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.
Rush Limbaugh’s $11 Million sale will trigger a $350,000 tax bill for the city and state. No wonder he wants to move! Making the promise to move last March, he explained on his show:
“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
July 13th, 2010 at 1:06 am
I think that this man’s success and wealth is proof positive that Satan the devil is firmly in control of this world.
Right now, that is.
July 13th, 2010 at 1:50 am
A year after promising to flee the Big Apple due to the recently passed tax increases,
Actually he said he was going to leave the country if health care passed.
I’m still waiting.
July 13th, 2010 at 3:23 am
Congradualtions to Rush. The only reason people dislike him is because he tells it like it is and people don’t won’t to be confronted with the truth when said truth affects them. He still holds to the old values that America has gotten away from and look where this nation is now at because of it. Don’t back down and don’t back up Rush!
July 13th, 2010 at 4:18 am
This shows the idiocy or rather the traitors that we have in control of the government. Even thought it was a joke – many times in jokes peoples true feelings are revealed.
July 13th, 2010 at 5:03 am
New York has been auditing the man every year even after he left so it’s probably best to cut ties completely.
He made over 100% profit and nobody can be sure exactly which way the market was headed. New York is in a mess economically. No doubt there will be additional taxes on those mean old rich people in the near future so any additional future profit would have been eaten up beforehand.
There were so many reasons for him to get out now. Smart move!!
July 13th, 2010 at 5:44 am
The man is an ego-centric lunatic and a failed intellectual with too much money from stuck-on-stupid demagogues, who are colluding with him to pollute the minds of sane patriotic Americans. He has already sold himself to the devil so why should we care about a fricking house.
July 13th, 2010 at 6:14 am
” think that this man’s success and wealth is proof positive that Satan the devil is firmly in control of this world.
Right now, that is.”
Yeah well. its his freaking money and its not going to some office rental at tax payers expense in San Francisco….
SO SHUT UP !
July 13th, 2010 at 6:18 am
“Actually he said he was going to leave the country if health care passed.
I’m still waiting.”
Why bother ? It’ll no longer be America anyway
July 13th, 2010 at 6:22 am
@ KLO
In addition, where do you think your Obama bucks come from ?
Satan ?
July 13th, 2010 at 6:25 am
He’s just trying to beat the massive tax increases that will hit ALL OF US, including you Klo. My advice to anyone that might have to pay capital gains taxes is you had better sell now before next January.
July 13th, 2010 at 6:30 am
http://www.nydailynews.com/real_estate/galleries/celebrity_homes/celebrity_homes.html
That decor is past tacky. Most NYers would carry the guy to Florida in a bike taxi just to see the back of him. Bye bye.
July 13th, 2010 at 7:33 am
Hah !
With a moniker like “TA” I’m gonna bet your walls and bedroom ceiling are scotch taped with Hustler centerfolds of tits n a$$es
July 13th, 2010 at 7:45 am
Nothing so interesting about my moniker, Micky, simply my initials. Oh, and I’m a girl, so no Hustler posters. Sorry to be boring.
July 13th, 2010 at 8:10 am
“Oh, and I’m a girl, so no Hustler posters. ”
Oh, so now you’re bashing lesbians ?
July 13th, 2010 at 8:16 am
Low Federal capital tax gain rates are set to expire at the end of this year. Limbaugh may say the NY state tax increases are the reason for his selling, but I think he wants to avoid the higher Federal capital gains tax rates he faces if he sells after December 31st of this year. But, leave it to him to put a spin on this sale to promote his pompous, self righteous indignation over NY state increasing its rates.
July 13th, 2010 at 8:54 am
It’s just economically smart to get away from the high taxing cities, states, etc. These gov’t agencies believe we taxpayers exist to feed their insatiable appetite to spend. They act as though they have a right to our money. Why should they have the right to spend my money on what THEY want instead of me spending it on what I want. I hope the point Rush is making isn’t overlooked.
July 13th, 2010 at 11:22 am
I would leave too. It’s not like I am wealthy but I know his money doesn’t belong to me. He earned it. He should be allowed to keep it. I don’t mind paying taxes when it’s being spent on what is should be spent on but all these new entitlement programs ect is just theft. Why stay in a high crime area when you can move?
