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Jennifer Lynch is very active on Reddit and explained why it’s selling for anyone interested. [0] [0]: https://www.reddit.com/r/davidlynch/comments/1nhb6q9/com
by boriskourt 1y ago
Jennifer Lynch is very active on Reddit and explained why it’s selling for anyone interested. [0]
[0]: https://www.reddit.com/r/davidlynch/comments/1nhb6q9/comment/neb1h58/ https://www.reddit.com/r/davidlynch/comments/1nhb6q9/comment...
- irjustin 1y agoThanks it was a nice read.
- qmr 1y ago[flagged]
- DetroitThrow 1y agoYes, I don't think she was saying he was destitute, just that he was effectively house poor for someone who supposedly had a net worth of millions.
- boriskourt 1y agoHe was not a poor man, he was not a wealthy man. This project did take 40 years. Which is a great deal of his career and income, there is another nice comment from Jen about it here: https://www.reddit.com/r/davidlynch/comments/1nhcgej/comment/neazf5x/ https://www.reddit.com/r/davidlynch/comments/1nhcgej/comment...
- tasuki 1y agoBy that definition, most people are poor. $15 million is much more than most people have. Even split among the four children, it's fine.
- selfmodruntime 1y agoHe apparently was cash poor and asset rich. Now the opposite is true for his children.
- WalterBright 1y agoAssets can be easily converted into cash by borrowing against them.
- selfmodruntime 1y agoThis has the added disadvantage that you will have to pay back this loan with interest. Not everybody can.
- bombcar 1y agoIt’s not terribly hard to get into that position, if you spend 40 years of your time and treasure on something with resale value instead of on food and experiences. You can do something similar if you buy a house and keep buying any neighboring house that comes up for sale (and renting them out, perhaps).
- softwreoutthere 1y ago> It’s not terribly hard Uhm, it must be, or more people would do it
- bombcar 1y agoLosing weight isn’t terribly hard but still lots have trouble doing it.
- vel0city 1y agoMedian household income is like $83k. If you were in a median US household and you saved half of all your income every month into something that had a stable 4% return, in 40 years you'd have ~$4M. Not even halfway there. You'd need a little over 9% of stable returns over that 40 year timeframe to hit that $15M target.
- WalterBright 1y agoThe S&P 500 returns average 7% in real dollars (not inflated dollars). My calculation makes that about $9m over 40 years.
- tikhonj 1y agoSure, but there's a gap between being poor and being wealthy. $15 million is a lot more than most people have and it's certainly enough to be comfortable and not have to worry about money, but it's still categorically different from having the sort of money that gives you institutional power.
- saberience 1y agoYeah but having a 15M house and say 200k income makes you poor, as a 15M house needs a ton of money to maintain it.
- giobox 1y agoIf you are paying property tax in LA based on a 15m valuation, that 200k income will struggle to cover the annual property tax bill let alone any maintenance or anything else.
- clpm4j 1y agoThe property tax is calculated based on the last transaction price of the home, so despite it being estimated at $15m today, the owner would be paying tax on a much lower value (assuming they purchased it many years ago).
- vkou 1y agoIll trade 5M cash and 200k income for that any day of the week. The first thing I'd do is sell.
- comfysocks 1y ago>>The first thing I'd do is sell Me too. And it looks like that’s what the heirs are doing too. But for David Lynch, I can see why he might want to live amongst the people involved in financing, making, and distributing movies. Similar to how founders move to the expensive Bay area to be near VCs, talent, etc.
- 1y ago
- ode 1y ago> not a wealthy man by Hollywood standards
- rectang 1y agoIt’s funny, but as someone who’s worked in music production, when you say that what comes to my mind is that the vast majority of people in the entertainment industry are nowhere near as wealthy as David Lynch. “Hollywood standards” to me is several struggling actors sharing a flat.
- steveBK123 1y agoIt's like the Bill Murray quote though - I always want to say to people who want to be rich and famous: 'try being rich first'. See if that doesn't cover most of it. The entertainment industry is filled with a lot of more-famous-than-rich people. By these numbers David Lynch (at 78) was probably as wealthy as 1000s of random (and anonymous) successful Mag7 SWEs are at retirement.
- WalterBright 1y agoLots of people who are paid well are not at all wealthy, because they spend nearly all their income, and sometimes forget to pay taxes. See Will Smith.
- rectang 1y agoI'm skeptical that entertainment industry workers are thousands of times more irresponsible that their peers in other industries. (Those who consume a lot of political media demonizing the "liberal Hollywood elite" may disagree.) Care to speculate on how many struggling actors sharing flats are fallen celebrities? The Will Smiths of Hollywood are a tiny fraction of a tiny fraction. The phenomenon at play in “Hollywood standards” poorly reflecting the totality of the Hollywood population are winner-take-all income/attention distribution and cultivation of an illusion of opulence to satisfy audience demand — not licentiousness and depravity amongst entertainment industry personnel.
- echelon_musk 1y agoThere doesn't seem to be much compound interest.
- layer8 1y agoReluctant upvote.
- comfysocks 1y agoI guess compounds can be a hard sell. I read that Michael Jordan had a hard time selling his.
- dfxm12 1y agoIf you read the whole comment, you'll understand the context better.
- e40 1y agoWhat people normally mean by wealth is easy access to cash. Someone that owns a $15M house and has very little other liquid assets is not poor, but they definitely don't qualify as wealthy. Many, many people in CA that live in expensive homes are in this situation. It's what Prop 13 wrought. Variously, in my neighborhood, old people are paying a small fraction of the property tax that I do, and their house is worth a lot of money, but they have almost nothing, living on their social security check, month to month. I'm not saying Lynch was living on SSI, but given his movies and what we know of how much they made, the story told by his daughter is very plausible.
- cjrp 1y ago> Someone that owns a $15M house and has very little other liquid assets is not poor, but they definitely don't qualify as wealthy. Assuming they own the house outright, that absolutely does qualify as wealthy.
- e40 1y agoI didn't say it wouldn't. I said it didn't qualify as ready cash.
- JadeNB 1y ago> > Assuming they own the house outright, that absolutely does qualify as wealthy. > I didn't say it wouldn't. I said it didn't qualify as ready cash. I think you did say it didn't qualify as wealthy (https://news.ycombinator.com/item?id=45301176 https://news.ycombinator.com/item?id=45301176): > What people normally mean by wealth is easy access to cash. Someone that owns a $15M house and has very little other liquid assets is not poor, but they definitely don't qualify as wealthy. Anyway, whatever it is, I think litigating Lynch's level of wealth on HN is probably not the most useful direction for this comment thread.
- WalterBright 1y agoYou can borrow against the house, and spend the cash.
- JeremyNT 1y agoShe does explicitly go on to say "by Hollywood standards" I honestly saw it was $15million and figured that's a bargain for the estate of one of the most esteemed directors of his generation. Relative to his level of fame and respect, his monetary assets do seem low. But then this certainly matches the public perception of Lynch. He made the things that he wanted to make, not the things that were guaranteed to sell. I'm sure commercial success was important to him, but there were lots of paths he could have taken that would have lead to a lot more.
- bombcar 1y agoHopefully something like the Getty can scrounge up $15m from the couch cushions. Would be a nice museum of some sort.
- keyle 1y agoGreat read, thank you!