Recession Pain, Even in Palm Beach (And Madoff Effect): Multi-Millionaires Wiped Out

Quote from smoove:

I grew up in different parts of south fla including the island of palm beach. Went to a small private school there as well. There is a enormous divide amongst the wasp and the jews on the island. Being a wasp myself I can guarantee that there are plenty of merdoff/jew jokes being told this season at island parties. It's not right but many do have that "you deserve it" attitude.
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So the 'Wasp's had all their money in gold and T-Bills and entirely out of the stockmarket spring 2008?
 
Quote from Dr. Zhivodka:

I've never understood Florida. The whole state is a sand bar....with bugs and humidity. [/QUOTE

and Latins. Lots and lots of Latins. And they can't dial a fucking telephone,and they must like calling their friends at 2am, and when you tell them it's a wrong number, they want to tell you it's not.
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Quote from flytiger:

It sucks. Bunch of pretenders. The real money is north in Stuart and Hobe Sound. Lotta cons go on there. This was just Mega, but they've been going on for years.

I had a customer from there years ago who told me "I don't know when I meet people if they like me, or my money." I was thinking, "it's your money. Definitely your money."
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You are thinking of West Palm Beach, Palm Beach island has one of the largest concentrations of wealth in the county. It has been this way for close to 100 years. It is a favorite spot for the jetset "society" circles (ie the we think we are important because we inhereted alot of money and have good famous last names), as well as some in the Mega yacht communities.

Check it out the next time you are in FL it is a fun place to visit.
The Breakers is a good place to stay.
http://www.greenvilleonline.com/article/20090401/TALKGREENVILLE/90328028
 
Have you folks been to Hallandale or Boca, or Lauderdale for that matter? Boca is similar to WPB in many ways.

There are some massive, massive estates and boats, up and down the inter-coastal with more than a fair share of them for sale.

I know a guy who was forced to sell 2 70+ yacts and a fairly new 3mm+ home on the water in Lauderdale. He was forced to downgrade to a 35 ft runabout and now only has one 1mm+ home.

poor guy is in shambles, seriously, he can't stand losing his status quo.
 
Quote from LVMises:

Have you folks been to Hallandale or Boca, or Lauderdale for that matter? Boca is similar to WPB in many ways.

There are some massive, massive estates and boats, up and down the inter-coastal with more than a fair share of them for sale.
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I love those homes separated by canals with all the boats on either side of las olas in Ft Lauderdale. I drove by them about 6 months back killing time down there just to see if there were for sale signs in case a trade goes massively in my favor, and there were more than a few. The kind of market dislocation that would result in one of my size trades affording me a house like that would redefine fat tail...

Boca makes me want to kill myself. Im more into the latin SFL than the retired jew SFL.
 
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