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Some Still Getting Rich on Real Estate

With all of this talk of real estate price declines, we forget that there is a segment of society where that doesn’t really matter. They’re called royalty. Well, since we don’t have actual royalty here in populist California, we’ve created a makeshift royalty called celebrity and/or politician. And many a celebrity/politician fashion themselves as royalty. Take, for instance, Democratic activist and businesswoman Bren Simon, wife of shopping-mall magnate and Indiana Pacers co-owner Melvin Simon. They have a home modeled on the epitome of royal excess: Versailles. They are selling their nine bedroom, 18,000 square foot home in Bel Air for $17.5 million; that’s $4.5 million than they paid for it last year. Another symbol of royalty: out of touch with the goings on of the common man, i.e., real estate price declines, not profits. And they own a pink house.
· Democratic Fund-Raiser Asks $17.5 Million for Estate [Wall Street Journal Private Properties]