Beanie Baby mogul buys as-yet-unbuilt penthouse
Filed under: Real Estate, Wealth, Recession
Some people are more optimistic than others. Ty Warner, the publicity shy mogul behind the Beanie Baby empire, has signed on for a penthouse apartment in Chicago...that hasn't even been built yet.Warner has signed a contract to buy the 10,000, two-story penthouse in a proposed luxury building known at the Chicago Spire. The original asking price for the suite was $40 million, but Warner probably got a better deal, considering the real estate situation at the moment. Construction of the building has been halted due to the emaciated real estate market and attendant economic woes, but none of that seems to bother Warner.
I suppose when you've built a multi-million dollar empire on little stuffed toys, you've got reason to believe the glass is half full. Also, Warner, who is on Forbes 400 richest Americans list, with a net-worth of some $4.4 billion, holds a lot of real estate, which has tied him over well as the Beanie Baby craze has ebbed. According to Forbes, he owns the Four Seasons Hotel in New York City and the Montecito Country Club in Santa Barbara, California, among other extremely hi-hat properties. No word on what he actually did pay for his new apartment. But then this is a guy who doesn't need no stinking mortgage.
Warner locked in the penthouse suite on floors 141 and 142, which promises 360-degree views of the city when completed. But these vaunted views are a long way aways. Although the building will be the tallest residential building in the world, So far, the developer of the project, Shelbourne Development, only has the foundation completed.
Still, a man can dream. And if anyone has the wherewithal to do so these days, it's Ty Warner.
Recent Posts
- The best and worst of the online shopping cashback sites (11/19/2008)
- If nobody shops, nobody eats (11/19/2008)
- Craigslist hooks up dope users, dealers (11/19/2008)
- Boomers worry retirement won't be what they had hoped (11/19/2008)
- Black Friday roundup is back, Best Buy, Target, Staples and more (11/19/2008)
Reader Comments (Page 1 of 2)
9-30-2008 @ 8:45PM
Tight Scotswoman said...
Hey Walletpop -
you need to have someone do a proof read or run spell check before putting up web page - it is penthouse!
check out:
Beanie Baby mogul buys as-yet-unbuilt pentouse
Reply
10-01-2008 @ 8:23AM
Jon Kaufmann said...
Dear Tight Scotswoman,
Unless they have fixed their site, the headline above reads correctly. I am a professional proofreader and the error you call them on does not appear; it reads properly as "penthouse."
10-01-2008 @ 12:44PM
Ruby said...
Did you actually pay attention it says penthouse. Open your eyes or maybe your computer is misspelled.
10-01-2008 @ 5:23PM
VIRG said...
YOU'VE NEVER IN YOUR LIFE MADE A SPELLING ERROR?
YOU MUST BE ONE OF THE BRIGHTEST ON THIS EARTH. YOUR BRILLIANCE DOESN'T MAKE UP FOR YOU TACKINESS.
10-01-2008 @ 8:00AM
DOH said...
Yeah - the multi-billionaire buys a multi-million dollar penthouse while BILLIONS of people worldwide have a Beanie Baby collection that went bust when he decided to continue making the toys that are sitting in attics. Thank you Ty Warner.
Reply
10-01-2008 @ 11:22AM
Kelly said...
...really? If someone "invested" in beanie babies they probably need their head checked. If you collected beanie babies and expected to make a huge profit, you were sadly mistaken. You can't expect to make a high-profit return on something that probably costs less than $1 to make in Japan. (Unless you took them to a garage sell or flea market, in which beanie babies are probably gold to some of those folks)There are probably only a few other worse "investments" I can think of. And if someone is actually struggling because they expected their beanie babies to cash in, they obviously aren't that intelligent to begin with. As of now you are probably sitting on your couch surrounded by 1,000's of beanie babies, of which all I am sure you know their name.
10-01-2008 @ 12:39PM
Don Trump said...
Kelly,
Obviously you DO NOT know much about Beanies (not that you should). Myself and others have made a Bunch of money from the Beanies. What you and Ty Warner don't/didn't understand is that the secondary market is what made the beanies collectibles (i.e. valuable).
