Barry Greenstein's (former) house for sale at double the price it was bought in 2013

[Dan Druff]

https://www.zillow.com/homes/for_sal...,-CA-90275_rb/

Barry bought it in 1999 for $2.55 million.

It's over 12,000 square feet (!!), and he even appeared on some TV show during the poker boom where they took a tour of his house. It was extreme gaudy inside.

Barry fell upon hard times in the mid-late 2000s, likely because the competition in poker increased dramatically during those years. His house was foreclosed upon in 2012. It was bought from the bank for $2.83 million, which means that the price didn't even keep up with inflation. Actually $2.83 million was a helluva deal for a house like that, located in Rancho Palos Verdes right by the ocean (but not by a usable beach).

The house was renovated, and the owner attempted to sell/flip it in 2016. First they asked for a laughable $6.28 million, but have since lowered it to $4.95 million.

It is unclear if it will sell at this price.




The golf course you see across the street is NOT part of the property, and in fact is a Trump golf course (though Trump doesn't own it).

[Dan Druff]

No idea why the video quality is so bad.

LOL Cardplayer

[cmoney]

https://www.zillow.com/homes/for_sal...,-CA-90275_rb/

Barry bought it in 1999 for $2.55 million.

It's over 12,000 square feet (!!), and he even appeared on some TV show during the poker boom where they took a tour of his house. It was extreme gaudy inside.

Barry fell upon hard times in the mid-late 2000s, likely because the competition in poker increased dramatically during those years. His house was foreclosed upon in 2012. It was bought from the bank for $2.83 million, which means that the price didn't even keep up with inflation. Actually $2.83 million was a helluva deal for a house like that, located in Rancho Palos Verdes right by the ocean (but not by a usable beach).

The house was renovated, and the owner attempted to sell/flip it in 2016. First they asked for a laughable $6.28 million, but have since lowered it to $4.95 million.

It is unclear if it will sell at this price.




The golf course you see across the street is NOT part of the property, and in fact is a Trump golf course (though Trump doesn't own it).

Kind of shows how basically all these guys are complete degens. The cost of his house is what he could make in a few months playing at the stakes he did. And he still had a mortgage. You would think he would be smart enough to lock up one asset with his winnings.

[SetofKs]

https://www.zillow.com/homes/for_sal...,-CA-90275_rb/

Barry bought it in 1999 for $2.55 million.

It's over 12,000 square feet (!!), and he even appeared on some TV show during the poker boom where they took a tour of his house. It was extreme gaudy inside.

Barry fell upon hard times in the mid-late 2000s, likely because the competition in poker increased dramatically during those years. His house was foreclosed upon in 2012. It was bought from the bank for $2.83 million, which means that the price didn't even keep up with inflation. Actually $2.83 million was a helluva deal for a house like that, located in Rancho Palos Verdes right by the ocean (but not by a usable beach).

The house was renovated, and the owner attempted to sell/flip it in 2016. First they asked for a laughable $6.28 million, but have since lowered it to $4.95 million.

It is unclear if it will sell at this price.




The golf course you see across the street is NOT part of the property, and in fact is a Trump golf course (though Trump doesn't own it).

Kind of shows how basically all these guys are complete degens. The cost of his house is what he could make in a few months playing at the stakes he did. And he still had a mortgage. You would think he would be smart enough to lock up one asset with his winnings.

probably paid for it with cash when he was running good, then took out a mortgage on it when he went busto and needed money to gamble. i think thats what poker degens usually do

[Forum Wars]

I kinda think of Barry as a bit of an enigma. Anyway, please "The Prescription", don't send Druff a cease and desist for me linking this Barry write-up from your site. Even though this story seems to have a few holes, it really shows how different things were for him just over a decade ago...

http://www.therxforum.com/showthread.php?t=277351

One of his biggest misgivings was that he and some other poker players (including Phil Ivey) invested in LAND in Las Vegas just before the peak in 2007-2008 -- to the tune of $10's of millions. Pretty easy to see that this combined with the inability to make $$ at poker like it's still 2005 could have completely wiped him out. At least Greenstein admitted somewhere that he never could get investing right and probably should have stayed away from self-allocating his wealth...

[tyde]

Barry has always seemed like a genuine nice guy, despite his lack of bankroll management skills

[gauchojake]

I kinda think of Barry as a bit of an enigma. Anyway, please "The Prescription", don't send Druff a cease and desist for me linking this Barry write-up from your site. Even though this story seems to have a few holes, it really shows how different things were for him just over a decade ago...

http://www.therxforum.com/showthread.php?t=277351

One of his biggest misgivings was that he and some other poker players (including Phil Ivey) invested in LAND in Las Vegas just before the peak in 2007-2008 -- to the tune of $10's of millions. Pretty easy to see that this combined with the inability to make $$ at poker like it's still 2005 could have completely wiped him out. At least Greenstein admitted somewhere that he never could get investing right and probably should have stayed away from self-allocating his wealth...

