Wednesday, February 1, 2017

It's A Life Estate, Dahling

When Zsa Zsa Gabor died prior to Christmas, it was announced that her 9th husband had 90 days to vacate the Bel Air house she had owned since 1973. She had tried to sell the house several years ago, but finally accepted a lower offer in 2013 on the condition that she be allowed to reside there for the rest of her life. Now that she has died, her residency has terminated and her widower must move. The buyer will allegedly tear down the house.
A few minor points:
1. This arrangement is known as a life estate. Given her paralysis and amputations, I doubt the buyer thought she would live 3 more years.
2. Hugh Hefner allegedly has a similar arrangement for the famed Playboy Mansion.
3. Crazy times we live in when an $11 million property is a tear down.
                                         Photo copyright:  Axelle/BG/
                                         License:  Fair Use/Education