Owner of 90,000-Square-Foot Home Says He Is Frugal

[jeffrey]

Readers of my Review essay on The High-Beta Rich will recall David and Jackie Siegel, the wealthy Florida couple who was building the largest home in America – until they stopped construction and put it up for sale.

As I mentioned, their 90,000-square-foot home, called Versailles, is on the market for $75 million. After David’s time-share company, Westgate Resorts, got hit by the credit crunch, the couple put the home up for sale to raise cash and slashed their personal spending...

Owner of 90,000-Square-Foot Home Says He’s “Frugal” - The Wealth Report - WSJ

[photo]

I saw the original story in the WSJ and how the wife was "crying" because they wouldn't be able to complete their new house.

Part of their problem is a skewed vision of reality. Sure, one could argue that a CEO probably needs a slightly larger house for entertaining, but when they said that their current home, which was still tens of thousands in square feet was too small because it could "only" hold 400 guests in the ballroom, a serious reality check is in order.

Some people just feel they are entitled to houses the size of shopping malls. That selfishness is ugly.

[bjl584]

I think frugality is relative like anything else.

If I earn $100 million a year, but I only spend $20 million a year and save the rest, then I am saving 80% of my income. That's pretty "frugal" by most standards.