This is the sort of bull of such magnificent proportions that I don’t even want to pass it on but here it is. Goldman Sachs president and co-chief operating officer, Jon Winkleried, has been forced to cut the asking price of his Nantucket waterfront home a whopping 30 percent. In October, Winks put the vacation place, set on 5.9 acres on Cathcart Road, which he bought in 1999 for about $6 million, on the market for $55 million. No bites, and now, per the Journal, Winkle has been reduced to practically giving the spread away, currently priced at $38.5 million. A time-share situation, wherein Warren Buffett’s would pay $5,000/week for 6 weeks/year (with a few buxom prosties as WB’s special preferred dividend), in the hopes that others will pay $1 million/week, is said to be gaining ground as Winks’s Plan B.
Goldman Official Cuts Nantucket Price by 30% [WSJ via Cityfile]
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
Suck it Winkie! You’ll just have to sit on this white elephant like most of America’s Peons are doing today with their overpriced real estate – welcome to the real world.
I wonder when his Option ARM is going to re-set.
I’ll buy it for 10,000 spirit points.
There once was an officer from Nantucket…
What? He can’t sell a a mansion, in a recession, for 9x what he paid?
Oh, the fucking humanity!
Carthcart is so new money
A perceived 800 percent increase on an asset that was never designed to be a creator of wealth. Tell me again why this market will improve at the end of 2009.
When you fuck with the working class, you fuck with yourself. Think of how it allllllllll started. 2 words: sub-prime.
Jon,
If you’re reading this while sitting down, whip out your schmeckle, put your head between your knees and suck your own cock. After six hard pumps, ejaculate and swallow your shame.
I live in CT, on 4 acres. I sure wished my property appreciated that fast. It’s cocksuckers like him that had driven home prices through the roof. Now I’m sitting in a depreciating “asset” also because of cocksuckers like him
I wish Mr GS-Executive all the ill will in the world. I sure hope you read this a$$hole.
even if he gets the lowered price, he’s still looking at a 20% annualized appreciation. anyone know where the s&p was in 1999 (for those playing at home, 1,275 in jan and 1,440 in dec)? given those returns, I’d take 9 bagger – oh the humanity…
8,9 – Dirty Clowns but you nailed it. Rot in hell, Winks.
Lets put together a fire bomb pool for this house. First DB’r to light it up like a Christmas tree gets the pot. 2x the pot if their a GS employee. 3x if their an ex.
Well, let’s see, $6mn in ’99 would be $7.4mn today, adjusted for inflation. He’s “only” asking 5x that…
Buxom prosties? That reminds me, Las Vegas Mayor Oscar Goodman wants it legalized in his city and with the economy all punked out, they may do it this time around:
http://vegasblog.latimes.com/vegas/2009/01/vegas-prostitut.html
@ 14 — exactly. 30% off a completely delusional and unrealistic price is still a completely delusional and unrealistic price. I don’t care how many linear feet of granite countertops he had installed.
@5 — ROFLMAO !!!!
@16
and this deluded cocksucker runs an investment bank. That explains everything.
the worst part is he never uses the house…..and everyone on the island knows it
hell, I hope he gets AIDS!
@9 here.
I do not live in a fancy house. I live in a very modest place surrounded by much bigger homes. I saved for years in the hope that I could buy a home and escape the shackles of Banks and a mortgage. Silly me.
In 2004 after 18 months of looking, I had a conversation with a friend, who lives in London, where I complained about the fact that my Realtor (estate agent) told me that paying cash for my house isn’t going to make me a more attractive buyer because the people that I will be ‘competing’ against can just go out and borrow more money with very little effort. In other words whatever I offer the other side can offer incrementally more because borrowing 5% over the offer price is nothing in a 30year 100% jumbo mortgage. For the whole time I was trying to buy a house I was hugely annoyed by the prices and insanity of it all. I guess my only saving grace is that I don’t have a gigantic mortgage that I can’t afford to pay, on a depreciating asset. That said, in another uniquely American kick to the teeth: Those bastards that over extended themselves will (may?) be helped, with my taxes, so that they don’t lose their homes. It’s like there’s someone out there figuring out every way that they can screw me over.
Throw in a few fucks like this, their complicit Realtors and Lenders is it any wonder house prices worked their way skywards without any end in sight?
Jon Winkleried PA must be running in the Nantucket Reds…
@ 20
and Herpes!
Nantucket is known for its high quality AIDS support networks
@22 No way he buys them at Murrays.
http://maps.google.com/maps?f=q&source=s_q&hl=en&q=Cathcart+Rd,+Nantucket,+Nantucket,+Massachusetts+02554&ie=UTF8&cd=7&geocode=FR_hdQIdR7XS-w&split=0&sll=37.0625,-95.677068&sspn=23.875,57.630033&ll=41.282332,-70.076964&spn=0.001562,0.003353&t=h&z=19
America was only FAT, now they are BROKE too. America and its obesity: The Fats that scare the cats.
http://www.thelogicgirl.com/search/label/Obesity
Source of income without the headaches:
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@5 you made my day!
Bloody banking proles. No wonder the high end real estate is collapsing.
Can’t give the new money crowd that works for a living anything, as amusing as it is to see tacky homes and contemporary and modern art sky rocket. Never underestimate the prolery.
Well so what? Goldman is the new Walmart!!!
i thought Morgan Stanley was the new Walmart?
Citi and JP Morgan battle it to see who is Zayres and who is Bradlees!
The socialists and commies need to STFU. Crawl back under the rock you came from you envious, hating cockroaches. If you don’t like the fucking price, don’t buy the house.
As for the author of this article WHAT THE FUCK IS YOUR POINT? Oh, and where are my photos of the “buxom” maidens?
When is the fire?
- Fixed Income
@33
Can’t be soon enough. I’m sure his insurance company will happily pay him the original asking price. Heck, why even bother trying to sell the bloody thing if all he has to do is raze it.
@32
May you develop a tapeworm in the brain.
Thank you come again.
#35, no thanks, I dont like fags.
Too Winkle, didn’t ried.
@21 & 9, even with the perfect hindsight that we have today, it doesn’t make since for you to pay cash for a house. If anything, that is the most financially unsavvy thing you could have done. With mortgage rates under 4% (after adjusting for the silly free money the IRS gives you on your mortgage payment) the last several years, you easily could have locked in a 10-year IO, invested your chunk of cash in any manner of safe 10-year yield bonds, and profited off of the spread. With the added benefit of having a net worth, sans real estate, to fall back on if needed. Even using extremely conservative estimates on mortgage rates and muni yields, you’re muni investment could pay for the house and yield you an extra $20k in extra money.
Sure, buying a house at an inflated price doesn’t make sense, but not using cheap leverage when you can easily afford to also doesn’t make sense. It’s the folks who couldn’t afford their cheap leverage that screwed up.
38 here. Meant to say $20k in extra money on a $100k mortgage – you’re house is probably worth more, so you got taken to the bank even more.
A friend built on Nantucket a few years ago. I don’t know but I hope it’s at least 20-feet above sea level.
Best seafront real estate is inland now and destined to be a port when the icecaps melt.
Hmm, he’s about 2 houses down from me and I never realized it.
@38 You can always take a mortgage on your home at a later date if you pay cash.
Well the cash portion of GS bonuses is capped at 400k, so there will be a lot of multi-million dollar homes up for sale.
Hopefully, that piker that manages the Global Aplha fund will have to give his up. Talentless wanker.
” This country will not be a permenataly good place for any of us to live in, UNLESS we can make it a reasonably good place for all of us to live in”
Teddy Roosevelt
Former Employee
Meeker CO