Table Of Content
When Ben left the military, he got a job in Oakland, California as a garbage collector. Since he was good at his work, the property owner made him in charge of the building where he was living. Shortly after, he was promoted to be in charge of all the other buildings his employer-owned. CLEARWATER — Now that investor Ben Mallah owns Tampa Bay's most expensive house, he's trying to sell two (slightly) more humble ones.
More to Read
Ben Mallah sells properties, says 'the big boom is over' - St Pete Catalyst
Ben Mallah sells properties, says 'the big boom is over'.
Posted: Mon, 11 Sep 2023 07:00:00 GMT [source]
Under the terms of the auction agreement, the winning bidder is under legal obligation to close the sale by the end of the month or lose a $250,000 deposit. After years of court battles, Mohamed Hadid’s 30,000-square-foot mansion will be auctioned off to the highest bidder and then torn down. Broker Stephen Shapiro, the founding partner of Westside Estate Agency, said the low price reflected the “out-of-control ego” of Niami, who built a huge house that wasn’t really a home. He’s got people willing to pay $50,000 a day just to do commercials and films,” Hankey said. Concierge Auctions, which handled the sale, said its auction site drew views from 170 countries, including Australia, the United Kingdom, Germany, France and Italy — and generated some 2,800 prospects.
Ben Mallah House: The Florida Palace
Similarly, his ownership includes commercial properties, residential places, hotels, and yachts. Over the years, real states moguls have gained notable fame and success in the real estate industry. The largest single creditor is Los Angeles billionaire Don Hankey, who lent $106 million to the dream project of developer Nile Niami.
Is Ben Mallah Arrested? What Did Real Estate Mogul Do- Age
The lender is owed more than $130 million in secured debt, including money he provided in bankruptcy to repair and spiff up the property for sale. Mallah's real estate holdings include several hotels in the Tampay Bay area and other parts of Florida. A self-made millionaire who never finished high school, he recently sold a senior living tower in Clearwater for $5.5 million more than he paid for it two years ago. The story of Ben is all the evidence a person needs to know that it is possible to rise from nothing and make something out of yourself. He is a wise investor who buys historical buildings on online auctions and sells them at a profit. He owns the two most expensive houses in Tampa, expensive yachts, cars and many other things.
Alphabet and Microsoft help Wall Street clinch its best week in nearly 6 months
Billy Connolly rose to fame after appearing on Parkinson, a chat show on the BBC. His appearance on the show changed his life from being a musician to a comedian. The comedian became a household name portraying many characters in sitcoms and other television shows.
Career beginnings
"A couple weeks ago we celebrated our 15th anniversary so once I divided it, about a million bucks a year with a 10-percent gratuity, came out to the price of the house," he joked. Howard built the opulent beachfront home four years ago. It was a tightly-guarded construction site as the building went up, but now that it's changed ownership, the home's new resident is ready to show the world what all the fuss was about.
Monthly Subscription
The selling agent was Rafal Wazio of Coldwell Banker Residential Real Estate. "Today he made his biggest sale -- now his kids will have hamburger in the Hamburger Helper,'' Mallah joked. The pool is enormous and meanders lazy-river style through the entire property. He recently executed the sale of a Publix Supermarkets-anchored shopping center in Englewood; the plaza sold for roughly $8.785 million. The home at was built in 1991 by Marshall Rinker Jr. and his wife Mary. Marshall’s father, Marshall Rinker Sr., founded the concrete company Rinker Materials Corp., which was once the largest concrete company in the state.
Home run: Ex-MLB star’s $16.5 million mansion sale shatters record
Over an eight-month period, Mallah replaced the roof, improved the seawall and added boat docks. The property includes a guest house, putting green and tennis courts. He became world-famous for restoring fast and vintage cars. Fanatics of the movie Batman envies him because he is the one who purchased the Batmobile used in Batman Returns. This was a turning point in his life because serving instilled in him the discipline he lacked.
Real estate Mogul Ben Mallah arrested news has been a concern to many. “When I built in steel, what you saw was what you got,” the plain-spoken Koenig once said. What Buck and Carlotta Stahl got when they drove up to Woods Drive in 1954 was more than they ever envisioned. “They simply built their dream home,” their children write. Shulman’s famous seven-minute exposure captures the house and its sprawling city backdrop.
Want to get rich quick selling Florida real estate? Think again. - Tampa Bay Times
Want to get rich quick selling Florida real estate? Think again..
Posted: Tue, 27 Feb 2024 08:00:00 GMT [source]
It was placed into bankruptcy in October after Hankey foreclosed on the $106 million in debt defaulted on by Crestlloyd, the limited liability company established by Niami that legally owns the project. The most ever spent on a U.S. residence was $238 million by hedge fund mogul Ken Griffin for a New York City penthouse in 2019. Several international sales have surpassed $300 million. The listing agents for the house were Jackie Diaz and Karen Hegemeir of Premier Sotheby's International Realty. The home was was sold in a private placement, meaning it never appeared on the Multiple Listing Service.
Real estate investor Benjamin Mallah paid $16.5 million for the palatial estate. The buyer, according to a statement from Premier Sotheby’s International Realty, the agency that listed the property, is Ben Mallah, principal of Equity Management Partners. Mallah is also the former owner of the Best Western Bay Harbor Hotel in Rocky Point, which he sold for $34.5 million in 2015 and is now known as the Godfrey Hotel & Cabanas Tampa. So, currently, there are no factual details regarding his arrests or being charged, as Benjamin shared a post on his Instagram handle two days ago, which indicates that he is not arrested.
Prior to the auction, a Niami spokesperson said the developer would not be commenting on the auction. Niami has been attempting to regain control of the property. In December, he proposed creating a cryptocurrency called The One Coin that would be backed by the mansion and pay off all the home’s debts. “The buyer pool for this is very small, and with everything happening in Russia, all of a sudden those Russian billionaires who may have been your best bet to buy it are pulling out,” he said.
Shortly after his initial real estate career, he partnered with MarWil Investments. When his finances became stable, he started buying abandoned properties, renovating them and selling them at a profit. Ben used the money he made to invest in hotels but has since sold most of them while retaining only those he believed would be good money makers.
As the booming real estate market cools off and interest rates reach new heights, businessman Ben Mallah is grappling with making profitable investments in today’s harsh economic climate. The secret to being a rich man is not working for anyone other than yourself. Wealthy people like Ben Mallah made a fortune by believing in their dreams and having the courage to do what their hearts told them. In the case of Ben, his passion led him to real estate, and through wise investments, he has been able to put his name on the map. According to Ben, his is a story of rags to riches and thanks to his real estate business; he now has a net worth of $250 million. This makes it hard to believe that he was poor at some point in his life, but anything is possible with hard work and resilience.
That means many creditors will take losses — even though most of the auction house’s 12% fee will be returned to the bankrupt estate, which is not a typical arrangement. The highest amount previously paid for a Tampa Bay home was $11.18 million two years ago for the Century Oaks estate on Clearwater Harbor. Even Sarasota County, long known as a high-end market, has not had a sale close to $16.5 million in at least 10 years.
