Bond guru Bill Gross, whose Pimco Total Return is the world's largest mutual fund, has bought a bayfront home in Newport Beach, Calif. through a trust for $23 million, according to three people close to the deal.
Records show the home was bought by the Monte Carlo Trust, which names as trustee Jeff Stubban. Mr. Stubban couldn't be reached for comment. Three people familiar with the matter say Mr. Gross intends tear the home down and build a new one on the site.
Now, I'm a believer in property rights. Certainly, billionaire Bill Gross has a right to spend his money any way he sees fit. And, it should be noted, this report is from "sources."
But, the nation is in a very bad recession. Unemployment is a huge problem. Americans across the country can no longer make mortgage payments and are losing their homes.
Now is a poor time to choose to tear down one 11,000-square-foot mansion just to build another (perhaps grander?) edifice in its place.