Grant Cardone is selling the Florida beachfront house he bought from fashion designer Tommy Hilfiger in 2021, according to an Instagram post from the financial guru.
Cardone and his wife, Elena, are listing the house for 646 Bitcoin (BTC) or about $44 million. They paid Hilfiger $28 million for the house in 2021.
The 10,275-square-foot mansion, on a 0.06-acre lot at 605 Ocean Blvd. in Golden Beach, Florida, has six bedrooms and a pool overlooking a 100-foot private beach on the Atlantic Ocean.
The couple renovated the exterior of the home, including the cabana, beach house, deck and pool. They also installed new ocean-side windows and doors and upgraded the property’s landscaping, according to the Post.
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Grant Cardone, author of the recently released book “The Wealth Creation Formula,” has said that homeownership is a trap because you are physically stuck in the same place — often for as long as 30 years — and that renting is a better choice because it provides flexibility.
“You have to live in the same place every day for 30 years and pay for it,” Cardone told GoBankingRates in October. “It is a terrible, terrible investment. What about if, in a year three years, you have this great opportunity to move to another part of the country or part of the world to have a better job — you couldn’t because you have 27 years left on your loan. It would be smarter to pay $2,000 a month in rent for the next 30 years.”
Cardone also said that buying a home as an investment isn’t much better, noting that the return on investment is lower than other assets such as the S&P 500 or bonds — after making a down payment on a house, that money no longer grows.
“The money is dead,” Cardone said. “Your down payment’s lost. [Plus], you have to service the debt every month.”
And when you try to sell the house to recoup your investment — and hopefully a profit — you’ll have to make 70% on the sale to pay the interest pay a 6% real estate brokerage commission and property insurance, which is 2% in Florida, he said.
“So you have to make almost 100% in 10 years for you to break even — and you lost your mobility,” Cardone said.
Cardone says people should stop thinking about home ownership as part of the American dream — especially if they have to take out a 30-year mortgage to pay for it.
“The house, for most people, is a nightmare — not a dream,” he said. “At the very least, it’s a trap.”
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Image Credit: Grant Cardone’s Instagram Account
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