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.