He's incapable of a profit in real estate in a seller's market....LOLZ!!!
http://www.chicagobusiness.com/residential-real-estate/former-potbelly-sears-ceo-sells-lake-forest-mansion
3 replies (most recent on top)
Please tell me you understand where the housing market was in 2006? The Chicago market was so over valued in 2006 everyone got burned not just this guy. People still haven't fully recovered yet.
I actually don't think it is a sellers market, at least not for that demographic. Taxes in the Chicagoland area are insane, even more so for larger houses like that. More than likely he is trying to get out from paying for upkeep, taxes, and even for insurance (because an unoccupied house has a big bump in insurance costs)
As this is the 3rd property that has sold for over 4 mil all year, and other articles state that properties in Lake Forest have been selling at a large discount for years... this may have been his best choice.
Also, I'm not a Sears supporter, or a plant, I just look at what makes sense, and at the end of the day this may have been his best option. Ultimately, I don't look down on the CEOs, I blame Eddie.. because anyone of us would take the millions to be a CEO too, even if it meant just being a puppet for Eddie for a few years. For most of these CEOs I would assume the risk of taking the position was worth the career s---c-de.
Eitherway, it actually just worries me more about the state of the Chicagoland area more than anything else.
Small victory is at least nice.