He sounds like certain brokers I know here in Greenwich

Robert Riskin: "Mommy MADE me do it!"

Robert Riskin: “Mommy MADE me do it!”

“Scarface estate sells for a fraction of its original asking price”

“El Fureidis,” the elaborate California estate where scenes of the movie “Scarface” were filmed, has sold for $12.26 million—a fraction of its original asking price.

The roughly 10-acre Montecito property went on the market in May of 2014 for $35 million, then had its price cut to $17.9 million. It was listed by Riskin Partners and Emily Kellenberger of Village Properties Realtors. It went into contract in September and closed in late October, according to Robert Riskin, one of the listing agents [and scion of the firm’s founder, Rebecca Risken]. Mr. Riskin said the property was initially “overpriced,” and that the sales price “reflects its value.”

I wonder if, just as is done here, Mr. Riskin not only wildly overpriced the property at three-times its value this time, but also sold the “overpriced” living to the seller back in 2008, when he paid $20 million?

6 Comments

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6 responses to “He sounds like certain brokers I know here in Greenwich

  1. That’s a pretty neat house. I thought the Scarface connection was a detriment.

    http://www.montecitoparadise.com

  2. AJ

    A seven and three quarter million loss. That’s a huge hit to take for anyone, no matter how rich you are. Ouch!

    • FUBAR

      AJ
      No matter how rich?
      I think there are levels.
      And maybe the ex wife got it in the divorce, valued then at the “appraised” value, close to that asking price of 35m
      Maybe the winner is the ex hubby, for once!

      • AJ

        Guess there’s not many of that upper echelon in Greenwich then because few if any seem to be willing to take that kind of a hit to get on with their lives. Which brings to mind the question, do you own your property or does it own you?

  3. AJ

    One the one hand, the loss is diminished by inflation. But, on the other hand the net is diminished by inflation, too. Guess it depends on how you want to look at it — sunny side up, or over not so easy.

  4. o/t
    Where is the loyalty?

    http://www.wsj.com/articles/the-rise-of-the-mercenary-real-estate-agent-1444225224

    pay wall? just Google: the-rise-of-the-mercenary-real-estate-agent