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Professional Gambler Takes A Loss on Massive Seaside Escape

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Well it turns out the house doesn't always win, at least not for professional gambler Billy Walters. For a guy who regularly wins millions of dollars betting on sports—and claims never to have had a down year—Walters's luck runs out when it comes to real estate. He told the Wall Street Journal that he and his wife, Susan, have "lost money on every home we've bought and sold here," seven so far. His massive waterfront spread in Carlsbad, Calif. is currently on the market for $29M, and looks to continue that losing streak, as Walters ponied up more than that to acquire the land and build this dream house. Still, the 10,000-square-foot limestone beach house makes a strong case for itself, with 1.5 fenced acres, extensive landscaping, a home theater with stadium seating, two master suites, and, none-too-surprisingly, a poker room. The office, where Walters conducts most of his business, features an 85-inch flat screen TV to keep track of all the games. The Walters also still have a chance to make it to .500 in the game of real estate profit: the couple currently own seven more houses.

· A Wealthy Gambler's House Bet [WSJ]