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

  1. #1
    Owner Dan Druff's Avatar
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    Barry Greenstein's (former) house for sale at double the price it was bought in 2013

    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).

  2. #2
    Owner Dan Druff's Avatar
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    No idea why the video quality is so bad.

    LOL Cardplayer

     
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      WillieMcFML: he looks like an old tom dwan. sorry onestep

  3. #3
    Quote Originally Posted by Dan Druff View Post
    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.
    :freelewfather

  4. #4
    Quote Originally Posted by cmoney View Post
    Quote Originally Posted by Dan Druff View Post
    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

  5. #5
    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...

     
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      MumblesBadly: LOL! The ultimate suckers!!!

  6. #6
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    Barry has always seemed like a genuine nice guy, despite his lack of bankroll management skills

     
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      MumblesBadly: On this point, we agree.

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    100% Organic MumblesBadly's Avatar
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    Quote Originally Posted by Dan Druff View Post
    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.
    Last edited by MumblesBadly; 06-02-2017 at 05:56 AM.
    _____________________________________________
    Quote Originally Posted by Dan Druff View Post
    We have a horrible choice between a super-shady, self-serving, lying criminal (Hillary Clinton) and an emotionally-unbalanced, shoot-from-the-hip authoritarian who lacks the intellectual curiosity to even want to learn the complexities that come with running a major nation like the US (Donald Trump).

  8. #8
    Quote Originally Posted by MumblesBadly View Post
    Quote Originally Posted by Dan Druff View Post
    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.

  9. #9
    100% Organic MumblesBadly's Avatar
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    Quote Originally Posted by DonaldTrumpsHairPiece View Post
    Quote Originally Posted by MumblesBadly View Post

    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.
    _____________________________________________
    Quote Originally Posted by Dan Druff View Post
    We have a horrible choice between a super-shady, self-serving, lying criminal (Hillary Clinton) and an emotionally-unbalanced, shoot-from-the-hip authoritarian who lacks the intellectual curiosity to even want to learn the complexities that come with running a major nation like the US (Donald Trump).

  10. #10
    Gold gauchojake's Avatar
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    Quote Originally Posted by Forum Wars View Post
    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!

  11. #11
    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.













     
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      Sanlmar: Good stuff

  12. #12
    It would actually suck to live by the ocean in palos verdes IMO cause it takes FOREVER to get anywhere. Much of oceanfront PV it takes 20 minutes just to get to the 405 freeway, and then you have to deal with freeway traffic to actually go somewhere else in LA.

    Without knowing exactly where Barry lived I bet it would take an hour + to drive to Commerce casino most times of the day.

     
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      sonatine: fucking seriously

  13. #13
    Plutonium big dick's Avatar
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    BG seems like a good guy.

  14. #14
    I actually haven't seen Barry at commerce in a couple years, although I go way less than I used to myself, so maybe he still goes and I just miss him.

    Even when he was "broke" a couple years ago I would see him playing 100-200 mix pretty often. But nothing at all recently. He probably relocated to vegas I am guessing.

    Funny BG story from way back in the day. Sometime in the early 2000s I was playing 25-50 at the Hustler, where a rack of yellow chips was $500. Anyways, a few tables over (roped off and guarded by security) Larry Flint's big stud game was going and Barry was playing in it. I don't even know the limits they were playing exactly, but I remember I could see they were ante'ing with $500 chips.

    Anyways, there was a young attractive Asian (surprise) woman playing at my table, and she was running (and playing) bad, and everytime she was felted she would walk over to the stud game and go to Barry and he would give her a chip from his ante stack, so she could reload a rack for our game.

    I wonder if Barry ever wishes he could have back all the $$ he gave to attractive Asian woman to gamble with. I bet his current financial situation would be much improved if he did.

    Edit: I just checked and it would take 50 minutes right now (12:30 pm) to drive from Barry's old house to Commerce going the fastest route, which is literally driving through the Port of Long Beach, which is pretty ghetto. Actually faster than I expected, but would still get old pretty fast I think, especially if you had to drive during high traffic times where it would probably take 1.5+ hours.
    Last edited by ErickAA; 06-02-2017 at 12:37 PM.

  15. #15
    Serial Blogger BeerAndPoker's Avatar
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    Not gonna watch all those videos and sorry if it's mentioned in them but I am curious how much Barry gave away to charity from his MTT winnings over the years when he had a lot of money?

    He sure could use some of that, however, like a true degen he'd probably punt it away in games he feels he's he has some edge that he clearly don't.

