How to blow $200 million in 5 years
After selling CNET Networks, Halsey Minor saw his fortune slip away in one disastrous investment after another.
Minor reportedly walked away from the sale with $200 million. But now, he owes $100 million and has, at most, $50 million to pay his creditors, according to the news service.
He needed protection from creditors after efforts to raise money that included unloading his art collection. He sold two paintings in 2010 for $21.1 million that went toward paying a $21.6 million judgment obtained on a delinquent loan. Sotheby's won a judgment against Minor in 2010 after he refused to pay for works of art that he won at auction.
When it came to real estate, Minor's results were also disastrous. He spent $15.3 million in 2008 on a 400-acre plantation in Virginia that included a 12-bedroom Georgian mansion. That property, known as Carter's Grove, filed for bankruptcy protection in 2011, Bloomberg says.
Financial setbacks are not new for Minor. Bloomberg notes that he had maxed out his credit cards in the early 1990s trying to get CNET off the ground. At the time, Microsoft (MSFT) co-founder Paul Allen came to his rescue by investing $2.5 million in the fledgling enterprise. (Microsoft owns and publishes moneyNOW, an MSN Money site.)
For ordinary investors, Minor is cautionary tale that shows that even wealthy people can be undone by profligate spending.
--Jonathan Berr does not own shares of the listed stocks. Follow him on Twitter @jdberr.
More on moneyNOW
- Why Pittsburgh is becoming a boom town
- Father's Day spending set to rise this year
Between this moron and $2000 shoes on J-Lo I am more and more convinced that evolution has stopped and maybe has even begun in reverse. Can anyone in this country earn a large sum of money and not act like a monkey let out of a cage?
How do you have 200 million dollars.........have 50 million left and file bankruptcy while wind up owing 100 million? That means you lived like you had 250 million.
Seems to me. I would have immediately took half that money (100 Million) and put it away as if it never existed and let the interest pile up. Can you say 4 to 10 million a YEAR in interests taking NO RISK ABSOLUTELY WHATSOEVER! He could have had 50 million in interest EASY by now.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
- June gold rose for the first time in four sessions as economic data showed that new home sales declined 14.5% in March from an upwardly revised 449K (from 440K) in Feb to 384K. The Briefing.com consensus expected home sales to increase to 455K. The yellow metal brushed a session high of $1287.70 per ounce in early morning action and settled with a 0.3% gain at $1284.80 per ounce.
- May silver also traded in positive territory today, climbing as high as $19.49 per ... More
More Market News
These ETFs are benchmarked to extremely out-of-favor foreign markets that most investors would quickly pass over. Whoever said being a contrarian was easy?
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'