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Us Ranch On Market For $35M In 2012 Reduced To $29.5M

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http://www.dailymail.co.uk/news/article-2722891/Robin-Williams-wrestled-demons-killing-himself.html

  • His Napa Valley ranch - nicknamed Villa of Smiles - is still on the market for $29.9 million two years after the Oscar winner tried to sell it for $35 million. He said he couldn't afford it anymore
  • Williams was forced to pay out $30 million in divorce settlements to his two former wives
article-2722891-2079123A00000578-276_634
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Cutting back: Robin Williams quietly listed the property for sale in 2012 for $35 million, but the priced went down when it was officially listed in April this year

Robin's net worth at the time of his death was reportedly around $50 million, according to Celebrity Net Worth, although it has been estimated as high as $130 million. His home in Tiburon, California, where he took his life yesterday is said to be worth $10 million.

Depression and big money worries it seems, I wonder how much of his assets where tied up in property? If he was worth $50m it seems most of his money was in illiquid assets. Tragic that he felt there was no other way out.

However the Mail doesn't say what he originally paid for it and if it was mortgaged.

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A big house is liability as it sucks money from your pocket and an asset puts money in your pocket every month.

A $10m house is a liability if it costs $20,000 per year to run.

A $200,000 house is an asset if it pays you $10,000 per year in income.

Edited by 200p

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Not sure how to respond. Haven't read much about his passing. Expensive divorces. Some have him down as being worth $100m+ at one point, and said to have been generous in financially supporting his friend through expensive medical proceedures.

400 miles away, on other side of California.... in the Orai Valley, Reese Witherspoon didn't have much luck with the ranch she bought in 2008. Not that a $1 mill loss would dent her financial position. She's big on property from what I can tell. (From what I've read... I don't like her... python skin handbags.)

25 June 2014

...At the beginning of the year, Reese finally offloaded her ranch in Ojai, California - though she lost close to $1 million on it. She purchased the property in 2008 for $5.8 million and after marrying Jim there in 2011, she placed it on the market in 2013 for the initial asking price of $10 million. After several dramatic price drops, she eventually sold it for $4,983,500.

http://www.dailymail.co.uk/tvshowbiz/article-2669529/Reese-Witherspoon-Jim-Toth-list-sprawling-Brentwood-estate-14m-just-months-losing-1m-Ojai-ranch-sale.html

Some weaknesses returning at the higher end of California prime, and perhaps superprime - although massive reflation for mortal younger buyers sort of housing stock, apart from a few locations such as San Bernaghetto, where one of our HPC friends moved to, although that's seen something like +18% hpi y-o-y.

09 May 2014
Jennifer Love Hewitt Sells Her Toluca Lake House to Jessica Simpson's Mom, Loses $1.4M On The Deal.

New mom Jennifer Love Hewitt has just sold her waterfront home in LA’s Toluca Lake suburb to Jessica Simpson’s mom at a massive loss.

In an off-market deal that closed on April 11, 2014, Tina Simpson paid $4.1 million for the 4 bedroom home that Hewitt bought for $5.5 million for in January 2006. For those doing the math, that’s a $1.4 million-dollar loss for Jennifer.

http://www.forbes.com/sites/trulia/2014/05/09/jennifer-love-hewitt-sells-her-toluca-lake-house-to-jessica-simpsons-mom-loses-1-4-m-on-the-deal/

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He would have been paying a pretty penny in annual property taxes.

He did a US TV series last Autumn - film actors only do TV shows in the US when they need cash. The show got cancelled after 10 episodes I think when apparrntly there were gopes that it would have run for 30 or more episodes.

I think he was counting on the cash from the series and its cancellation hit him financially as well as being a huge blow to his self-esteem. Up until this TV 'flop' most of his TV appearances had been hits.

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