Bloomberg reports that former Citi CEO Chuck Prince has been hideously forced to cut the asking price of his Greenwich, Connecticut house, which is now entering its sixth month on the market, to $5.85 million. The price tag is still about a million more than what Prince bought the Tudor for in 2003, but $300,000 less than he was hoping to score from some sucker in '08. This is maddening to all of us but stewing about the injustice isn't going to get us anywhere. We've got to think, god damn it, think.
The way we see it, there are two possible courses of action for Prince to take. The first is to WAKE UP and start realizing that these days, no one's going to pay nearly six million dollars for a 5 bedroom but more importantly only four bathrooms in Greenwich. Take a cue from Valery Kogan, add on ten or fifteen high-flows, then maybe there'll be some interest. The second is to make some money off of your situation. Pitch a show to some network wherein you compete with Lenny Dykstra and Ed McMahon to see who can sell his house first. I'd watch that shit (but not because you, I just want to see Nails's "Dips of Distinction" collection that he keeps in his den). OR: turn the place into a halfway house for disgraced Wall Street CEOs. Tax break, plus just plain fun. You, Stan, Cayne. Spare bedroom for Fuld. Pullout couch for token girl Callan. The combined DVD collection alone would make it worth it.
Chuck Prince Home Sale No Easier Than Fixing Subprime [Bloomberg]
Posted by Investorcluzo , Jun 18, 2008 2:30PM
how did we miss this:
http://www.youtube.com/watch?v=mbtVk3dpFV4
great quote: "you know what happens when you spend more money than you have" and then when pushed on where he broke his neck; larry asks "at home?" ed responds, "I'd rather not say"...what gives, was the old man at scores?
I'll put the odds on ed selling first, the fresh prince is going to have to wait until the credit crisis shakes out and people know what they're going to be doing next year.
Posted by guest , Jun 18, 2008 2:44PM
we know of prince's fate, but how to interpret currect officers putting their houses on the mkt? Are they bearish on their firms?
Posted by JimBob , Jun 18, 2008 3:02PM
$5.85 million. Isn't that what Stevie Cohen spends on landscaping each spring?
Posted by guest , Jun 18, 2008 3:08PM
it's what ST spent on Manscaping
Posted by mrpink , Jun 18, 2008 3:24PM
Hmm... Manscape.
-mrp
Posted by Clown Capital , Jun 18, 2008 3:55PM
The only way Prince is selling that place is if "The artist formerly known as Prince" decides to do a benefit concert with Chuck as backup.
Posted by guest , Jun 18, 2008 4:45PM
When people ask what I do, I make it as simple as possible and say that I am a trader. So the other day, a friend's husband asked me and I gave him the standard response. His reply? "Oh ya, just like Lenny Dyksra?"
Almost kicked him in the nuts. Dude is a f'ing embarrassment to finance. Hell, he is an embarrassment to retail day traders.
-Nominate me
Posted by guest , Jun 18, 2008 6:15PM
Cluzo @ 2:30 pm. I saw McMahon duck that question, too. The main likelihood for the answer was that the neck-breaking incident was in litigation, and McMahon hopes to score big off of it. Talking about the details on TV would only lead to more tiresome depositions, and the possibility of inconsistent answers.
As you probably saw, McMahon and wife Pam made a few million off mold claims in their house. When Larry asked where that money went, McMahon said, "Well, there were 19 lawyers." What a disingenuous response. McMahon doesn't have to pay the OTHER SIDE'S lawyers, and his own lawyers would have left him at least 50% for public relations purposes if nothing else.
I turned the TV off at that point. It's too bad McMahon's 85 and struggling, but I save my sympathy for those who never had the kind of paydays McMahon had for over fifty years.