➡ Luxury homes in California, once valued at millions of dollars, are now selling for much less due to overvaluation and high maintenance costs. Celebrities like Jennifer Lopez, Ben Affleck, and Kanye West have sold their properties at significant losses. This trend is not limited to the rich and famous, as the real estate market is experiencing a general drop in prices. The situation is a result of overpriced expectations and is affecting all levels of the property market.
➡ This text discusses various topics including the challenges of living in a popular tourist area, the importance of doing research before buying a house, the rise in cyber attacks on wealthy individuals, the increasing number of people living paycheck to paycheck, the decline in Tesla’s car sales, the selling of FICO scores to mortgage companies, and the potential value of old items in your home. It also mentions the expansion of TD Bank and the withdrawal of an $18 billion payment to New York City by the Trump administration.
➡ I’ll be seeing you very soon.

Hey, it’s Dan. Welcome back to I Allegedly. I’ve got a good one for you today because we’re going to talk about a phenomenon that is unbelievable and that is 100 million dollar houses that are selling for pennies right now. And I’m going to do this from Corona Del Mar, Main Beach. But I want to prove a little point to you guys about this. And that is, high in real estate is suffering like you wouldn’t believe. So don’t forget to hit the like button, subscribe to the channel. Today we have a sponsor, Patriot Gold, which I’ll cover them in a bit.

But, beautiful morning out here in Corona Del Mar. Now, this isn’t a 100 million dollar neighborhood. This is Peasantville. This is, you know, 18 to 30 million dollar neighborhood. Okay? It’s really nice. But, you know, your front yard’s there and, you know, you get to look at the Pacific Ocean. But we’re going to start over here. Now, one thing that’s happening is you’re seeing a dramatic drop in the price of real estate for high-end luxury homes here in California. And the problem is the overvaluation. People bought houses and thought that they were going to go through the roof and continue to go up.

Or, I’m famous, I can sell my house for more than I thought I could. And we’re seeing this as a huge problem right now. Now, few things. Celebrities, divorces, people want to move out of the area. Mark Wahlberg took off to Vegas. Jennifer Lopez and Ben Affleck get divorced. And, you know, a lot of these people, it’s the second, third houses for these people. But what you’re seeing is the carrying cost to maintain a 50 million dollar piece of property is taking its toll with these people. Now, imagine you have a 100 million dollar piece of property and you’re forced to sell it for whatever reason.

Getting divorced, you know, you relocate, your business is changing, whatever, the carrying costs are just too much. You know, this is, you know, a 20 million dollar neighborhood. It’s nice. These houses are stunning. And this is Ocean Boulevard. Now, when you look at the famous people that had to unload their properties, first one, Jennifer Lopez and Ben Affleck, they bought their house for 68 million dollars and sold it for 52 million dollars. They took a 16 million dollar haircut. Okay. The love don’t cost a thing. Yeah, it does. Okay. So they get divorced and they have to unload the property.

Kanye West, Malibu, Oceanfront Mansion paid 53 million dollars from this famous Japanese designer. That was just going to be incredible. And, you know, he listed his 53 million dollars, sold it for 21 million dollars. Again, a 60 percent haircut on that. That’s 30 million dollars gone. Gone. Okay. Now, you can sit there and say these are rich people down. They can afford that. No one can afford to lose 30 million dollars. Nobody living can afford to lose 30 million dollars. Robert Bear. Okay. He listed his 100 million dollar house and sold it for 44 million dollars.

Now, again, a 50 million dollar, you know, you know, vaporization of money, which I love that it was put that way to me. Mark Wahlberg, Beverly Park compound listed it at 87.5 million dollars. Now, here’s the thing. 87.5 million dollars. He wants to relocate, move his kids to Vegas. Fantastic. Okay. You’re going to set up that film studio that may or may not happen, but he sold it for 55 million dollars. That’s 32 million dollars. And, you know, more than most people making their lives, this guy lost it on one house. So one thing, another one, this is this is one of my favorite ones.

There’s a Four Seasons penthouse with an undisclosed buyer who’s famous from L.A. And that’s the only ones I chose was listed at 75 million. Think about this one sold for 15 million dollars listed at 75 million. They unloaded this penthouse for 15 million dollars. It’s 80 percent price reduction. That is a liquidation sale, guys. Now, what you’re seeing is you’re seeing this more and more and more overpriced expectations of real estate. It’s catching up to everybody. It’s starting with the high end properties. It’s starting in areas of the country. You’re seeing Vegas. I just drove in and had somebody explain to me the Vegas market and how people two and three years ago were buying houses for 800,000 dollars.

