Sometimes even the very rich get in over their heads on a real estate transaction, buying high and selling low, but few do so as egregiously as Philadelphia real estate developer Michael Pouls. In 1998, he spent a jaw-dropping $22M to construct a 15,000-square-foot testament to his success, complete with six bedrooms, nine bathrooms, 32-foot ceilings in the great room, a library, a game room, a billiard room, temperature-controlled wine storage, a 20-seat home theater, swimming pool with pool house and outdoor kitchen, and dressing rooms for each of his two daughters. The house was so extravagant—and its occupants so shameless—that it was featured on an episode of that MTV look-at-what-daddy-bought-me classic, Teen Cribs. Then things went south for the Pouls clan. Michael was indicted on federal fraud charges and the house hit the market, first for $17M (already a loss, mind you), before plunging to $10M, and then $7M, finally settling at a lowly $3.8M. Currently in contract, the house could sell for even less than the final ask, meaning the Pouls will have to endure at least an $18.2M loss. Nevermind that $22M in 1998 dollars is closer to $30M today, thanks to inflation. For more tales of top-dollar real estate woe, check out the map below.
· All Whale Week 2013 posts [Curbed National]
· STAGGERING: $3.2 Million Price Cut for 'Teen Cribs' House! [Curbed Philly]