Rupert! What were you thinking?

[bboyminn]

For those who don't know, Rupert Grint has a sizable amount of
real estate; £9.2 million (US$14.6 mil) worth to be exact. 

Info and Photos here -

http://www.dailymail.co.uk/tvshowbiz/article-1217782/Weasley-does-Harry-Potter-star-Rupert-Grint-21-9-2m-property-empire.html

My brother and I have frequently talked about this, people win
the lottery, as an example, and buy a multi-million dollar
mansion. But they forget that owning a house, is only a small
part of the cost. I think Rupert will find that the upkeep and
maintenance on these houses is going to be astronomically
expensive. Just the heating, and other utilities along are going
to cost a king's ransom. Then there is routine maintenance like
the pool, the roads, the roof, the paint, and tuck-pointing the
brick. Then the cost of grounds upkeep, he has a 22 acre lawn
that needs to be mowed. Then there are the yearly taxes. Likely
most of use could live comfortably off the yearly taxes he is 
going to pay on all this property.

I truly wish him well, but I think, likely this is going to be
his downfall. 

Just to maintain these places is going to require massive income
on his part. I think he is too early in his career to be counting
on massive income. Again, I wish him well, but it doesn't look 
good. That's been the downfall of many a rock star. They think 
the gravy train will never end, and when they are suddenly not
so popular, they don't have the income to maintain their 
extravagant lifestyle. 

What usually happens is you run into a short fall of cash and
then start borrowing against the value of the house. Pretty 
soon all the money is gone, there is nothing to show for it,
and the house is lost to the bank. Then you've got nothing. 

I don't know who his financial advisers are, but they are doing
a poor job of it.

Now, of course, there could be circumstances that I'm not aware
of. It could be that he bought the houses in a down market and
intends to turn them over relatively soon. That wouldn't be
a bad choice, but it hinges on the market and people's fortunes
recovering quickly so there is demand for housing like this
again. 

Again, I wish him the very best, but it doesn't look good.

Steve/bboyminn