CNN reports that Treasury Secretary Tim Geithner is having trouble unloading the McMansion he purchased in 2004…close to the top of the housing bubble.
Shocking on multiple counts, huh?
Geithner purchased the home for $1.601 million…after there were no takers for $1.575 million, he decided to rent the joint for $7,500/month. Without breaking out a spreadsheet, I’ll go out on a limb and say that baby is not quite cash flowing for Timmy.
Here was my favorite quote from the article:
“When the house first went on sale it was very evident that he was not going to get what he paid for it,” said Scott Stiefvater of Stiefvater Real Estate in Pelham, N.Y. “He was [bound] to lose some money.”
Please permit me to remind you, this is the financial genius controlling the fate of the US dollar.