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For those who haven't clicked through, the co-founder is Mike Markkula, not Jobs or Woz.
by packetslave 3y ago
For those who haven't clicked through, the co-founder is Mike Markkula, not Jobs or Woz.
- activiation 3y agoAnd he sold it for $32M... Bought it for $8M in 1982
- gnicholas 3y agoIt sounds like he developed it quite a bit, with buildings and even an airstrip. So the math isn't quite as simple as present-valuing the $8M from 1982 and subtracting it from the $32M in today's dollars. Still made a haul though, I'm sure!
- doctor_eval 3y agoApparently $8M in 1982 is worth $25M today, but property price inflation doesn’t always match CPI. https://www.in2013dollars.com/us/inflation/1982?amount=8000000 https://www.in2013dollars.com/us/inflation/1982?amount=80000...
- ralusek 3y agoOpportunity cost is higher than inflation.
- deleted 3y ago[deleted]
- repiret 3y agoGrowing 4X in value over 41 years is only a 3.44% annual rate of return. I wouldn’t call that a haul. If you consider cost of improvements, upkeep, and inflation, it’s probably a loss.
- Firmwarrior 3y agoEspecially since he owned a lot of Apple stock, haha
- eitally 3y agoThe odds are exceptionally good that he wasn't trying to maximize profits with the sale. Additionally, the valuation of the land as an open space preserve is far different than it might be if it were estimated for development.
- deleted 3y ago[deleted]
- gnicholas 3y agoI did wonder (as a former tax lawyer) if he is also claiming a deduction, on the theory that he is donating a portion of the FMV to the land trust. Some land owners have donated development rights to properties they own, which reduces the future value of the land (and generates a hefty current deduction).
- activiation 3y agoIs the airstrip still usable?
- bombcar 3y agoAny airstrip is usable if you try hard enough.
- fastball 3y agoOr if you're Tom Cruise.
- bombcar 3y agoHe's best at altitude. I'd go with Tom Landing where runways are involved.
- golergka 3y agoAirstrip is always usable. Would your plane, pilot and passengers be usable afterwards is whole another matter.
- bombcar 3y agoIf you can walk away from a landing, it's a good landing. If you use the airplane the next day, it's an outstanding landing. Chuck Yeager.
- mertd 3y agoDoesn't look too bad https://maps.app.goo.gl/mkbRcgKVMHdeh9967 https://maps.app.goo.gl/mkbRcgKVMHdeh9967
- Hnrobert42 3y agoHe bought 9k acres for $8M. I didn’t see how much they paid for the remaining 6k acres.
- r00fus 3y agoThough it was put up for sale at $59M in 2013, but it seems the family had a change of heart: “He loves the ranch and his family loves the ranch. He raised his kids there,” Clark said. “But they all moved on to other interests and he wants others to enjoy it now.” What a wonderful ending. I wish more wealth people would do similarly.
- podgorniy 3y ago> I wish more wealth people would do similarly. What exactly? Buying cheap, selling expensive to non-profit for the price from which 2/3 came from the taxes?
- pixelatedindex 3y agoWhat difference does that make?
- dr_whom 3y agoI was curious