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Mark Cuban is notoriously bold in his deal-making. But even by his standards, dropping millions of dollars on a mansion he\u2019s never set foot in is a move that could raise eyebrows.<\/p>\n
The billionaire entrepreneur and former Shark Tank star revealed he snagged a $25 million estate at a jaw-dropping 50% discount, a deal he says exemplifies one of his core investing principles.<\/p>\n
Cuban reflected on the purchase in a 2022 interview with GQ. During his days at MicroSolutions (the company he ultimately sold for $6 million in 1990), his partner, Martin Woodall, told him about an \u201camazing house\u201d going into foreclosure. It was a home the owner had spent three years building and a \u201cdream home\u201d to the original owner\u2019s wife and whole family, Cuban said.\u00a0<\/p>\n
But unfortunately, the owner was forced to sell the home when the stock market crashed, and he lost everything. So, Cuban, who\u2019s currently worth about $9 billion, bought the 24,000-square-foot mansion in Dallas sight unseen, calling it his one \u201cwhy the f\u2013k not purchase.\u201d He still resides there, and Zillow estimates show it\u2019s currently worth $22 million.<\/p>\n
\u201cI\u2019d never seen the house. I saw some pictures. I\u2019d never been there. I was like, F\u2013k yeah. I\u2019m a billionaire,\u201d Cuban said. Essentially, the idea is that buying a home at a discount doesn\u2019t inherently change its value. So when Cuban eventually goes to sell the home someday, he\u2019ll make a pretty penny\u2014at least about $10 million based on the current estimated value of the home (although it could be closer to $28 million, according to the Zillow estimate range).<\/p>\n
Buying at a steep discount is \u201cthe best guaranteed return on investment\u201d you can make, Cuban said, a methodology he uses for most of his purchases.\u00a0<\/p>\n
\u201cSaving 30% to 50% buying in bulk\u2014replenishable items from toothpaste to soup, or whatever I use a lot of\u2014is the best guaranteed return on investment you can get anywhere,\u201d Cuban said in a 2010 Forbes interview. The mansion was the same principle, just on a much larger scale.<\/p>\n
The former Dallas Mavericks owner also used the home purchase example as a cautionary tale about never taking wealth for granted. He also outlined his four-rule framework for becoming a millionaire, which includes mastering a skill, learning to sell, staying curious, and keeping learning\u2014then start a company once you have those foundations.<\/p>\n
\u201cYou have to know how to sell,\u201d Cuban said. \u201cYou don\u2019t want to be in a position where you\u2019re dependent on other people.\u201d<\/p>\n
Billionaires approach finances differently<\/p>\n
Cuban\u2019s purchase is a window into how the ultra-wealthy think about real estate differently from average Americans, who would likely think it\u2019s insane to purchase a home they\u2019ve never actually seen in person.<\/p>\n
Where most buyers shop for a home, Cuban shopped for a better financial position. The mansion is less a lifestyle acquisition (that was just a bonus for him) than an asset with favorable entry terms. Some billionaires, who would presumably be able to purchase a home outright, will also take out mortgages as a more savvy financial decision. It\u2019s because most of the wealth held by ultra-high-net-worth people is tied up in investments, stocks, and bonds, and they don\u2019t keep as much cash on hand.<\/p>\n
\u201cUltra-high net worth individuals think differently about liquidity and leverage,\u201d Miltiadis Kastanis, executive director of sales at Compass, previously told Fortune. \u201cThey\u2019d rather keep their money working for them in investments, businesses\u2014or even art\u2014rather than tying it all up in one property.\u201d<\/p>\n
For Cuban, the purchase also signals continued confidence in hard assets at a moment when even some of the world\u2019s most sophisticated investors are questioning where to park capital. Real estate offers something that stocks and crypto don\u2019t always promise: a floor built into the purchase price itself.<\/p>\n
Still, it\u2019s important for the average American to make financial decisions that work for them, too.<\/p>\n
\u201cThe takeaway for the average buyer isn\u2019t to mimic [billionaires\u2019] precise approach, but to understand the principle,\u201d Evan Harlow, real estate agent at Maui Elite Property, previously told Fortune. \u201cSometimes the smartest financial move isn\u2019t paying everything off, but keeping your money flexible and working for you.\u201d<\/p>\n
#Mark #Cuban #bought #million #mansion #sight #unseen<\/p>\n","protected":false},"excerpt":{"rendered":"
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