Ty Warner had a briefly thought out plan to get rid of the secondary market. He decided to re-release a bunch of Beanies that had previously been retired for quite a while, thus eliminating any collectibilty of the Beanies because No One had any confidence in the limited numbers anymore. So in one miscalculated action he not only got rid of the secondary market but he lost almost all public desire for his products. Within just a couple of months the Beanies went from hot to very cold. They're still available, but the numbers sold are not even relevant compared to earlier years.
Now if you didn't get rid of your Beanies in time, your sitting on a pile of fluff. This is true. But I guarantee you if Warner had not made this blunder, these little creatures WOULD be worth a lot of money now. So Ty made his money, but he does have quite a few upset with him for his effort to get rid of their businesses.
Kelly, I just thought you should Know more of what you're claiming to have knowledge of. Have nice day!
10-01-2008 @ 8:22AM
clark said...
scotswoman... you need to get your self a real job and get off the sofa. i quess you think your perfect.. im sure the writer makes more than you..... ok people vote john mccain o8.. dont put no obama in office.... he would invite snoop dog to the white house.. obama is a joke...... just like scotswoman
Reply
10-01-2008 @ 8:36AM
angeldt16 said...
So what if Obama would invite Snoop Dogg to the White house! Big freaking deal! Snoop is not a bad person! Are you racist or something? Just because Obama is black does not mean he is going to hang out with rappers! Very stereotypical!
10-01-2008 @ 8:44AM
Kimlovescows said...
Are you serious Clark? How relevant is the election to spell check?
10-01-2008 @ 9:00PM
Darrell Williams said...
Yes,
My name is misspelled, due to my joining AOL when you were only allowed ten characters to spell your screen name.
Now take a good look at your response. Your, Your should be spelled your're, instead of the way you have it.
Eagllfether
10-01-2008 @ 8:56AM
svpav said...
While he has signed a contract for the penthouse, he has probably only put down earnest money - a small percentage - until closing. It is only at closing that he needs to come up with the balance. If only the fou ndations have been poured, he likely has several thousand dollars invested at most.
Reply
10-01-2008 @ 9:10AM
Nancy said...
CLARKE .... McCain will NEVER get my vote ...... OBAMA 08
Reply
10-01-2008 @ 9:32AM
Dan said...
Everybody should have dumped their beanies long ago. This guy did make a fortune while it lasted. do they still make those things?
Put me down for McCain
Reply
10-01-2008 @ 9:37AM
chris said...
And this is news because.......? People buy stuff that has not been built all the time. You look at a model home and then buy a lot to build yours on. I could care less about this guy, I hope the place decreases in value like the beanie babies did when he lied and didnt stop making them. No wonder why hes shy, there are alot of people that prob want to punch him in the face for waisting their money. lol But i guess its our fault for buying into the whole thing.
Reply
10-01-2008 @ 10:27AM
Denise said...
Lets not be negative- not at a time like this. He is an entreprenuer who made his money before we got into this money/mortgage mess.It is not his fault.Don't blame him for being up on his game. And the children of the early 90's loved those toys- I think they are still cute.
Everyone has the right to vote for whom ever they want to - no one has the right to take anyones rights away!
Yes We Can ..........learn to do our own nails!
www.handandnailbeauty.com
Reply
10-01-2008 @ 10:31AM
Dee said...
When an article can only inspire others to spell check, I think they should save their ink...or fingers.
Really people! In this day of over political correctness, do you have to be so small minded that you have to correct other people's spelling or grammer? Is this English 101 or just an opinion blog space?
Reply
10-01-2008 @ 10:32AM
John said...
Yeah, I am a white guy and I happen to think Snoop is cool. I think that there are a lot worse people one could invite to the White House and hope that when McCain gets in he extends Snoop and invite!! For one, Snoop doesn't take himself too seriously and he also does care for his kids!!!
Reply
10-01-2008 @ 10:44AM
melisa said...
i agree with john,,there are alot of worse ppl to invite there.
and what does voting have to do with beenie babies anyways??
i rather like the beenie babies, its a product my 87 year old mother who has passed now, loved to collect and i have them now. never know what will be a good memory..
thanks melisa
Reply
10-01-2008 @ 11:13AM
J said...
Of the whole article... I was suprised by what floor he'd be on... floor 141 and 142.... You mean to tell me this building will be taller than the WTC?? WTC was 110 stories..... they're crazy!
Reply