Rich running out of $$$$
"Nobody's spending money right now," said Mr. Peacock, sitting under the tent with his head buried in his hands. "I guess we'll try to just keep hanging on."
Mr. Peacock's auction marked a new moment in the fall of the latest Gilded Age. Fire-sale auctions of mansions, yachts, sports cars and other trappings of wealth have become increasingly common as the rich become less rich. But Mr. Peacock is in the vanguard in attempting to downsize in just one day. The event was less an auction than a lifestyle liquidation, a clearance sale on a decade's worth of conspicuous consumption.
The couple now has a $2.2 million mortgage on their mansion, Mr. Peacock says, and a $1 million mortgage on a four-bedroom oceanfront home nearby that they used while building the mansion. Maintaining the house is also costly: $50,000 a year in taxes, $25,000 for insurance and more than $100,000 a year for indoor and outdoor maintenance. That's not to mention the upkeep on their other home.
"We don't need all this stuff anymore," he says, adding that the couple plans to buy a cabin in the Blue Mountains. "It's time to simplify."
Simplify.....or running out of money????
....but if few buying.....will only few be selling?????
What about all that go out of businesses when sales evaporate????
There are many homes in America where simply the property taxes and maintenence make the home unaffordable or undersireable for practically every American.......expect the values of the uber expensive homes to simply evaporate as few want to be saddled with such a big nut...even if fully paid for......
The above is simply another consequence of the Zombulator and the FU virus.....get ready for lots more as the green shoot become a fond memory based on current policy.