I don’t know about you guys, but I know way too many property owners who are feeling like the turkey on the left. In an effort to show you that your situation could always be worse, here are a three mega tales of real estate loss…I hope these make you feel just a little bit better:
The $200 billion CalPERS real estate investment portfolio has lost 23.5% of its value in the last fiscal year alone cancelling out 6 years worth of gains.
The once glorious Pontiac Silverdome which cost $55.7 million to construct in 1975 sold at auction on November 17th for $583,000.
Celebrity Nicholas Cage lost 2 New Orleans homes located in the French Quarter to foreclosure in early November. These two properties were valued at $5.5 million. In addition, records show that the actor owes another $6 million to the IRS. Whoa.
Have a safe, happy and fun Thanksgiving!
