to find humor in an old man with a shattered life than all I can say is that I pity you.
The Science of Sarcasm (Not That You Care)
The Science of Sarcasm (Not That You Care) - NY Times
Tom Lindmark, this isn't meant to make fun of McMahon - I only posted this because it shows how widespread the foreclosure crisis is.
"We're all subprime now" was a phrase coined by Tanta some time ago.
Best to all.
Check out tom's homepage - top story: "Two robbers in Colorado held up a convenience store while wearing masks fashioned out of womens thongs"
Nothing tabloid about it ...
Lindmark Sux! Again. I haven't cool posts from him ever.
Cr,
Slogans are fine and I appreciate your point. But editorial judgment is also a requisite if you intent to publish.
Rhodesian,
Check your posts before you write them for syntax. And thank you for such an erudite comment.
As for Checker, please note the category that my post was placed in. I try and have a little fun on the blog as well as write something useful. If you bother to check further you will find lots of quotes that have nothing to do with business as well as cartoons, pictures and historical anecdotes. Your comment is an ad hominen attack that avoids the issue that I raised.
So he's losing his McMahonsion?
I have never has the assets that Mr. McMahon had and I have never worked for the salary he has and his mold settlement is 6 times or better than my life time income. I have worked only 2 of the last 6 years full time and suffered from a lot of problems some of which are very disabling.
OTOH, my home is not in foreclosure and not likely in the next year or so. So while we are all sub prime now, I wonder how some many folks with more gifts than I are in such holes.
Tom - I agree and apologize. Now if we can just need CR to work a few more thongs into his blog . . .
Tom, CR is one of THE nicest bloggers that I've had the pleasure to run across. Surely there are bloggers more deserving of your self righteous indignation.
All the best,
gee whiz - We are all bad syntax now.
As for Elvis, if you have to find humor in an old man with a shattered life than all I can say is that I pity you.
Tom Lindmark | Homepage | 06.04.08 - 1:11 am | #
He might find your description of him more distasteful than Elvis's attempt at humor.
"Former "Tonight Show" sidekick Ed McMahon broke his neck in a fall last year and was recovering after two surgeries, his publicist said Thursday. Susan DuBow said the fall happened last March. She said she did not believe McMahon was at his Beverly Hills home when it happened. "It's been a tough year, but I'm working hard in rehab and doing the best I can to get through it," the 85-year-old McMahon said in a statement."
Has-been celebrities losing their multi- million dollar mansions. I love it!
Like maybe he should have bought an ordinary upscale home in the area just in case something like this should have happened. Duh!
It is like Countrywide execs are sitting around a conference room asking, "How can we make ourselves hated even more?"
I hope everything works out for Ed McMahon.
I keep picturing someone coming to the door with a 10 foot novelty-size NOD...
He could ave bought a very nice home for cash, but now we're supposed to be so sympathetic just because he was Johnnie's side-kick? I don't think so. However, I do feel bad about his injury. But not about is itiotic gamble in the re market.
Tom Lindmark, lighten up buddy.
I betcha Ed McMahon himself would appreciate the humor.
ave= have, itiotic= idiotic
Whoever, don't waste time correcting yourself, we can figure it out.
From our friend tom's blog:
"Its about time there was a little bit of good news for auction rate securities. The U.S. Treasury Department is working with Goldman Sachs and Lehman Brothers to create a new outlet for student-loan securities. The plan is to have the brokerage firms create a new asset based commercial paper facility that would fund purchases of auction rate student loans by issuing short term debt secured by the bonds. Hopefully, it will unlock some of the securities that were frozen in the collapse of the auction rate securities market."
Tom, you tool, don't you realize that the solution is lower-cost education?
And do you really think that whatever Paulson, Goldman, and LEHMAN come up with is really in the common, student-loan-owing-average-joe's best interest?
After reading a bit more of your "blog", it's clear you're quite the 5th rage blogger...and so for you to come to CR and critize...well, as you naively said in your Lehman post, "These guys just have no shame whatsoever."
Thank you, DN, but I just wanted to be polite, even though my post was somewhat rude. It's hard to feel sorry for multi-millionaires who lose their houses wen it's such a struggle for the common man to keep a home bought in the same period.
AnoninCA, Student loans using any taxpayer money should be outlawed immediately. Then you would see tuition prices fall off a cliff!
