$500 MIL HOME BEING PUT UP FOR AUCTION AFTER DEVELOPER DEFAULTS ON LOAN

The price of homes that last year has been astounding. I’ve heard of homes being sold for more than double what they would normally be worth in the current market. It’s the one thing the pandemic actually affected in a different manner. Now the cost of building a new home has also gone up exponentially with supply shortages caused by the pandemic and everyone being home to get projects done by themselves or contractors. I have seen stories of people who’s home cost doubled while they were building it, and they couldn’t afford the home they were building and had to sell it. Yikes. Imagine that house that you’re building will be worth over $500 million and you default on the loans needed to build it. A developer in Beverly Hills building a house had that happen and now it will be auctioned off. It has it’s own moat, swimming pool, a night club, cigar room and a billion dollar view. The house even has a name: The One. Like Neo in “The Matrix” movies. And you’d have to live in the false world of those movies or be Tony Stark to buy this home because it’s unimaginable. Since it has to be auctioned off to the highest bidder it may be purchased much cheaper than the original price, but still in the millions of dollars range. Silver lining. You can get a bit of a tour and the full story by clicking here.