  16. #16
    Quote Originally Posted by verminaard View Post
    I actually haven't seen Barry at commerce in a couple years, although I go way less than I used to myself, so maybe he still goes and I just miss him.

    Even when he was "broke" a couple years ago I would see him playing 100-200 mix pretty often. But nothing at all recently. He probably relocated to vegas I am guessing.

    Funny BG story from way back in the day. Sometime in the early 2000s I was playing 25-50 at the Hustler, where a rack of yellow chips was $500. Anyways, a few tables over (roped off and guarded by security) Larry Flint's big stud game was going and Barry was playing in it. I don't even know the limits they were playing exactly, but I remember I could see they were ante'ing with $500 chips.

    Anyways, there was a young attractive Asian (surprise) woman playing at my table, and she was running (and playing) bad, and everytime she was felted she would walk over to the stud game and go to Barry and he would give her a chip from his ante stack, so she could reload a rack for our game.

    I wonder if Barry ever wishes he could have back all the $$ he gave to attractive Asian woman to gamble with. I bet his current financial situation would be much improved if he did.

    Edit: I just checked and it would take 50 minutes right now (12:30 pm) to drive from Barry's old house to Commerce going the fastest route, which is literally driving through the Port of Long Beach, which is pretty ghetto. Actually faster than I expected, but would still get old pretty fast I think, especially if you had to drive during high traffic times where it would probably take 1.5+ hours.
    BG probably had a room at the Commerce anytime he wanted though, and I seem to recall, like, a LOT of people living at that house (kids, stepkids, girlfriend(s), etc. So in a way, and I think he's mentioned this before, he was trying to give his kids/family a good life away from the hustle and bustle...more Robin Hoodiness... BG seems like good people.

  17. #17
    Nova Scotia's REAL #1 Webcam DJ sonatine's Avatar
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    Sorry, are we saying BG was profitable at some point?

    The accepted lore was always that he was chunking off his IT money, that it eventually became something of an addition of its own, and he ended up chasing with Unwise Gestures like sports bets and bracing his friends for stakes, which rapidly turned into straight loans once that faucet ran dry.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs


  18. #18
    Quote Originally Posted by sonatine View Post
    Sorry, are we saying BG was profitable at some point?

    The accepted lore was always that he was chunking off his IT money, that it eventually became something of an addition of its own, and he ended up chasing with Unwise Gestures like sports bets and bracing his friends for stakes, which rapidly turned into straight loans once that faucet ran dry.
    Nah,

    I remember he cleared it up at 2+2 a few years ago. He was working in IT at one point and gambling in the Bay Area as a side gig, but most of his $$ actually came from poker. From what I understand he decided to go poker fulltime with a very modest bankroll, jumped into the big games very underrolled, ran like God for awhile and amassed a fortune. Then his luck ran out and the games got tougher (along with living way above his roll and losing $$ in other ventures) and busto.

    I believe Barry, and others that played with him have corroborated this account more or less, although he emphasized his running up his roll as due mainly to skill where others say he was just running like God.

  19. #19
    Nova Scotia's REAL #1 Webcam DJ sonatine's Avatar
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    Quote Originally Posted by verminaard View Post
    Quote Originally Posted by sonatine View Post
    Sorry, are we saying BG was profitable at some point?

    The accepted lore was always that he was chunking off his IT money, that it eventually became something of an addition of its own, and he ended up chasing with Unwise Gestures like sports bets and bracing his friends for stakes, which rapidly turned into straight loans once that faucet ran dry.
    Nah,

    I remember he cleared it up at 2+2 a few years ago. He was working in IT at one point and gambling in the Bay Area as a side gig, but most of his $$ actually came from poker. From what I understand he decided to go poker fulltime with a very modest bankroll, jumped into the big games very underrolled, ran like God for awhile and amassed a fortune. Then his luck ran out and the games got tougher (along with living way above his roll and losing $$ in other ventures) and busto.

    I dont doubt for a second that he said this, because if nothing else it makes it sound like hes not a money furnace to anyone considering extending him credit.

    But yeah I remain suspicious.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs


  20. #20
    Also,

    As a side tangent from what I understand many of these exclusive multimillion dollar houses in places like PV, Beverly Hills and Bel Air are all being bought as investments from mainly wealthy foreigners and no one actually lives in them most of the time. If you go into a swanky, exclusive neighborhood it is probably more or less a ghost town.

    Probably says something bad about our society that the vast majority of people cant actually afford to own a home in Los Angeles, except for the extreme ghetto areas, because real estate is too expensive, but much of the most expensive real estate is owned by people who don't actually live in it or many times even use it at all.

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