6 Outrageous Billionaire Purchases

AAA

It's easy to make fun of the uber-rich. Partially because we're a wee bit jealous but, often, because they just make it ever so easy. When the billionaires of the world are out dropping huge amounts of money on things like a racing pigeon, we really do think we could handle the money better than they do.

1. The $400,000 Pigeon

Pigeon racing may not be on your list of the top ten rising sports, but in Asia it's kind of a big thing. And while most of the fans and participants aren't of the billionaire class, a few are. Consider one Chinese buyer who paid $400,000 for a single racing pigeon; a highly pedigreed pigeon, of course, but the non-billionaires among us can't forget we're talking about a pigeon.

2. The $11M Watch

Time is money, we're told. And maybe if we had the billions of dollars that these purchasers do, we'd understand how important it is to keep track of time with a really, really expensive watch. This watch, a 1943 Patek Philippe ref. 1518 perpetual calendar chronograph, was designed and built by Patek Philippe and took eight years to complete. The watch sold for a cool $11 million at a Phillips auction in Geneva in 2016. Worth it? Only time will tell...

3. The $1B Home

That's B as in Billion; for India's richest man, purchasing the world's "most expensive home" cost him $1 billion dollars. Apparently he thought it was worth the investment, with 9 elevators, a 50-seat theater, a two-story recreation center, and not one, not two, but three helipads on the roof. You know, for those times when you really need to be able to have three helicopters landing simultaneously.

4. The $38M Car

Cars - fancy, fast, expensive cars - have long been a luxury of the rich, and one of the items most of us can relate to spending a large sum of money to own - at least a little. Some people don't kid around about the "large sum" part of the equation, as in the 2014 purchase of a 1962 Ferrari 250 GTO at the Pebble Beach private auction in California. The car reportedly sold for $38.1 million.

-Photo courtesy of Podknox

5. The $2.5B Divorce Settlement

Of course, not everything the rich spend money on is pleasure spending. They have to pay taxes, bills, and, oh yes, divorce settlements. In the case of the 1999 divorce of billionaire Alec and Jocelyn Wildenstein, the original settlement came to around $2.5 billion, not including the $100 million checks Jocelyn received annually for the next thirteen years.

6. The $390,000 Reward

No matter the income level, there's probably not a parent alive who can claim (truthfully) to never have bribed or rewarded a child to get good behavior. But in the case of the very rich, the rewards come in numbers that are mind-boggling. Consider the purchase of a limousine by Sean "Diddy" Combs. This particular limousine cost $390,000 and was a reward for Combs' 17-year-old son Justin, who made the honor roll. Certainly education is important, but at this rate, getting Justin to earn those A's all through college could become quite costly.

Conclusion

Of course, excessive purchases tend to make the news. There are many billionaires who have earned their money through financial smarts and continue to make purchases that, at least on some level, make sense. For the rest of us, at least we get free entertainment from the not-so-frugal billionaires.

  1. No results found.
Related Articles
  1. Managing Wealth

    Billionaire Wealth Falls by $300 Billion

    They're not even keeping up with the stock market. The Second Gilded Age has hit the pause button, says a new report.
  2. Investing

    Stock Picking Won’t Make You a Billionaire

    Find out why it's impossible to become a billionaire by just picking stocks, and what it really takes to land among the world's super wealthy.
  3. Managing Wealth

    5 Billionaire Habits That Can Make You Richer

    Billionaires are a very elite group, but they have more in common than just money.
  4. Managing Wealth

    What's Your Billionaire Age?

    Find out how much and for how long one would have to save to become a billionaire, and whether it's possible for anyone.
  5. Financial Advisor

    $2 Trillion in Wealth Will Transfer Over Next 20 Years

    A new report reveals that 460 billionaires will transfer over $2 trillion of assets to their heirs during the next 20 years.
  6. Managing Wealth

    6 Spending Tips From Frugal Billionaires

    You don't get to be a billionaire by spending a lot of money.
  7. Managing Wealth

    4 Unlikely Billionaires

    In an age when billion has become the new million, which unexpected folks have joined the ranks of the billionaire club?
  8. Investing

    Born in the USA: Americans Lead World’s Richest

    The 500 richest people saw their wealth rise by $237 billion in 2016, but they badly trailed the market
  9. Insights

    What Education Do Billionaires Have?

    Forbes’ 2015 list of billionaires included 1,826, up from 1,645 in 2014. What kind of education do billionaires have? You might be surprised.
  10. Insights

    7 Real-Life Ways To Become A Billionaire

    How you pursue your billions is just as important as what you do. Here are some dos and don’ts to follow.
Hot Definitions
  1. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  2. Down Round

    A round of financing where investors purchase stock from a company at a lower valuation than the valuation placed upon the ...
  3. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  4. Portfolio Investment

    A holding of an asset in a portfolio. A portfolio investment is made with the expectation of earning a return on it. This ...
  5. Treynor Ratio

    A ratio developed by Jack Treynor that measures returns earned in excess of that which could have been earned on a riskless ...
  6. Buyback

    The repurchase of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies ...
Trading Center