When Greenwich Connecticut developer James Cummings ran into financial trouble a few years ago, he was forced to sell 41 west 74th Street, built in 1910.
A real estate speculator group snapped up the mortgage for $5,000,000 in 2008.
Then Paolo Gouveas, a Brazilian oil executive, bought the neoclassical house — reportedly in all cash — in 2011.
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According to public records he paid $12.5 million, not a bad profit for holding the house for just three years.
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Developer Cummings had meticulously renovated the five-bedroom, seven and five half-bathroom, six story mansion, and so buyers were willing to pay top dollar.
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But Gouveas wanted more fun in the house so he added a rooftop hot tub and a grill, plus a gym and wine cellar in the basement.
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Then Gouveas tried to sell through Southeby’s for a cool twenty million dollars.
No go. He tried $19 million.
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But even 9,700 square feet of perfection couldn’t support a number like that.
He finally flipped it at $16.5.
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Considering his monthly payment plus the fun additions he added, Paolo’s profit was not what the speculators gained.
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Still.
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Who’s counting when your “rent” is over $100,000?
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