$2Million declined for a 200,000 property

The blog For the Love of Growth (DC That is) wrote an interesting post about the rowhouse at 433 Mass Ave that The Dumont and Penzance Building had to build around. Apparently the owner of the property turned down 2 to 3 million dollars for a property assessed at just shy of $200K. One source suggested he wanted $17 million. He has reportedly taken out a 650K loan to open a Ledo Pizza. He’ll have to sell alot of pizza pies to earn 2 million. =)

The WashingtonPost has more on owner Austin Spriggs and his decision (part1 | part2).

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Comments

  1. 1

    Madrigal Blogs says

    While this was certainly an almost comically silly decision on his part… I will say that I personally like the resulting notch between the two buildings. Much more interesting than another block-long flat wall.

    But I happen to make my own pizza, so I doubt that I’ll be helping the chap to pay down his newfound debt.

    –Gus

  2. 2

    fourthandeye says

    I agree Gus. I do atleast like that it forced some angles into an other flat block long wall.

    As for his decision… It’s easy to armchair QB but, especially at 70 years of age, I would have sold. That’s quite a nest egg for retirement when you’re ready.