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Cute..... But most of those houses aren't worth the aggravation of ownership. 5,000 to 10,000 sq ft is reasonable but when you get into the 25K sq ft range you are paying people to maintain a home that you can't even utilize.

This argument came up the other day at lunch regarding Tiger's 50+mm dollar house on Jupiter Island. He paid 38mm for the land (12 acres oceanfront to intracoastal) and built a new home (main house is 9600 sq ft, with additional outbuildings/guest houses). At an assessed value of 40mm he will have an 800K a year tax bill. So figure insurance, taxes nail him for a million a year and utilities, maintenance, staff etc get him for another 500K a year. 50mm layout plus 1.5mm a year in costs.....for a house?

For 50mm I would rather have (3) 5mm homes in 3 different locations, a 5mm boat, a 5mm car collection and 25MM in the bank to pay for it all!

Of course my buddy says.....what if you have 3 50mm homes, a 25mm yacht and 250mm in the bank to pay for it all! Then you would be Tiger Woods......
 
JupiterSunsation said:
Cute..... But most of those houses aren't worth the aggravation of ownership. 5,000 to 10,000 sq ft is reasonable but when you get into the 25K sq ft range you are paying people to maintain a home that you can't even utilize.

This argument came up the other day at lunch regarding Tiger's 50+mm dollar house on Jupiter Island. He paid 38mm for the land (12 acres oceanfront to intracoastal) and built a new home (main house is 9600 sq ft, with additional outbuildings/guest houses). At an assessed value of 40mm he will have an 800K a year tax bill. So figure insurance, taxes nail him for a million a year and utilities, maintenance, staff etc get him for another 500K a year. 50mm layout plus 1.5mm a year in costs.....for a house?

For 50mm I would rather have (3) 5mm homes in 3 different locations, a 5mm boat, a 5mm car collection and 25MM in the bank to pay for it all!

Of course my buddy says.....what if you have 3 50mm homes, a 25mm yacht and 250mm in the bank to pay for it all! Then you would be Tiger Woods......
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I hear ya.
Was listening to 50 cent get interviewed by Howard Stern. He bought Mike Tyson's house with 18 bedrooms a full theatre etc and he's been in it twice!!
 
It is all relative. One of my customers built a home for 5 mill for the purchase price of the first house he got and tore down. Built a new house on that lot. Purchased his neighbors house for 5.5 mil. and tore that down. Now just 7 years after moving into the house he just built they are going to tear that down and build a new place. Electric bill for the current house is 4,000+ a month!! When you have the money in the bank that they have it is like me trying to decide if I want to add cheaze to my sub.
 
MarylandMark said:
http://www.bankrate.com/brm/calc/moviestar/movieS_salary.asp

Perspective - Tiger made $122M in 2008 means $1.5M is about 4 days worth of work.
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122 X 35% tax rate is about 80mm after taxes (*not including agent/ agency fees). 80 divided by 365 is 219K a day- so he needs to work over a whole week to carry just that house for a year not including the jet, yacht, 65mm house in the Hamptons, Escalade repairs, hookers, porn stars, hotels, lawyers to get him out of jams......this guy could be the next MC Hammer, Latrell Sprewell, Mike Tyson or Shaq.

Great article in Sports Illustrated on just how bad some of these guys are with money: http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/1/index.htm

A few facts in the article:
By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.

• Within five years of retirement, an estimated 60% of former NBA players are broke.

Scariest thing for an athlete's finances........ D I V O R C E!
 
Audiofn said:
It is all relative. One of my customers built a home for 5 mill for the purchase price of the first house he got and tore down. Built a new house on that lot. Purchased his neighbors house for 5.5 mil. and tore that down. Now just 7 years after moving into the house he just built they are going to tear that down and build a new place. Electric bill for the current house is 4,000+ a month!! When you have the money in the bank that they have it is like me trying to decide if I want to add cheaze to my sub.
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When guys do that in FL they are looked upon as a potential scammer....usually when someone works for their money they don't do crazy stuff like that.

Dennis Kozlowski and Marc Schwartz (Tyco scammers) did a lot of stuff like that in Boca in the 90's along with Scott Sullivan from MCI/ Worldcom.
 
JupiterSunsation said:
122 X 35% tax rate is about 80mm after taxes (*not including agent/ agency fees). 80 divided by 365 is 219K a day- so he needs to work over a whole week to carry just that house for a year not including the jet, yacht, 65mm house in the Hamptons, Escalade repairs, hookers, porn stars, hotels, lawyers to get him out of jams......this guy could be the next MC Hammer, Latrell Sprewell, Mike Tyson or Shaq.

Great article in Sports Illustrated on just how bad some of these guys are with money: http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/1/index.htm

A few facts in the article:
By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.

• Within five years of retirement, an estimated 60% of former NBA players are broke.

Scariest thing for an athlete's finances........ D I V O R C E!
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It is hard to feel sorry for them. :(

.
 
2112 said:
It is hard to feel sorry for them. :(

.
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I agree......but you would think the leagues that pay them these crazy salaries would make them take a 8 hour course on finances before they get to cash the first check. I had an aquaintance that worked at Merrill Lynch try to work with some NFL players but couldn't get it through their heads that this money was going to end (both the salaries and the depletion of whatever assets they had). He tried budgets, giving them 200K of a signing bonus to "blow" just to help get it out of their system but it always resulted in draining the accounts before they retired. The cars, jewels, entourage, family were huge drains on the money... all stuff not worth much in the end.
 
JupiterSunsation said:
When guys do that in FL they are looked upon as a potential scammer....usually when someone works for their money they don't do crazy stuff like that.

Dennis Kozlowski and Marc Schwartz (Tyco scammers) did a lot of stuff like that in Boca in the 90's along with Scott Sullivan from MCI/ Worldcom.
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Not a scammer just got FU CKED on the house from the former builder. There is so much wrong that it is just better to do a tear down. There are sections of heating that have never worked, breakers keep tripping..... Sad really becasue they are some of the nicest people I have ever worked for.
 
Audiofn said:
Not a scammer just got FU CKED on the house from the former builder. There is so much wrong that it is just better to do a tear down. There are sections of heating that have never worked, breakers keep tripping..... Sad really becasue they are some of the nicest people I have ever worked for.
Click to expand...

That is simply wrong.....too bad for them but atleast next time they will get their dream home done right.....
 
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