The RX is probably happy for any traffic they get!

[TheXFactor]

I looked at the pictures of Barry Greenstein's house on Zillow and the high-stakes living video on Cardplayer.
In addition of removing Barry's stuff and some of the terrible looking Bellagio chandeliers.

No change. The new owners didn't invest any money to renovated it.

The only way the new owners get close to $5 million for this property is if they put a couple of million dollars into it.

Barry Greenstein needs to release one more poker book and video.

How to go broke playing poker.

[MumblesBadly]

https://www.zillow.com/homes/for_sal...,-CA-90275_rb/

Barry bought it in 1999 for $2.55 million.

It's over 12,000 square feet (!!), and he even appeared on some TV show during the poker boom where they took a tour of his house. It was extreme gaudy inside.

Barry fell upon hard times in the mid-late 2000s, likely because the competition in poker increased dramatically during those years. His house was foreclosed upon in 2012. It was bought from the bank for $2.83 million, which means that the price didn't even keep up with inflation. Actually $2.83 million was a helluva deal for a house like that, located in Rancho Palos Verdes right by the ocean (but not by a usable beach).

The house was renovated, and the owner attempted to sell/flip it in 2016. First they asked for a laughable $6.28 million, but have since lowered it to $4.95 million.

It is unclear if it will sell at this price.




The golf course you see across the street is NOT part of the property, and in fact is a Trump golf course (though Trump doesn't own it).

Unless you buy a house at a sheriff sale, distress sale directly from the owner or builder, or from the bank off of their repo desk, more than likely you are significantly overpaying for it.

P.S. Avoiding the higher cost of buying retail through a realtor on a single moderately sized home in a decent locale is likely to save you as much as a lifetime of savings from following Druff's many tips on saving money, gaming casino promotions, and credit card bonus whoring.

P.P.S. And if nothing decent is available through those non-retail methods, the market is likely buyer heavy/seller friendly. Look to rent for a while and wait out the buying frenzy. Something good is sure to eventually come available.

[DonaldTrumpsHairPiece]

https://www.zillow.com/homes/for_sal...,-CA-90275_rb/

Barry bought it in 1999 for $2.55 million.

It's over 12,000 square feet (!!), and he even appeared on some TV show during the poker boom where they took a tour of his house. It was extreme gaudy inside.

Barry fell upon hard times in the mid-late 2000s, likely because the competition in poker increased dramatically during those years. His house was foreclosed upon in 2012. It was bought from the bank for $2.83 million, which means that the price didn't even keep up with inflation. Actually $2.83 million was a helluva deal for a house like that, located in Rancho Palos Verdes right by the ocean (but not by a usable beach).

The house was renovated, and the owner attempted to sell/flip it in 2016. First they asked for a laughable $6.28 million, but have since lowered it to $4.95 million.

It is unclear if it will sell at this price.




The golf course you see across the street is NOT part of the property, and in fact is a Trump golf course (though Trump doesn't own it).

Unless you buy a house at a sheriff sale, distress sale directly from the owner or builder, or from the bank off of their repo desk, more than likely you are significantly overpaying for it.

P.S. Avoiding the higher cost of buying retail through a realtor on a single moderately sized home in a decent locale is likely to save you as much as a lifetime of savings from following Druff's many tips on saving money, gaming casino promotions, and credit card bonus whoring.

P.P.S. And if nothing decent is available through those non-retail methods, the market is likely buyer heavy/seller friendly. Look to rent for a while and wait out the buying frenzy. Something good is sure to eventually come available.

Sounds good but totally depends on your location/market. That said it isn't always an option and most people don;t care to deal with the pit falls of a fire sale.

[MumblesBadly]

Unless you buy a house at a sheriff sale, distress sale directly from the owner or builder, or from the bank off of their repo desk, more than likely you are significantly overpaying for it.

P.S. Avoiding the higher cost of buying retail through a realtor on a single moderately sized home in a decent locale is likely to save you as much as a lifetime of savings from following Druff's many tips on saving money, gaming casino promotions, and credit card bonus whoring.

P.P.S. And if nothing decent is available through those non-retail methods, the market is likely buyer heavy/seller friendly. Look to rent for a while and wait out the buying frenzy. Something good is sure to eventually come available.

Sounds good but totally depends on your location/market. That said it isn't always an option and most people don;t care to deal with the pit falls of a fire sale.

Agreed, but most people don't even try. Also, if you are buying a home through a broker and he/she can't suss out whether the seller is needing to sell the property, get yourself another broker.