Now that’s a haircut
September 1, 2012
In real estate, when someone goes to a lower price for their property, we call it a “haircut.” Well, Prince Bandar’s property recently sold for $49 million. He originally offered his luxury compound for the mere price of $135 million.
The Guinness Book of World Records will no doubt list this as “the biggest real estate haircut ever, $86 million.”
I know who the buyer is. His hedge fund made $15 billion in 2010. He is in a book called “The Big Short.” Fascinating reading.