“Bill, you should come down here…this Saturday, they’re auctioning off Tulip Hill. It’s probably the nicest house in the county. And it’s gorgeous… I don’t know if I’ve ever seen such a pretty place…”<\/p>\n
Our cousin was calling to tell us about a house owned by another remote cousin. It’s a beautiful place. Built in the early 18th century by a rich planter…it is an authentic Georgian brick colonial, with a park that reaches down to the river. They didn’t build many houses of that quality in America. Of those, few have survived. This is one of them.<\/p>\n
One friend bought the place for $1.2 million (if we recall correctly) back in the mid-’90s. Then, another friend bought it for over $4 million in the bubble years. When he went to sell it, however, he found that he couldn’t get anywhere near his money back. So, it’s up for auction, with a $1.6 million minimum.<\/p>\n
“Don’t even think about it,” said Elizabeth. “We’ve got more than enough problems already.”<\/p>\n
So, we called our cousin back…<\/p>\n
“I’m not even going to look at it. Because if I look at it, I might start thinking about ways to get it. The next thing you know, I’d have another roof to fix and another pile of bills to pay. A man has to know his limitations…”<\/p>\n
And finally, this from Bloomberg<\/em>:<\/strong><\/p>\n Los Angeles will run out of cash on May 5, city Controller Wendy Greuel said today in a release in which she requested a $90 million transfer of reserve funds to pay bills.<\/p>\n The controller said she received a letter from the Los Angeles Department of Water and Power today indicating the utility wouldn’t send an anticipated $73 million payment to the city’s general fund. That money is part of an annual contribution of 8 percent of power revenue that the utility makes in lieu of paying taxes to the city, according to Ben Golombek, a spokesman for the controller.<\/p>\n “The question I have been asked most often during the budget crisis is, ‘When will the city run out of money?’ Greuel said in the e-mailed release. “Unfortunately, we finally have the answer.”<\/em><\/p>\n<\/blockquote>\n Regards,<\/p>\n Bill Bonner Similar Posts:<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" “Bill, you should come down here…this Saturday, they’re auctioning off Tulip Hill. It’s probably the nicest house in the county. And it’s gorgeous… I don’t know if I’ve ever seen such a pretty place…” Our cousin was calling to tell us about a house owned by another remote cousin. It’s a beautiful place. Built in […]<\/p>\n","protected":false},"author":4277,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-520009","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/520009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4277"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=520009"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/520009\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=520009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=520009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=520009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
\nfor The Daily Reckoning Australia<\/p>\n\n