And now they want to get one point four million. And now they’re lucky if they can get six for the house right now. So that’s what you’re experiencing. And, you know, these distressed sales doesn’t matter if you’re a billionaire, doesn’t matter if you’re a millionaire, you’re a celebrity. People don’t care. People don’t care. Oh, my gosh, I bought JLo’s house. You know what I mean? No one cares. No one cares at all right now. And it’s just, you know, it’s all relatable, guys. It’s all relatable. It’s a lot more to cover on this. Let’s talk about our sponsor, Patriot Gold Group.

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You know, think about this. We have all seen our insurance costs, you know, double in the last year. Gone up. You own a house, you get to pay twice as much now to own that house and insure it. What do you think these people pay? You know, here’s what’s wild. This street has got a house on it that’s 50 grand a month in rent. That’s crazy. Well, it’s not as crazy as the house at $65,000 a month for rent up the street. OK, who’s paying $65,000 a month for rent? That’s nuts. This is all relative, guys.

This is all relative. There are people out there that, you know, will never be able to be able to afford one home, but to be able to afford a house that’s $20 to $30 million is nuts. Now, then you get the $50, $60, $100 million. It’s a completely different level. And again, I’m going to get a lot of people say, oh, they can afford it, Dan. It’s no big deal. No, it is, guys. And again, they have the same distress, the same motivated sellers. You know, again, right now we’re experiencing a time of buyer leverage. Buyer is in charge.

And again, if you want to buy a house, guys, right now, you need to understand you’re going to have a 6% mortgage. Plus, if you can swing that, great. You can pay cash for it even better, even better. But again, it’s happening. And there’s nothing that can be done about this right now because it’s only heading in one direction. The person that called me today about the Vegas market is just stunned at how bad it was. And they were like, you know, weren’t you going to buy a house? I always look. I don’t care what city I go to.

I’m constantly looking at the real estate in that city, you know. And again, you’re seeing seller ego right now. My house is worth more. I have more problems with realtors. What’s the biggest problem selling a house right now? Oh, the biggest problem selling a house is the sellers think the house is worth much more. And their house is the best house in the neighborhood, whether it’s noise, whether it’s decorations, whether it’s the architecture, whether it’s the pool that they overspent on by one hundred and fifty thousand dollars. It’s it’s everything, you know. So starting to see this more and more and more.

What do you guys think about this? You know, the mega mansions are not selling. L.A. has a problem with a luxury tax over five million dollars where people have to spend an additional five percent that’s supposed to go to the homeless. What do you think that’s going to? Seriously. I think Karen Bass is writing a check to the homeless people. Yeah. OK. OK. Again, when I was a young man in my 20s, I used to sit there and say, I’m going to live on Ocean Boulevard. I’m going to live on this street. I am telling you that this street is hell during the weekend when you have everybody that comes up here and parks.

Everybody can park up here. There’s no, you know, there’s no parking meters. It’s free. And then down there, you’ve got prone at Omar State Beach. That is just absolutely stunning. But you get to deal with all the people that are just tourists. Now, the problem with it is that you have some MOOC with a camera filming in front of your twenty five million dollar house. It’s absolutely no bueno. OK. There’s more to cover in this video. Let me know what you think about this. But, guys, this is a time to go out and to do your homework.

You do your homework. You’re going to be incredibly successful and you’re going to be rewarded for getting the house that you want. Do what I did, guys, when I went and bought a house. I went wanted to live on this street, this neighborhood, and wanted to have, you know, the house decorated a certain way. And and as far as inspection, I wanted it to be something that would be perfect because I’m an old man and I didn’t want to spend the rest of my life fixing it up. Do yourself that favor, OK, and do announce a research.

My son, him and his roommate are changing apartments this weekend. And I’m very proud of this because he went out and, you know, he’s like me. Well, yeah, I’ll make a list. OK, so but they did. They made a list of everything that they wanted to check off between him and his roommate and went out and met all the requirements so that they could get the exact place they wanted to live. It was great. Where they ended up, where they’re moving to have met all the requirements. Cheaper rent, saving five hundred dollars a month for the rent in a newer building.

Thoughtful. Now, one thing that’s very interesting is we’re seeing multiple attacks, cyber attacks against wealthy executives right now. They’re trying to get their data. They’re trying to steal their identities. But it is dozens and dozens of super wealthy individuals that are experiencing this right now. Great story out of the New York Post about this. And again, it’s not just us. It’s not just companies. Why not go where the money’s at? Why not to go to some executive who sidetracked and you can funnel money out of his wallet? That’s what they’re trying to do. So take a look at that.

The next thing is, you know, so many people right now are putting off retirement. And what we’re seeing is a great story that I found where the interviewed thirty five hundred individuals that are working and then sixteen hundred retirees and said, you know, what are your finances like? Now think about this. Think about this number. Nineteen ninety seven thirty one percent of the people surveyed in the same survey said that they were living paycheck to paycheck. Now it’s almost eighty percent. Hello. Hello. Fifty one percent of people’s money goes towards their mortgage and rent payment and they have very little less.

