Our country’s current economic recession seems to be breaking the trend of the rich getting richer. You don’t have to look any further than Molokai to see the super rich suddenly getting poor.
Last week the West End estate of software mogul John McAfee sold for $1.575 million, far below the most recent asking price of $3.7 million.
McAfee, an entrepreneur who founded the antivirus software company that bears his name, is now worth about $4 million, from a peak of more than $100 million. In 2007, McAfee sold a 10,000-square-foot home in Woodland Park, Colorado for $5.7 million after spending $25 million to buy the property and build the house. Now his 157-acre spread in New Mexico — on which he built a general store, a 35-seat movie theater and a cafe — will soon be going up for sale by auction.
According to Terry Anderson from Auction Company of America, only six people participated in the Molokai auction last Wednesday and only four of those were serious buyers. The 5.3-acre oceanfront estate at Papohaku Beach was listed for $4.9 million but that price dropped to $3.7 million in January.
The four-bedroom, five-bathroom newly constructed 5,796-square-foot house includes a 1,262-square-foot master suite and a floor-to-ceiling Molokai rock fireplace and entertainment center. The sale price of $1.575 million was below what they had hoped to get at auction, said Anderson.