Too Rich For Good Taste

hadid_pics1America is going broke.  Prisons are being closed and inmates released to save money.  Government workers are forced to take unpaid days off each month.  Hundreds of thousands of workers are being laid off each and every month.  Millions of homeowners face foreclosure or at least uncertainty about their homes.  The stock market hit a 10-year low.  Banks are failing every week.  It is a disaster out there.

But no worries if you are Mr. Mohamed Hadid, Los Angeles real estate developer.  He claims to have spent more than $59 million constructing his 48,000 square foot mansion in Bel Air.  Now he is selling the estate with an asking price of $85 million.  For that you get 10 bedrooms and 14 bathrooms, a whole bunch of other rooms, a huge infinity pool, and 280 degree views over Los Angeles.

Just a few days earlier Iris Cantor put her own 35,000 square foot Bel Air mansion on the market for $53 million.  And it is not even her main residence.

This really is just too rich.  I’m a great believer that people should be able to do with their money whatever they want.  But this seems to me to be rubbing everyone else’s noses in it.  If these folks were hurting and needed to unload their properties to pay bills, that’s fine.  But these are not firesale prices looking for a quick return.

The details and the pictures are from The Real Estalker.

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