Real Estate: “America’s Priciest Listing Sells at Foreclosure Auction”
August 21, 2019
“Once listed for $1 billion, a 157-acre parcel of land in Beverly Hills known as the Mountain has sold at a foreclosure auction to its lender for just $100,000.”
https://www.wsj.com/articles/americas-priciest-listing-sells-at-foreclosure-auction-11566326719
This is a prime example of how the wealthy make money. They buy during economic downturn. I’ve said it before but recession are like major discounts for the rich. It’s the best time to make a deal. It gives the buyer more power during negotiation. Most importantly it can be sold for profit later.