Bullish on Real Estate

He’s bullish on real estate!  A collector of luxury real estate just purchased another property – this time in Palm Beach, Florida.  Daren Metropoulos is part of a wealthy family that owns a private-equity firm.  The property he just bought was a $148 million 10-bedroom, 23,000 square foot oceanfront estate.  By the way, he paid cash.  But Metropoulos also owns other high end properties.  Most notably, he purchased the Playboy Mansion for $100 million back in 2016.  He also owns luxury homes in New York City, Miami Beach, Hawaii, and Martha’s Vineyard.  Why does he need so many homes?  Many wealthy people use real estate as an investment.  Most likely, he lives predominantly in one or maybe two homes.  I suspect he rarely visits the third, fourth, fifth, or even sixth homes as their primary function is to diversify his $3 billion net worth.  

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