Doctor Deals

As a lawyer, I was sometimes asked to evaluate limited partnership real estate proposals for clients. The worst ones we labelled “Doctor Deals” because only a doctor, too busy with his practice to pay attention to finances, would fall for the bait. One that I remember offered a hugely overpriced position in a ski condominium project but offered to toss in a time share and two cheap mountain bikes. Such a deal.

Now builders of unwanted mansions are trying the same thing, only in this case they’re proffering a genuine Bentley if you’ll take a $5 million pile of lumber off their hands. Here’s what you do, no legal fee charged: offer $3 million, take the $2 million you’ve saved and buy a $25,000 Honda Accord. Put the remaining $1,975,000 under your mattress and wait for better times.

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