Very, you know, very little left over at the end of a month. Now, the other thing is that Gen X, which is the people that are forty five to sixty, the majority of these people have saved nothing for retirement. And, you know, hey, I had a 401k, but I didn’t want to do that. I just wanted to keep the money and spend it and go out on the weekends. These people are starting to pay the price because as you get older and this gets closer, you know, retirement gets closer. They’re not going to have the money around.

And people are like, well, something has to be done. Yeah, go get another job, go to third or fourth job to pay for this. It’s going to be tough because you’re going to see this as a real problem that’s going to just get worse as we get closer. Remember, I still don’t believe Social Security is going to be there for us. I really don’t. I don’t care what promise any president makes me. I don’t think it’s going to be there. The next thing is Tesla. Tesla had a banner third quarter with the threat of the seventy five hundred dollar coupon going away.

They sold over five hundred thousand cars in the third quarter. Now, they, you know, isn’t that great? We did fantastic. Now we want to make it really clear. They did their financials. They did their quarterly report and they said, listen, we want to make it really clear. We think the fourth quarter is going to be off right now and we don’t think it’s going to be anywhere near what we did last year. So they’re not going to have any holiday buying for Tesla cars and it’s going to be off. Now, right now, Tesla is expected to do one point six one million cars for twenty twenty five.

That’s a lot of cars, guys, a million six Teslas. Only problem with it is that it’s ten percent off of what they did in twenty twenty four. So they know they know the writings on the wall and they know that there’s a huge problem with this. NBC fired everybody in London from their news department there because they’re getting rid of MSNBC and making all these different changes. So the London bureau chief and his staff are gone. OK, bye. You know, I’ll give you a dollar if you can name any of those guys names off memory. You can’t because they’re you know, they’re so such stellar news people.

But anyways, next thing, our privacy being ripped off and sold FICO, the company that keeps track of our credit scores, they just signed a deal and their stock just surged this week because they just admitted that they’re going to start selling FICO scores. Our FICO scores, my FICO score, your FICO score directly to mortgage companies. How nuts is that, guys? So with that, you know, your data for resellers, it’s mortgage resellers, Dan. Hey, you want to refinance your house? You got a good credit score. Nobody wants that. I don’t want my credit score doled out like that.

Do you? Isn’t that terrible? So isn’t that great news? We found a way to fleece the American public and take advantage of their privacy and advertise. So how do you opt out of that? Tell me, how do you opt out of having your FICO score sold to the highest bidder? You know what I mean? You can’t. You can’t. Hey, dear Dan, you’re a deadbeat. You’re really subprime level, man. Let’s go out and let’s get you a mortgage. That $20 million house fantasy land, you know, we’re going to let you walk by it, but you can’t live.

You know what I mean? It gets crazy, guys. But your privacy is for sale. Your credit score is for sale. Everything’s for sale. OK? Let me know what you think so far. Please do not forget that we have a private channel called iAllegedly Live. We are fast approaching 450 videos on that site. I love doing that content for you guys. It’s fantastic. It’s uncensored. You sign up at iAllegedly.tv. You know, we’re on the App Store, Amazon. You know, you can also listen to the show on Spotify, guys, and all these other cool places. iHeartRadio. It’s very, very cool.

A few things to end this. I want to thank broker Aaron. Aaron smiles for sending me this, because first things first, Dan, you never have any good news. Well, there’s good news. TD Bank is expanding and getting more office space as they expand on the East Coast. Now, the Trump administration just withdrew an $18 billion payment to New York City because they caught them with DEI projects that they weren’t supposed to have, that they said they weren’t going to have, and now they’re done. So, very interesting. Government shutdown. Government shutdown, guys, is going to make some government rents not get paid.

Man, I’m telling you, who would want to be a landlord right now? So, I want to thank broker Aaron for sending all that stuff. All those stories will be below right now. It’s very cool. And I also found a very cool article on 20 things in your home that could be worth a lot of money. You know, everything from vinyl records to, you know, old toys, cookie jars, VHS tapes. Man, oh, man, oh, man. How about this one? Old magazines. When my mother passed, she had saved all these different magazines from history, and I’m going to give you an idea, you know, different news stories.

John F. Kennedy Jr. going down for the count. Stuff like that. Just, it was very interesting. With that, you know, we were like, what are these worth? Well, now you can take a picture with Google, and it’ll tell you what they’re selling for. So, if you have things like that, look for them. Don’t just throw things out. Do a little research, and you’ll be surprised that some of the stuff is actually worth some money. So, don’t forget to hit the like button, subscribe to the channel, and you want to get a hold of me at tello.iolegedly.com, and I’ll see you very soon.

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