They say rich are immune to a recession. Well, they are not immune. Hearst estate in Beverly Hills was for sale at 165 million three years ago. They are now in 2010 trying to sell this luxury mansion for 82 million less than half the price. However, the price for houses in LA is only down 43% on average. High end hit is due to a drop in discretionary income. Also, rich people expect higher taxes are coming. Wealthy no longer wish to invest in an impressive mansion. They see it as money down a sewer.
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