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How to Lose Megabucks on Real Estate

22 Aug

Lot of McMansions are on their way to being worth less than half of what they cost to build. Problem is in high end homes, personalization makes a home only the person who built it can love. Second problem is out pricing the market. This one was the King of McMansions, a $42 million white elephant purchased by Tyler Perry for $7.9 million…

As a tear down.

Like Yachts – it isn’t the purchase price that is the issue…

$42 Million Tear Down...

At $1 million a year in maintenance and upkeep on the property – Tyler better hope his formula continues to work.

After 17 Years on Market, Mega-Mansion Sells

Celebs plunk down millions on mansions every day, but Tyler Perry’s new acquisition is somewhat more storied. The scribe bought Atlanta’s Dean Gardens, which cost $25 million to build, features 58 acres, a golf course, wedding chapel, and what the New York Times calls an almost universally mocked “collision of self-indulgence, bad taste and a waste of money.” Which might explain why it took 17 years to sell. Perry, who paid $7.6 million, plans to rip the whole thing down anyway.

Dean Gardens was the child of software entrepreneur Larry Dean and his first wife, who spent four years and the aforementioned $25 million building it before moving in with their four kids in 1992. Less than a year later, the Deans split and the house went on the market—where it has sat, like a garish elephant in the corner, until now (though Michael Jackson reportedly almost bought it for Lisa Marie Presley when the asking price was $40 million). “The luxury-home market has been hit very hard, and this was a very special property,” says one tactful local Realtor.

 
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Posted by on August 22, 2010 in Giant Negros

 

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