Transplant Surgeon Called Dibs On Steve Jobs' Home

depends on whether or not he sold the home at market rates or reasonably close thereto.

Just because it's a mansion doesn't mean it's actually worth a lot. We just had a friend of the family die who owned a property with 3 buildings on it, where similar properties down the street were going in the 2-2.5 million range, the one in question got just under 500k. Because as it turns out, no one had updated the electrical system since the switchover from 25 to 60 Hz power, and 75 years of bats living in ceilings doesn't do buildings any favours. Who knew?

If you read the TFA's (and god are there a lot of them) the house was, pre 2008, appraised at between 1.3 and 1.4 million. And was the mansion for the university chancellor. Jobs bought it for 850k. Which, considering memphis has seen year over year price drops of easily double digits wouldn't be a huge shock. (http://www.trulia.com/home_prices/Tennessee/Memphis-heat_map/). Also keep in mind that the Steve jobs LLC probably paid cash.

From TFA, Eason paid 850K, which is the same as the LLC paid, I think.

So what I would read into this is that housing prices for Million plus dollar homes in memphis crashed by 40% from 2008 to 2009, or at least expensive house prices crashed, and then there was the specific house in question, which, having been a chancellors mansion for the university might have only a limited client?le of people who would actually want it. (Location maybe? I've never been to TN let alone memphis so the address means nothing to me).

So sure, Steve probably got himself a deal from the government who were and are desperate for money on a house that wasn't going up in value any time soon. Whether or not it was actually an unfair deal is much harder to say. When housing prices are falling expect to get less than you were asking, and less than you appraised for.

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