"Scarface" Mansion Sold For Less Than It Cost the Owner

The Scarface mansion has been sold, and it went for less than what it cost the owner to obtain the property in 2008.

The Russian financier Sergey Grishin paid $20 million for the property and put it on the market for $35 million last May. Perhaps he was thinking that he could overprice the estate and that a dumb rapper with more money than brains would pay the absurd asking price. He was wrong. Mr. Grishin lowered the price of the Scarface mansion to $17.9 million shortly thereafter, but still, there were no takers. 

When the property finally did sell recently, for $12.26 million, the Russian financier took a loss of $7.74 million based on what he paid for the mansion. Hopefully, for his sake, he got a million dollars worth of use out of the property for every year that he owned the place. And that isn't taking into account the fact that $20 million in 2008 was worth a lot more than it is today. It is a wonderful coincidence that Sergey Grishin bought the mansion in 2008, the year the housing bubble burst.

And, in case you're wondering, "El Fureidis" means "little paradise" or "tropical paradise," depending on what Google page you ask.