The student loan program was pretty important to some of us. Better than saving up for 10 years to get an education. Before anyone gets righteous let it be known that I did work full time to get along with the help of the loans.
That being said, it should not be hard to go and collect from those who do not repay.
Luxury homes in Napa Valley falling into foreclosure
... Snider said he saw some of his well-to-do clients running out of time. "They're just pushing aside their mortgage payments, holding default off," he said, even using credit cards to make mortgage payments.
Those options will run out over the next few months, Snider predicts, pushing more hilltop mansions over the financial edge. ....
Could it be after collecting on the judgment he ruthlessly scootered away in his Rascal?
Mold ain't no fun when you're 85.
All these commons are CORRECT SIR!
.
Tom, CR is one of THE nicest bloggers that I've had the pleasure to run across.
True, that. However, I'll bet living with something day after day for close on two years is likely to produce a pretty tough hide.
I wonder how much all that medical care and rehab treatment from McMahon's accident cost? Not just directly, but in the modified living arrangements that might be needed. If his other holdings are somehow not so liquid, I can imagine those costs eating up the equity on the one residence.
CR, ignore the Toms. You're doing an outstanding job which is greatly appreciated.
pop culture gold!
First you tube video wins it all.
Start your spoof now. You may already be a winner!
Kharma 1, Sellers of false dreams 0
--calculated risk info-dj fanboy,
I wonder how much all that medical care and rehab treatment from McMahon's accident cost?
Don't worry, I'm sure he has Medicare supplemental insurance for just a dollar a day.
Lindmark,
Syntax this, asshole.
How far underwater are you on your house? Or maybe you're a starving realtor (TM)? Every comment you've ever posted here has been pro-bailout, anti-personal responsibility.
You're not fooling anyone. Feel free to continue posting, though. The rest of us enjoy seeing your ignorance about housing matters on constant display.
-- Judge Smales
"You'll get nothing and like it"
and props to andrew. I didn't read the comments. Rush of imaginary video came first. And to those that think old guy, bad health, show pity -- the only thing I have to say to you is... kharma. How many false hopes were preyed upon? What's next? Tears for casino operator foreclosures? Oh, that's right, he didn't mean anything by it -- he only did it for the money. Maybe his church can save him. I grew up poor and ignorant and I'd just like to say, "Ed McMahon, **** you and the system that created you!" And news for the rest of you... trust arbitrage is over. The Internet will win.
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Sana gave me my first laugh of the day. Please don't delete that piece of Halospam, CR. In the context of this comment thread, it's funny. Not sure why.
Publishers Clearinghouse, tech stocks of the '90's, real estate empires of the '00's... Get rich quick schemes, all. And all inevitably end up as broken portfolios, life-altering foreclosures, or piles of unread magazines.
U.S. mortgage applications fell for a third consecutive week, reaching its lowest level in over six years as demand for home refinancing loans plunged
http://www.reuters.com/article/bondsNews/idUSN0440607420080604
Love that word. "Plunged"
This certainly buttresses the legal case that the lenders were making loans purely on the value of the property, without regard to income.
Counting on income from an 85 year old?
yea, right.
Trichet foiled as consumers reduced spending, except on lipstick. I guess the Europeans have been putting lipstick on pigs to.
Current Bloomberg article
FT.com / Financials - Lehman hedges lose $500m to $700m
Lehman hedges lose $500m to $700m
Lehman Brothers lost $500m-$700m on certain hedging positions in the second quarter, contributing to what is expected to be a larger-than-anticipated loss that may lead the bank to raise more capital by selling a stake to an outside investor.
People close to the matter said Lehman had opened talks with potential investors including asset managers and Asian banks.
I await the sublime financial humor of discovering the contents of the "certain hedging positions".
CR, or anyone, is there a chart that tracks the conference board #s of Americans who plan to buy a home - Number seems to be at or close to all time low of 2.1 pct.
(how anyone can predict a bottom with this # dropping is beyond me)
Another party in distress is Lehman Bros. that now is behaving a lot like Bear Stearns of recent infamy:
Lehman Brothers Holdings Inc., facing a sharp decline in its stock that will make it more difficult to raise fresh capital, may look to a foreign land for a strategic partner.
The Wall Street firm has managed to raise capital from a rich base of existing U.S. shareholders, but this week reached out to overseas investors, including at least one in South Korea.
