Rick Ross' 44k Square foot 5.8m mansion has lost -53% of it's value since he bought it

[Bboystyle]

My nanny kept that as a one of her vacation spots before I convinced her to sell it to Rozay. She actually made a cool $5M off the deal. Good thing she sold when she did.

 

[Kyle C. Barker]

not necessarily true. Folks with ‘money’ don’t worry about public schools. Look at Maryland. Some of the highest incomes for black families in America and the public schools suck... most of those rich black families send their kids to private... Same as the ultra rich who live in Manhattan... u think they’re worried about public schools lol

I know Maryland lol

Look at the public schools in Montgomery county and Howard county. After you do that look at the accompanying home prices.

These parents are gonna need a backup if they can't send their kids to Georgetown prep, McDonough, and Gilman

 

[Wear My Dawg's Hat]

You never want to own the most expensive house in the neighborhood, from a value appreciation standpoint.

His house is worth 5X-10X more than the surroundings real estate.

Plus, the maintenance costs for such a house are through the roof, and more than likely cannot be recouped by occasional rentals/Airbnb.

 

[pete clemenza]

LA Mansions VS anywhere else.

there is a constant pool of willing and qualified buyers in the LA area to purchase multi million dollar properties. LA real estate in general has been sky rocketing for at least 3 decades straight.

How many buyers are making 6M offers on cribs in Fayette county GA?

Facts.. Ross' mansion is probably priced right in this current condition plus it probably sells way higher if it was within the ATL perimeter minus all the land. That area has tons of open space so if you got millions to spend for a crib you're probably building something brand new for yourself from scratch instead of buying something twice owned and unpractical with 17 bathrooms that's way out in the boonies. There's only a small market of folks that would actually be interested in a property like that. But Ross is good if he's not looking to sell it and simply enjoys living in it

 

[CashmereThoughts]

Facts.. Ross' mansion is probably priced right in this current condition plus it probably sells way higher if it was within the ATL perimeter minus all the land. That area has tons of open space so if you got millions to spend for a crib you're probably building something brand new for yourself from scratch instead of buying something twice owned and unpractical with 17 bathrooms that's way out in the boonies. There's only a small market of folks that would actually be interested in a property like that. But Ross is good if he's not looking to sell it and simply enjoys living in it

17 bathrooms sounds insane.

 

[trapnerd]

Gotta stop believing everything on the internet.

 

[Ghpstface]

Market crash incoming

That’s what I’m waiting on

 

[Silver Surfer]

That’s what I’m waiting on

Haha

 

[Jekyll]

Actually this is in or near his zip code. Its down by about half since it recently sold as well

181 Lake Rd, Fayetteville, GA 30214 | Zillow

This one is slightly up

300 Annelise Park Dr, Fayetteville, GA 30214 | Zillow

 

[Darealtwo1]

I say all the time. Most of these celebrities with these crazy big houses stay losing money on them when they sell. I feel like Lebron who recently sold that one house in Brentwood is the only one I’ve seen flip for a profit. Jordan still trying to sell his Chicago crib and it’s been 9 years and like 10 price drops.

not fair to compare LA to chicago......I bet if Lebron sold his akron mansion he built it would be for a major loss.

 

[TAYLONDO SAMSWORTHY]

Shoulda put that money in crypto

 

[UberEatsDriver]

Georgia has a lot of tax incentives for Hollywood so Ross will definitely come out on top of hes renting it out for films.

Aren’t those incentives for the production companies themselves?

 

[kevm3]

It's not ideal, but I doubt he's worried about it.

Hell, he might be happy about it. He should be taxed less on that property now.

Exactly. If it's a house you don't plan to sell, then higher appraised value just means you are paying higher property taxes.

 

[Zime]

It’s amazing how a rap career can finance a property like that

 

[Payday23]

44k SQ feet. at the upkeep and maintenance costs