It never ceases to amuse me how jealous Y-Gen jornos are when they describe the gains of baby boomers.
Seems like it is very good thing - get $9 million out of mere 750 pounds.
You would never would have got 9 million dollars if you "invested" into superannuation. Try to figure out yourself, assuming 4% annual return from super.
But what the owners really have done - they have commited mortal sin.
First it was initial owner. Should have they bought two houses like this, they would have 18 million dollars right now. How much would they get if they bought 5 houses like this?
Second it is heirs who sold it. To sell a goose laying golden eggs is a financial crime. Tey sold an asset returning at least 15% a year, and the most they would get for the amount - it is less than 4% if they put all the cash in the term deposit. Also it seems better than your day job ($360K a year) it is still cat's tears.
I sort of feel for people who have bought it. They are under attack from their "friends" ("You will never be able to get these money back!") , but despite their friends pull their own hair - anyone can rest assured - in the next 5 years they will double their money.
Why I am so confident? Because it is prime sea view lot. Translated into plain English - "money making machine".
18 months ago I professed buying waterfront land in Southern suburbs. Back then it was plenty for sale. Say house on Esplanade at Port Noarlunga South was sold for $620K (guess who bough it).
This year there is hardly anything on the market. The last sale at Seaford for a house on the inconvenient lot (and very tired and dilapidated house) was at $895,000.
Perhaps the former owners of the $620K one wished they waited to sell until now. I would not say it is a wish of a complete idiot, but it is.
That house was located in the medium density zone. Last week it was subdivided into three. Yesterday bank valuation was received, and it came at $1.3 million. Subdivision all up costed $75K.
In other words, people simply refused to bend over and pick up from the ground $700K.
For that I wish to say all that have sinned. Those who sold the goose (laying golden egg) and others who refused to buy the goose laying golden eggs.
This is us (righteous people) who bloom as a result of your courtesy.