The firm has a long history in South Korea, an effort led by the firm's well-connected vice chairman Kunho Cho. The options for Lehman include the Korea Development Bank and Woori Financial Group. One person familiar with the situation said it is unlikely Korean Investment Corp., an investor in Merrill Lynch & Co., would be an investor.
Foreign suckers sought. Get in before it's too late. Step right up, etc.
"As for Elvis, if you have to find humor in an old man with a shattered life than all I can say is that I pity you."
Hey people like to make fun of people who have had it super easy for no good reason. Ed never did a thing other than publicly suck up to a celebrity and say silly things. For that he became a multi-millionaire. It makes folks feel good when such undeserving zeros have trouble of the sort that is most often visited upon the working poor or lower middles who have actually done something for the small amount of money they have made. I call it justifiable schadenfreude.
One thing Congress could do to ease the plight of
underwater homeowners is to provide each one with a "spokesperson", like Ed McMahon has.
A 4.8 million mortgage + $300,000 line of credit all on a house that is obviously not worth 5.75 million since it can't sell at that price. And it has 4, 5? (I forget how many) bedrooms for two people, not to say how many baths, and three garages (or so it would appear from the photo). Yeah I sure feel sorry as hell about Ed's predicament.
Can`t he refinance and get an FHASecure loan? LOL
CR,
Thanks for the post. Good info.
Tom Lindmark,
Your website appears to be down.
ADP numbers are out.
Private sector employment:
UP 40k
Revised April UP 13k
Nonfarm Payroll Estimate was MINUS 70k.
By industry:
goods pruducing: minus 37k
service providing: plus 77k
Manufacturing: minus 26k
ADP says that they feel that the BLS birth death adjustments are OVERSTATING job losses...
huh?
I wonder if the BLS data is anywhere near these numbers? does this put the recession in question?
could Seb be right?
What is a Tom Lindmark? And why doesn't anyone love him?
Noted without further comment:
Tom, to Rhodesian - Check your posts before you write them for syntax.
Tom, to CR - But editorial judgment is also a requisite if you intent to publish.
Mook - I noticed that as well. I intend to note its awesomeness.
Today is only Wednesday... can Lehman hold out until Friday night?
I have a friend who spent years working for 2 NY CPA firms that specialize in Hollywood types. Most have no money sense at all; get talked into investing in businesses (or schemes) they do not understand; are forced to spend to keep up appearances. No surprise here with Mr. McMahon.
What stinks is that my buddy now is the personal accountant for a hedge fund manager I've never heard of. I miss the funny stories from my friend. The hedge fund manager makes 10 times what anyone does in Hollywood and pays better.
"But editorial judgment is also a requisite if you intent to publish." - Tom L
Isn't "intent" a noun? Why are you using it as verb?
"As for Checker, please note the category that my post was placed in." - Tom
Never end a sentence with a preposition.
Tom, do you see how easy and pointless it is to break down and point out others' small errors?
I remember a kid in grammar school who wanted more friends to visit his house. So he'd come to your pool and pee in it, then invite you over to use his.
Can't think of why that comes to mind now.
Back to the topic: I don't think this has anything to do with Schadenfreude over Mr. McMahon. I have a hard time carrying resentments at any 85-year-old unless he's a former concentration camp guard, or a politician.
The point is, despite CR's recent graphs about the unbalanced concentration of foreclosure and depreciation crises in certain markets, the fact remains that financial recklessness was not at all "contained" to the poor.
Hey Tom, its third grade, and we are picking sides for dodgeball, and nobody wanted you. Go away.
Has anyone read any good articles re: when and how does this housing disaster end. What will create the bottom, etc.? Not the doom-and-gloom, hoard guns and money, but a real analysis of what this lead to, etc.
Tom: You May Already Be a Wiener!
ATL | 06.04.08 - 9:55 am | #
This housing bubble was probably a once in a generation event.
The loose money will not come back into the housing market for quite some time. Decades.
"This housing bubble was probably a once in a generation event.
The loose money will not come back into the housing market for quite some time."
Yeah, that's what they said about internet companies in 2000. Still google went up 7X from its IPO.
So, if you own a home, live in it. Only move it you have to. If you own an investment property, understand that it has decreased in value and sell if you need to at a loss or hold on to it for the purpose of using it.
Dumbass | 06.04.08 - 10:13 am | #
LMAO. Comparing housing with google stock is too funny.
Google brings a lot more value to the world than granite countertops. lol.
