OfflineThis morning I read an article in the NY Times online
Titled "Rise of the Super-Rich Hits a Sobering Wall" by David Leonhardt and Geraldine Fabrikant - http://finance.****/banking-budgeting/article/107575/rise-of-the-super-r...
Here is a portion of it:
"...Bill Gates, Warren E. Buffett, the heirs to the Wal-Mart Stores fortune and the founders of Google each lost billions last year, according to Forbes magazine. In one stark example, John McAfee, an entrepreneur who founded the antivirus software company that bears his name, is now worth about $4 million, from a peak of more than $100 million. Mr. McAfee will soon auction off his last big property because he needs cash to pay his bills after having been caught off guard by the simultaneous crash in real estate and stocks.
"....Over the last several years, Mr. McAfee began to put a large chunk of his fortune into real estate, often in remote locations. He bought the house in New Mexico as a playground for himself and fellow aerotrekkers, people who fly unlicensed, open-cockpit planes. On a 157-acre spread, he built a general store, a 35-seat movie theater and a cafe, and he bought vintage cars for his visitors to use.
"...Next week, his New Mexico property will be the subject of a no-floor auction, meaning that Mr. McAfee has promised to accept the top bid, no matter how low it is."
This property sounds like a fun one to have. I have never heard of "no-floor auction". Has anyone in the DG family ever heard of or participated in this type of auction?
Kat
Thanks for the interesting article. As we progress and make investments it is always good to remember where we all came from and always try to make investments that make the most sense.
In regards to the "no-floor" auctions. They have also been called "Absolute Auctions". An absolute auction is defined as - "an Auction in which the property is sold to the highest bidder regardless of the amount of the winning bid." Most times at an auction there is a reserve price or a floor. Thus, if you attend an absolute auction, you could legally start the bidding at $1.00 (one dollar) . Good luck with real estate investing. Believe and Achieve!
- Joe
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Thankss Joe for clarifying what a "no-floor" auction is.
Kat