The Most Expensive Home Ever Sold
Another Russian Billionaire just paid $750 million for a house, or palace actually, in the French Mediterranean Cote d’Azur. The purchase price more than doubles the previous record.
Seems just a little too ostentatious for my tastes, but then again, I don’t have nearly a billion dollars to spend on buying a home.
In other news, the New York Post reported that a unnamed SWF (no thats not Single White Female, but rather Sovereign Wealth Fund) has earmarked $29 Billion for “investing” in foreclosed properties in the US. According to the paper, this unidentified fund has been hiring mortgage brokers all over the West Coast and instructing them to start bargin hunting for single and multi-family dwellings. That much money could buy 150,000 average U.S. homes.
Seems like a good way to get rid of your excess dollars and put them into in asset that will match inflation in the long run. And unlike the Japanese who bought up trophy properties at the peak during the 80’s, this SWF at least waited for a correction.
So along with all our gas money, now even our rent checks will end up in the Middle East! 
If you want to start your own real estate empire, check out these commercial and residential property listings.
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August 12th, 2008 at 7:37 am
Exactly why I’ve divided my normal S&P 500 ETF purchases w/ rental and apartment based REITs. Buying real estate will be dramatically affected for the next 10-15 years, and we’re already seeing a boost in monthly rental prices due to increased demand. Got to love capitalism!
August 12th, 2008 at 7:55 am
It will be interesting to see if they even put a dent in the market. Seems the management of the fund would be mad expensive. Swinging that much money should give them an upper hand. They should be going directly to banks and buying bulk at discount.
August 12th, 2008 at 8:20 am
Buy low sell high and one of the best is Warren Buffett. Depressed U.S. real estate is a great investment right now.
Thanks for teaching me something today, SWF not only stands for “Single White Female” but “Sovereign Wealth Fund”.
August 13th, 2008 at 1:14 pm
I think that Real Estate is a good investment and now is the time to invest if you have the money available. Just stated My Stock Market Journey, http://www.ourstockmarketjourney.blogspot.com/, and I find your blog very helpful. Thanks for the great posts!
Be well!
August 13th, 2008 at 7:30 pm
I bet the buyer will only live in the house in the summer time.
I have a blog about military finances and I would like to know if we could exchange links. I think your blog would be an excellent resource for military members to read. Please let me know if you are interested.
Brandon J
Money for Military
August 14th, 2008 at 8:23 pm
Now is definitely the time to buy real estate. I’m looking into some properties myself to supplement my stock investments.
Nice palace, a little small though.
Ryan
Semper Finance