Thanks for making my morning Dumbass.
lama writes:
I have a friend who spent years working for 2 NY CPA firms that specialize in Hollywood types. Most have no money sense at all; get talked into investing in businesses (or schemes) they do not understand; are forced to spend to keep up appearances.
I read somewhere Kirsten Dunst, of Spiderman fame, said she didn't pay any attention to "that kind of sh*t" when referring to her finances. Of course one should always realize that many have rehab costs, not to mention drug costs, in addition from time to time that eat into capital.
"Shnapster writes:
Mook - I noticed that as well. I intend to note its awesomeness.
Shnapster | Homepage | 06.04.08 - 8:47 am | #
Awesomeness noted here as well.
The kid who plays Harry Potter has invested, according to news reports, in two Manhattan apartments, one for 4.3 million that he will rent out and another for 4.9 million that he will live in while there playing in Equus. How is Manhattan real estate doing? Up or down? Of course his investments are dictated, I think, by some UK bankers who run his money. He is said to have a total of about 40 million, so these two investments would be about a quarter of that, unless he used a mortgage.
How could you get so much money for so many years and have nothing saved?
Still, he's 85, and broke his neck and I can have some sympathy for that.
I am reminded of another 85 year old, my father, now deceased. This second old man furiously argued that he could not afford assisted living because it cost more per month than his pension and social security provided -- by about $10. Nevermind that he had savings to augment and working adult children to help out; those weren't to be spent; monthly in and out had to balance. Long before 2003, He used to point to attractive homes and say things like "nice view those people have, but they're probably worried about making payments, not actually enjoying the view at all." Just a few of father's teachable moments to his adult off-spring. Of course, Dad wasn't a banker, just a mathematical physicist. Is that actually what it takes to get this balance/live within your means thing clear?
Chris,
They also have extended families and lots of nice, genuine friends who need assistance.
Come to think of it, maybe Kirsten Dunst has it right. Maybe she's putting her money into index funds instead of trendy South Beach restaurants....
I doubt it.
Bruce Willis was a poster child for Hollywood spendthrifts. Bought property everywhere(before the boom), but he wouldn't just buy a million dollar place, he had to buy a $10mm place(unless it was a $20mm pad in LA), whether it was NY, London, Sun Valley, anywhere.
Add on staff to maintain and taxes and all of a sudden he had to do 2 movies a year just to make his nut, let alone his fondness for the finer side of life(on a shoot in Czech rep. he blew through a month of PD's in 2 nights on gambling party favors and women. allegedly)
So he upped the workload, unloaded some property and all was right with the world.
For voyeurs, more photos of Ed's digs:
http://206.173.89.41/V4/AddlPhotos.asp?sid=113037&pid=149682&mlsnum=&c=80&t=161
melidere writes:
This certainly buttresses the legal case that the lenders were making loans purely on the value of the property, without regard to income.
Counting on income from an 85 year old?
I think that the bank could creditably claim to rely on a statement that Ed McMahon had a million dollar a year income from residuals and investments.
"Maybe she's putting her money into index funds" re: K. Dunst.
I doubt it. I've never heard of a Hollyweird celebrity with that much good sense. She is fresh out of rehab and has gone to NYC where she is "decorating" a new loft she has purchased. About 3 million if memory serves.
Residuals from what, Star Search? Those Johnny Carson DVD's The 1 episode of Friends?
Those residuals would add up to $50 at this point(and $49.90 would be from Friends), so any income would've had to come from rental properties.
I wasn't kidding when I wrote that he ruthlessly defaulted. after he won the judgment over the mold infestation.
Mold is potentially life threatening to someone that infirm and you'll always have it in the back of your mind that it's gonna come back.
Take the money from the judgment, walk away and move to the house in Malibu or La Quinta or wherever.
Check your mail! " You may already received a default notice like I have".
One more link and then I swear I'll quit. Here is a site with lots of photos of McMansion and oodles of snarky comments.
Latest albums | RadarOnline.com
The burgeoning mass of the destitute and hungry that has resulted from this latest manifestation of the ill effects of the transformation o the US economy from one that produced tangible goods to one that engages mainly in financial speculation is replete with cases far more desperate, who suffer in anonymity. Ask not for whom the bell tolls ...
Do we even know that this is Ed's one and only home? Are we really sure he's destitute? Anybody have any idea how much equity in this place he has?