Our Busted Coverage Cribs series rolls along with a venture into the head of Scottie Pippen, who is best known for squandering his NBA fortune. How bad off is the former Chicago Bulls‘ legend? He actually had a yard sale earlier this year. But it’s not all gloom & doom for Pips. He’s sitting on a Fort Lauderdale house that he bought in 2000 for $1.34mm. The asking price in 2011 – $16,000,000! Who’s dumb with cash now, homies?
The details of what you’re getting for the price:
• Just south of 10,000 sq. ft.
• Putting green
• 215′ of water frontage
• 6 bed, 7.5 bath
• Um, you get that waterslide
• Double lot
Here is the craziness behind this house. As mentioned, Pips bought it in 2000 and has been listing it, on and off, for $16,000,000 for the last two years. In early 2008, the property was also put up for sale for $15,000,000. And here we thought the Fort Lauderdale luxury home market was soft right now. Maybe not. It doesn’t seem Scottie or his reality star wife have any intentions of making some serious cash. The current price is firm.
Mortgage: $16,000,000/30 years (20% down, 6% interest rate) = $76,742/mo.