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Editor: Stephen Clowney
Univ. of Kentucky College of Law

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Monday, February 25, 2013

The $100 Million Home (That the Buyer Can't Move Into)

Exterior

Yahoo reports:

Here's one of the more unusual home sale restrictions we've come across -- and we aren't referring to the estate's whopping $100 million price tag, although that does indeed put the home among the top five or so most expensive properties in the nation. (The most expensive is the Crespi-Hicks estate, in Dallas of all places, offered at $135 million.)

No, here's the real catch: You can't move in right away. In fact, who knows when you'll be able to move in.

The property has been in the De Guigné family for 150 years. It's currently owned and occupied by Christian de Guigné IV (pronounced de-GEEN-yay), who was born there 76 years ago, the Contra Costa Times reports, and doesn't plan to leave the estate before he leaves this vale of tears. So it's being offered with the stipulation that the new owner can only move in after De Guigné dies. Quite a contingency, that "life estate" arrangement.

Steve Clowney

http://lawprofessors.typepad.com/property/2013/02/the-100-million-home-that-the-buyer-cant-move-into.html

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