Alas, while some have enough
crazy faith to put a condo up for $70 million, others struggle to move their mansions. It seems the wealthy may not be immune to the housing crisis after all. Not that buyers of sprawling estates are typically affected by credit problems— just that, in a soft market, buyers have discovered their inner cheapskate. Have some proof pudding:
· A Los Altos Hills VC had to cut his 26,000 square-foot home by $7 mil, to a paltry $38 million. "It's worth every bit of $45 million," he says. But he's not bitter.
· After sinking a total of $6 mil into her Pac Heights home, another owner had to cut her asking price by 17 percent, and now stands to profit only $8.8 million, assuming someone bites.
· And finally, celebrealtor Olivia Hsu Decker, at the end of her rope, dangles a $174,100 Bentley as incentive to buy one of her properties, including above VC's manse. Hmm... Bentley, you say?
· Rich cry poor: US housing crisis goes upmarket [SMH]