Well this is good to know
Mohamed Haddid the former owner of the Ritz Carlton Hotels was asking a mere $72 million for Le Belvedere, his 48,000 square foot pied a terre in the hills of Bel Air. The actual sale price is unknown but it had to be north of $50 million.
Hadid says he chose to sell because he is "downsizing" his life. He's also confident that the properties he builds are unique enough to lure buyers, even in a down market.
"These are very special homes. I can pretty much ask for anything I want," he says. "There are certain properties that are so unusual, people are afraid they will lose the opportunity to buy them. Even if the market is 5% or 10% below, people with substantial funds will come in and say, 'let's do this now.'"
Over at Drudge Millionaire's Riches are Returning to Pre-Crises Levels
Ultra-high-net-worth individuals with more than $30 million to invest saw their wealth rise by almost 22 percent in 2009, faster than other millionaires, according to the report, which attributed the gain to a “more effective re-allocation of assets.”
It's good to know that everything is back to pre-crises status quo...except of course for the 2.3 million jobs that have been shed since 2009.
