Tuesday, July 10, 2007

What does $165,000,000 buy?

A nice portfolio of 50 grocery stores with 2.3 million square feet of retail?

How about 475 Fifth Avenue in Manhattan? (the intersection of 41st & Fifth, for non-New-Yorkers)

Those deals sold for $160 million; figure $5 million in costs and some extra cash to pay me.

Or, if you have some cash to burn, you could buy a single-family residence in Beverly Hills: the Hearst Mansion. It is on the market for $165 million. This is no Hearst Castle in San Simeon (now a state park), but it ought to be big enough for just about anyone: 29 bedrooms, three pools, a theater and a disco. (Disco? Time for renovations....) It will be curious to see who the buyer is and the final price at this behemoth.

I could not find any pictures offhand, but the estate was apparently used in The Godfather. So make an offer the owner can't refuse.