July 13th, 2010 at 11:36 am
Who cares about Rush? Drug addiction is an old value and a new value.
YUCK
July 13th, 2010 at 11:39 am
Actually, the crime rates in NYC are at or below the national average. And we stay because we like it.
But Rush’s apartment – seriously – is a crime against good taste. Politics aside, his neighbors must be thrilled that he’s leaving. They HATE people who draw attention to themselves in that part of town.
July 13th, 2010 at 11:55 am
Rush Limbaugh is the poster child for why the rich should be paying more taxes.. he’s only being billed 350k on 6 million in profit? and it’s all in real estate appreciation, not liked he lifted a finger to earn it..The rich will make more money accidentially in a day than the rest of us will working hard all our lives. Then they take their greedy profits and buy the politicians so they can escape paying their fair share of taxes… Isn’t civic mindedness an “old value”?
July 13th, 2010 at 12:03 pm
Rush was never a drug a addict because It’s not his fault that Oxycontin and hydrocodone made him feel so good. He is an upstanding citizen sho said, “There’s nothing good about drug use. We know it. It destroys individuals. It destroys families. Drug use destroys societies. Drug use, some might say, is destroying this country. And we have laws against selling drugs, pushing drugs, using drugs, importing drugs. And the laws are good because we know what happens to people in societies and neighborhoods which become consumed by them. And so if people are violating the law by doing drugs, they ought to be accused and they ought to be convicted and they ought to be sent up.
“What this says to me is that too many whites are getting away with drug use. Too many whites are getting away with drug sales. Too many whites are getting away with trafficking in this stuff. The answer to this disparity is not to start letting people out of jail because we’re not putting others in jail who are breaking the law. The answer is to go out and find the ones who are getting away with it, convict them and send them up the river, too.”
– Rush Limbaugh show, Oct. 5, 1995
July 13th, 2010 at 12:14 pm
Love this outlook. Brilliant RICH PEOPLE ARE BAD! I’d bet this guy is awake hours before you, works later than you, works harder than you…Rodrigo
This is the pathetic attitude that kills our children’s dreams and hopes of working hard and being successful. BEING RICH IS A GOOD THING, MONEY WILL MAKE YOU MORE OF WHAT YOU ALREADY ARE. SO A GOOD PERSON WITH MONEY CAN BE A GREAT PERSON! Don’t fault those or envy the ones with more than you. It’s that envy and jealousy that holds you back. You’ll never make real money because your programmed to think MONEY IS BAD or makes you a bad or selfish person.
Real estate investing is very risky and costly, don’t discredit smart decisions.
Rush Limbaugh is the poster child for why the rich should be paying more taxes.. he’s only being billed 350k on 6 million in profit? and it’s all in real estate appreciation, not liked he lifted a finger to earn it..The rich will make more money accidentially in a day than the rest of us will working hard all our lives. Then they take their greedy profits and buy the politicians so they can escape paying their fair share of taxes… Isn’t civic mindedness an “old value”?
July 13th, 2010 at 12:19 pm
Chinaman.
Wise up.
of course Rush was an addict. Whats key is that he realized it and confronted it.
Our drug laws suck. Were focusing on all the wrong people. But hey, leaving the border open has saved and/or created thousands of jobs
July 13th, 2010 at 12:29 pm
“Rush Limbaugh is the poster child for why the rich should be paying more taxes.. he’s only being billed 350k on 6 million in profit? and it’s all in real estate appreciation, not liked he lifted a finger to earn it..”
Moron.
He busted his a$$ to make the original investment. What about that do you not understand ?
If your reefer only cost 10 bucks a plant, matures all on its own you gonna sell it all for 10 bucks ?
Its his, not yours to decide how much of what goes to who.
350,000.00 of 6 million is 28%.
Way more than the 8% you payed for your last 40 ouncer
July 13th, 2010 at 12:52 pm
The only thing that could possibly be more vulgar and tasteless than Rush Limbaugh’s “opulent” apartment is the man himself. Thank god he is leaving New York. Now I won’t have to sell!