Buy high, sell low

Oprah buys house, never moves into it, sells it for $3 million loss. Brilliant. From the Chicago Tribune:
Media giant Oprah Winfrey's Chicago-area real estate portfolio is a bit lighter these days. On Tuesday, Winfrey finally unloaded her eight-room, 4,607-square-foot Streeterville co-op unit for $2.75 million, closing the chapter on an unusual real estate odyssey. Winfrey actually had never occupied the three-bedroom unit, which is in the building at 199 E. Lake Shore Drive. She paid $5.6 million in 2006 for the sixth-floor space but had a change of heart after buying it, and she decided to remain in her massive duplex condominium in a different building a few blocks away.
Hah! The one percenter took a bath in the housing market -- how's that hope and change working for ya? Yeah, yeah, I know that fatso probably bought $5 million worth of hot dogs this week, but it doesn't mean that I can't laugh at a multi-billionaire's misfortune when it happens. If we've learned anything over the last few decades, it's that the only thing that Oprah loves more than her "good friend" Gayle is money. Trust me, $3 million is nothing to sneeze at, even for ol' fat wagon. I'm willing to bet that tonight's scissoring session will be a lot less intense than usual. How much less? About $3 million worth.

*15 Oprah pictures total in the gallery:

  • Oprah Real Estate 1
  • Oprah Real Estate 2
  • Oprah Real Estate 3
  • Oprah Real Estate 4
  • Oprah Real Estate 5
  • Oprah Real Estate 6
  • Oprah Real Estate 7
  • Oprah Real Estate 8
  • Oprah Real Estate 9
  • Oprah Real Estate 10
  • Oprah Real Estate 11
  • Oprah Real Estate 12
  • Oprah Real Estate 13
  • Oprah Real Estate 14
  • Oprah Real Estate 15
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