8,500 Sq Ft Home Faces Wrecking Ball to Build 9,095 Sq Ft Home; 22,000 Sq Ft House Next on Tear-Down List

When you have more money than you know what to do with, you tear down your 8,500 square foot home to build a slightly larger 9,095 square foot home.

The Star Tribune notes $10M house ready for wrecker.

Here is an image.



The house is damn ugly, at least in my opinion.

Citizens want to save the house. Why? And what site would be big enough to take it?

Saving the house is ridiculous, but so was building it in the first place, unless of course you have more money than you know what to do with.

"Teardown of All Teardowns"

Back in June, the above house was billed as "the teardown of all teardowns in the Twin Cities". It's not even close if this next wonder meets the fate I expect.

Also courtesy of the Star Tribune, meet the House that Jimmy Jam Built.



One of the most famous houses on Lake Minnetonka, a 22,000-square-foot mansion built by the record producer who made Janet Jackson famous, has fallen into foreclosure and the bank is looking for a buyer who will either spiff it up or tear it down.

The house features a master suite with its own wing of offices and a 12-car garage. Gee who wouldn't want that?

History

• Built by Jimmy Jan in 1991
• Listed for $11 million in June 2005
• Sold for $7 million
• Foreclosed
• Owned by JPMorgan Chase
• Torn Down???

Incredible. But this is what happens when Fed policies benefit the wealthy at the expense of everyone else.

For further discussion, please see ...

Top 1% Received 121% of Income Gains During the Recovery, Bottom 99% Lose .4%; How, Why, Solutions

Reader Asks Me to Prove "Inflation Benefits the Wealthy" (At the Expense of Everyone Else)
 
Near-Record 20% of Americans Struggle to Afford Food and Basic Necessities; Who's to Blame?

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com