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Computer "genius" lost it all in real estate bets

By tovarichpeter   2012 Nov 29, 12:32am   ↑ like (1)   ↓ dislike   1,521 views   5 comments   watch (0)   share   quote  

http://blog.sfgate.com/ontheblock/2012/11/29/mcafees-real-estate-history-a-saga-of-loss/

The McAfee Belize estate: Though the above pictures seem only to chronicle the “living the dream” success of a high-tech multi-millionaire, a study of John McAfee’s real estate holdings points to a steady downward spiral that has yet to hit rock bottom. Before the internet security guru became a suspect in the murder of his neighbor, he had other troubles, and perhaps the largest was money. When the country’s economy collapsed, so too did McAfee’s fortune. He lost 96% of his wealth in just two years time, dropping from a net worth of around $100 million to around $4 million....

#housing

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1   TechGromit   2012 Nov 29, 10:50am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

I'm not surprised. From the article, it looks like he had all his money tied up into 4 or 5 high end properties. One of them he paid 25 million for it. It's really no different than an real estate "investor" that had 4 or 5 houses during the height of the bubble, just a few extra zero's at the end of the prices.

2   Kevin   2012 Nov 29, 4:28pm  ↑ like (2)   ↓ dislike   quote   top   bottom   home   share  

I really hope they make a movie out of McAfee's life. They could call it "the 30 day trial".

3   Peter P   2012 Nov 30, 10:21am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

He was not even a billionaire.

4   Ceffer (73/73 = 100% civil)   2012 Nov 30, 10:35am  ↑ like (1)   ↓ dislike   quote   top   bottom   home   share  

His financial advisors used a two prong, no-fail strategy: margin calls in stocks buffered by leveraged real estate.

Who'd of thought they would both collapse simultaneously? Apparently, this was a popular, "no risk" ploy for a lot of wealthy investors trying to become even richer. If the stocks failed, the real estate wouldn't. If the real estate went down, the stocks would make up for it etc. etc. If both leverages went up, bingo, casino night for the rich becoming ultra rich.

It is sad when two black swans collide. So much for financial experts.

Poor guy having to scrape by on a measly 4 million dollars. It's like all of those unfortunate movie stars down to their last ten million. Maybe welfare so these deserving types can slum it with a 30 million dollar lifestyle which they so righteously deserve.

5   Peter P   2012 Nov 30, 3:48pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

Ceffer says

Who'd of thought they would both collapse simultaneously?

LOL!

00 on the roulette. Awwww....

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