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Excellence In Broadcasting, And Real Estate: Rush Limbaugh's Home Sells For $155 Million.

wadio said:
And how much are the taxes?
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You mean local property taxes? Depends on the "assessed value," not the sales price. But the property tax rate in Palm Beach is 1.02%, which means he potentially pays about $150,000 in property tax, if the assessed value is close to the selling price. Which it probably isn't. Who says you can't make money in radio and iHeart is cheap?
 
TheBigA said:
You mean local property taxes? Depends on the "assessed value," not the sales price. But the property tax rate in Palm Beach is 1.02%, which means he potentially pays about $150,000 in property tax, if the assessed value is close to the selling price. Which it probably isn't. Who says you can't make money in radio and iHeart is cheap?
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Check your math on that. Would be $1.58 million in property tax per year.
 
Limbaugh's old mansion is in the process of being razed.
Story is from the Palm Beach Post. It's behind a firewall for most, so the link is for the Yahoo version:

$155-million teardown: Billionaire W. Lauder razing Rush Limbaugh's old Palm Beach estate​

www.yahoo.com

$155-million teardown: Billionaire W. Lauder razing Rush Limbaugh's old Palm Beach estate

Cosmetics billionaire William Lauder paid $155 million for the late Rush Limbaugh's Palm Beach seaside estate and is demolishing it for a new mansion.
www.yahoo.com www.yahoo.com
After paying $155 million in March for the Palm Beach oceanfront estate of the late conservative firebrand Rush Limbaugh, cosmetics billionaire William P. Lauder is tearing it down.
Crews have been at work this week demolishing the estate at 1495 N. Ocean Blvd., which Lauder bought through an ownership company from Limbaugh’s widow, Kathryn Adams Limbaugh, in an off-market deal.
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gr8oldies said:
Interesting
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TheBigA said:
Not uncommon. The main thing they bought was the location and the land. Same thing happened to Betty White's house.
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I think many people who are willing / able to buy homes of that size and price point often want something customized to their wants and tastes, so it's not uncommon for them to tear down and rebuild. When Derek Jeter moved to Tampa, he bought and tore down 3 adjacent homes, angering many in the neighborhood and city, but 1) It's his property to do with what he wishes at that point so long as it's not restricted or historic and 2) He ended up building a mega mansion across those 3 lots to suit his wants.

As the article I posted above also mentioned, when you're dealing with a home that size, it's often just as economical to tear down and rebuild vs. remodel or renovate - and maintenance and upkeep costs on a home that large can build up quickly, even on a property that may not seem terribly old.
 
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