An amusing Bloomberg article details the difficulties that former Citigroup Inc. CEO Chuck’ Prince III is having selling hios Greenwich home.
Bloomie ironically notes that Prince "lost his job because of the housing slump" — and the same slump is giving him a hard time when it comes to selling his home:
"Prince’s five-bedroom Tudor-style house in Greenwich, Connecticut, has been on the market for six months. He has cut the price by $300,000 to $5.85 million, according to the property listing.
The housing recession has hit the bedroom communities that Wall Street favors most. The median home price fell 8.1 percent in Greenwich in the first quarter from a year earlier. Declines were as much as 25 percent in 14 of 19 wealthy Manhattan suburbs in Connecticut, New Jersey and Westchester County, New York, since the start of the year, according to a Bloomberg survey of brokers and multiple listing services. The drop shows that 83,000 job cuts and $393 billion of mortgage-related losses and asset writedowns at financial firms are damaging even the most expensive U.S. real estate markets."
It is sad and almost — but not quite — amusing.
Don’t feel to bad for Chuckie, though; His total compensation and severance were in excess of $100 million dollars.
Chuck Prince Finds Selling Home No Easier Than Fixing Subprime
Sharon L. Lynch
Bloomberg, June 18 2008