When a recent jump in AMAZ’s stock price resulted in an increase of Bezos’ net worth by 8 BILLION dollars, it’s almost dumb of him NOT to diversify his portfolio with some more real estate.
I remember when Geffen originally bought the Jack Warner estate. It included all the furnishings in the mansion. Geffen stated in an extensive interview a couple years after the purchase that he could conceivably sell the antiques for several million, then subdivide the property and sell the lots for basically the remainder of the purchase price. In essence, he was saying with a little time and effort, he could flip most of the property, and he’d still end up with a 13K+ sq foot mansion on an acre in prime Beverly Hills for free.
Obviously, Geffen didn’t subdivide, and 30 years later he’s close to 9 figures richer (figure federal capital gains and CA state taxes leave him walking away with $90M+) as a result. Damn!