An Easy Way to Make $10 Million in One Year

humor, lessons learned 1 Minute

This story reminds me of the old Steve Martin joke: “How do you become a millionaire? First, you start with a million dollars.”

Last year, when the Florida luxury market was struggling, Steven Lempera bought a home in Coral Gables in an online auction for $27.8 million, or a fraction of its original $68 million asking price.

Now that the high-end market is booming amid the pandemic, Mr. Lempera is looking to unload his prize for $49.9 million.

Situated on a V-shaped lot with water on both sides—its dock is large enough to accommodate a 200-foot mega-yacht—the roughly 14,000-square-foot, nine-bedroom home is large, mostly white and contemporary. It has an elaborate entryway with a double staircase, large open entertaining and dining spaces, an office, and a gym. The property is being sold fully furnished; many of its rooms are decorated in vibrant shades of blue. The most distinctive feature is arguably the pool, which was designed with patterned coral-like tile mosaics on the bottom that can be seen through the water.

You might think there were significant renovations made to justify such a price increase, but it seems like the only part of the house renovated was the kitchen.

Let’s say he is able to sell it for $45 million, that there are $5 million in closing and transfer costs, and that $2 million was put into the kitchen. That’s still a net of over $10 million, in just one year, for not doing much.

Except having the ability to start with a $27.8 million dollar house.

If you’d like to see some pictures, here is the listing.

If anyone reading this ends up buying the house, please don’t forget my commission. I’d happily settle for just 1%.

Published by Jim Borden

A 60-something guy trying to figure out the world, and his place in it. Happily married for 40-plus years, three wonderful sons. Accounting teacher, fitness enthusiast, blogger, reader.

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57 thoughts on “An Easy Way to Make $10 Million in One Year”

  4. It confirms the old adage, “It takes money to make money’! And that profit margin may dwindle quickly unless the house sells in a short period of time. If he has to carry the mortgage for any length of time, his profit will be sorely impacted. And that is all, of course, based on his getting his asking price, which may well be negotiated down in order to move the property. But I agree with Pete, it looks like a perfect place to house the staff at Borden’s Blather. Great post, Jim!

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    1. I guess that’s the risk associated with investing in real estate – high risk, high reward. And yes, there would be a staff to help with my blogging. I would probably hire a local poet to read me your daily posts… 🙂

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  6. “Buy Low, Sell High.” Why does the old adage seem too obvious, but nearly impossible to achieve? Like “Trade Up.” Trade an item for one of higher value … Jim, have you considered launching an Jim-fomercial on “How To Get Wealthy By Starting Rich.” 🙂

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  12. You may have heard the old joke about how to become a millionaire: Start with a billion dollars and buy an airline.🤣

    This home looks fantastic and it is probably just a second or third home for the owners. I wouldn’t buy it even if I had the money. It looks to be awfully vulnerable to hurricanes and global warming. Home insurance costs must also be astronomical.

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