A year after promising to flee the Big Apple due to the recently passed tax increases, Rush Limbaugh’s $11 Million sale of his swanky top-floor condo proves the controversial radio show host wasn’t kidding. Originally asking $13.5 M for the property, it eventually went for $2 M less, netting him a whopping $6 M in capital gains on the sale. Check out the full story, with pictures and video below!
Spending most of the year in his $40 M beach mansion in Palm Beach, FL, the conservative radio host only flies to New York a few times a year, and therefore had no real need for the luxurious second-home. Still, he won’t escape the Big Apple without one final squeeze from the tax man.
“Basically I go to New York now for hurricane relief, whenever a hurricane hits. No other reason to go there. Well, sometimes I visit the overrated staff, but it would be cheaper to fly the staff down here to visit me than to pay these stupid tax increases!”
Sounds like a fun guy to work for! While he can’t complain about buying the place for $5 M in 1994, and selling it for $6.5 M more, some are questioning the wisdom of selling while the markets are down. New York City was hit hard by the pop of the housing bubble. Some say that the host backed himself into a corner with promises, and forced the sale early.
On the other hand, some economists predict a further 30% decline in house prices over the next two years. So, if he was going to get out within 2 years, the sooner the better.
What do you think of the apartment sale by Rush Limbaugh? $11 Million is no chump change, even for a New York City Penthouse with 10 rooms, gold leafing, wall and ceiling murals, and a terrace overlooking Central Park. Do you think the radio tycoon should have sold? Let me know your thoughts in the comment section!
Also, check out the photos and video of Biden joking about the talkshow host below!
Photos: www.wenn.com/Chris Connor, Carrie Devorah, PNP