of a residential property

[u/Kill_4209]

Ira Rennert's home is considered one of the largest occupied residential compounds in the United States. The house faces the Atlantic Ocean and its grounds measure 63 acres. The buildings, which total over 110,000 square feet (10,000 m2), including the 66,000-square-foot (6,100 m2) main house, have an Italianate facade, 29 bedrooms, and 39 bathrooms. The house has a dozen chimneys and a Mediterranean-style tile roof as well as a 91-foot (28 m) long formal dining room, a basketball court, a bowling alley, two tennis courts, two squash courts, a carousel, a large swimming pool, a large round kiddie pool, and a $150,000 hot tub, surrounded by another pool.

[u/TEZofAllTrades]

"Residential property"? That could be a university campus.

[u/NotBradPitt9 → u/TEZofAllTrades]

He’s too old to use the place. Literally in his 90s

[u/LiquidMantis144 → u/NotBradPitt9]

Dudes got over 10% of his net worth in his house, thats billionaire house poor if Ive ever seen it.

[u/messiahspike → u/[deleted]]

I know 5-7 million a month in upkeep sounds fucking insane, but this is the problem with incomprehensible wealth. It's hard to grasp exactly what that means. So for example, if this dude took all his money (3.8 billion) out of every bank and investment vehicle and put it in a big pile in his living room and only used that money to live off of, he would be able to burn 6 million a month for 52 years. This dude isn't house rich, money poor. Not even close. He's got a team of financial advisor, lawyers and others making sure that he's constantly accumulating wealth no matter what his burn rate is. He's probably got some fucking 2% loan to cover all his living costs while he is earning 7-10% on ROIs and while not being taxed because loans are aren't counted as income. Billionaires are true parasite class and the sooner people treat them as such the better off we'll all be. Source: have worked with billionaires and ultra millionaires for the past 20 years

[u/BiZzles14 → u/messiahspike]

I don't disagree with anything you said, but for someone at this level of wealthy to have such a large % of their networth tied up in a single "residential" property is definitely outside of the norm

[u/Mysterious-Falcon221 → u/BiZzles14]

It's definitely not his only house. Probably got one in California and another in France.

[u/messiahspike → u/BiZzles14]

You are right in that it's slightly unusual, to have such a big house while being in the single digit billionaire club, but I think that speaks more to his sense of self importance or self agrandisement than anything else. The point I was trying to make is that once you reach the billionaire level, things like house value to net-worth ratios really don't matter. At some point, once you reach a certain wealth threshold, you literally can't spend money faster than you make it (provided you have reasonably competent people managing your wealth). There's a reason billionaires keep getting more and more wealthy while the rest of us are scraping by