Hilfiger's Property Loss
27 November 2009
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Tommy Hilfiger Loses Out In Estate Sale
Fashion Mogul Tommy Hilfiger is counting the cost of his luxury estate in Connecticut - the property has sold for around $8 million (£5 million) less than the asking price.
The designer paid $18 million (£11.25 million) in 2005 for the sprawling Greenwich home, which boasts eight bedrooms, nine bathrooms, a 2,000-bottle wine cellar and an indoor basketball court.
But the housing market slump has hit Hilfiger hard, and after keeping the house on the market since February 2008, the house finally sold for $20 million (£12.5 million) - $8 million (£5 million) less than the price Hilfiger hoped for.
Comments
by Kara Gee 27 November 2009
Fair enough. Not a great investment choice if he was looking for a better return on his investment.
Had he just sank the 18 mil in banks he wound have probably seen at least a 4 if not 5 mil return.
by Rachel 27 November 2009
Oh no, only a profit of $2m. What a terrible loss to endure.
by MH 27 November 2009
so he bought it for 18m and sold for 20m - thats a 2m profit in my book - how on earth is that a loss?
by tomas 30 November 2009
Depends on how much interest he was paying on the property and how much was spent on refurbishing the place.