Martin bought an oceanfront estate in Golden Beach, Fla., for $16.25 million in April 2007. Six months later, he put the property on the market for $22.5 million, seeking a 38 percent return on the five-bedroom, seven-bathroom estate.
But it didn’t work out for him. After two years on the market, the price has been dropped to $18.9 million. While it isn’t a windfall, the current price would still result in a 16 percent return. Not bad, if Martin can get it.
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Source: The Wall Street Journal, Dawn Wotapka (09/09/2010)
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