If he had 2 billion dollars: Powerball Winner Buys Massive $25.5M Hollywood Hills Home

But think of the adventure!!!

 

It's pretty shocking that CA is giving up that free money. I wonder how that got missed.

 

Being exploited by people is the least of his worries.

 

Oh... they'll find a way to get him.

I hope he has a sense of humor when he gets his property tax bill... $400K plus

 

I looked up a couple on Zillow. Apparently the taxes on that house will be more like $100k per year. And he bought it for 5M under asking, so he got a discount worth 50 years of taxes. It's just hard for mortals to think about numbers this large. He's not even going to notice the taxes. He could have a $100k party at his new house every Friday night for the next 100 years and his fortune would still grow faster than his spend.

 

Point taken... would be nice.. From what I understand, what you see in Zillo is what the current tax bill is. And I am certain you are aware that with Prop 13, there will be a reassessment to 1.178512% (current LA County tax rate) of the purchase price.. This comes out to about $301,000 - we're both wrong.. But add in some"other" assessment like fire abatement, water something or another, private security (as my friend who lives near there calls it - "street rent") you start looking like you're getting up there..

If it were me, knowing what I know... that would be the last place I would buy

 

The LA County tax rate will include almost all the taxes, other than sometimes a few dollars for a local bond issue. This is also only for the first year; it will go up by 2% per year (2% of of the 1.178% $'s). And because of Prop 13, while your house value increases 4% per year (typical long term for SoCal), you property tax increases will be at half that rate of increase.

 

Some areas will have "special assessments for fire abatement, and flood control, and whatever other creative things they can tack on - where I live it is street lights, and half of them don't work. It is one of the issues with the fire that ripped through Malibu a few years back that had many of the residents asking, "what are we paying for again?"

Here is a good read on that



Also in some of these neighborhoods, errrrr I meant Community Facilities Districts, there is also the Mello-Roos tax that can fluctuate from year to year...

Bottom line, I would love to have these problems and not worry about them... hells bells, I'm getting nervous about putting a Garmin GPS 175 in my plane... but thankfully I had enough quarters in the jar to do it

 

That's the crazy thing. At current interest rates, he could parcel it out to 4000 banks in laddered CDs and still have 30-40mil/year before taxes.

 

It's called "having F-you money".

 

Why the myth of the regretful lottery owner endures.

 

Probably because of the magnitude of money lost by winners with little-to-no ability to manage what they won.

 

That's 2 1/2 mil. Buy a house with a 50 year metal roof, a Japanese econo-****box to drive....

 

Nah, that's Franklin's house from GTA V.

 

I think I first heard that expression on the show “Billions”. Quite good as is “Succession”.

 

Yes this winner is totally sitting around regretting his looming property tax bill.

 

Years ago I knew a guy, friend of my wife's cousin, who got a huge settlement in an accident case and proceeded to blow it away. New house, expensive cars, RVs, drinks for everybody, hookers (maybe) and blow (so I heard). Money was gone inside of two years. But I did get to drive his Excalibur one night when he was too drunk. Awful car.