The CEO of TikTok is reportedly in talks to buy a $64 million bungalow in Singapore – take a look at the street it’s on

tiktok ceo singapore bungalow
The CEO will likely redevelop the site, which is currently occupied by a dilapidated bungalow.

TikTok’s new CEO, Shou Zi Chew, is said to be “in the early stage” of buying a bungalow in Singapore for $86 million Singapore dollars, or about $63.5 million, The Business Times reported.

The property is in the Queen Astrid Park area of Singapore’s affluent 10th district, known for its upscale residential estates and top-tier schools. The lot spans 31,800 square feet and is currently occupied by an older, run-down bungalow. According to the Times, Chew is expected to redevelop the existing house. Chew did not immediately respond to Insider’s request for comment, and a TikTok spokesperson declined to comment on the CEO’s reported purchase.

The home is considered a “good class bungalow” – the most coveted type of housing in Singapore, which is only found in certain areas and must have a land area of at least 15,000 square feet.

a view of houses and trees at queen astrid park, an upscale street in singapore
Buyers are drawn to Queen Astrid Park for its air of exclusivity, according to local broker Bruce Lye.

If it goes through, the sale would be the most expensive ever in Queen Astrid Park, according to Bruce Lye, the cofounder and managing partner at Singapore Realtors Inc.

“It sets a new benchmark for the area,” Lye told Insider, adding that buyers are drawn to Queen Astrid Park for its exclusivity. “You just don’t see many transactions happening in that area because it’s very rare for people to sell.”

houses in queen astrid park neighborhood of singapore
Queen Astrid Park in Singapore.

In addition to the location, the selling points of Chew’s reported new property are its size and the fact that it’s relatively level, which will make it easier for the CEO to build a new bungalow on the land, Lye said.

Good class bungalows are a hot commodity

Chew, 38, is not the only millionaire tech entrepreneur to snap up a good class bungalow in Singapore this summer.

In July, Anthony Tan, CEO of ride-sharing app Grab, dropped about $30 million on a good class bungalow at nearby Bin Tong Park. A few weeks before that, the 28-year-old CEO of gaming firm SecretLab spent nearly $27 million on a good class bungalow in Caldecott Hill. And in May, Lye brokered the $47 million sale of a good class bungalow to a tech entrepreneur at Cluny Hill, less than a 10-minute drive from Queen Astrid Park.

a view of queen astrid park road in singapore
Queen Astrid Park in Singapore.

“The trend we’re seeing now is when these tech guys buy, most of them are buying for their own occupation,” Lye said.

“They’re looking to hold this [land] really long-term and build their dream house,” Lye added.

a house in the upscale queen astrid park area of singapore
Good class bungalows rarely go on sale in Queen Astrid Park, according to Lye.

Only two other good class bungalows are currently listed for sale in Queen Astrid Park, one for about $63 million and the other with price upon request.

Chew, who is Singaporean, was hired as the chief financial officer at TikTok parent company ByteDance in March after several years as CFO of Xiaomi Technology. In May, Chew was named TikTok’s new CEO, replacing Kevin Mayer, who only held the role for three months before he resigned in August 2020 amid rumors of a potential TikTok acquisition and threats by then-president Donald Trump to ban the app.

Shou Zi Chew and Xiaomi CEO give thumbs up at the listing of Xiaomi at the Hong Kong Exchanges on July 9, 2018
Shou Zi Chew, left, at the listing of his former company, Xiaomi, at the Hong Kong Exchanges on July 9, 2018.

Chew studied economics at University College London before attending Harvard Business School, according to his LinkedIn profile. He and his wife, Vivian Kao – who also went to Harvard Business School – lived in London, Hong Kong, and Beijing before settling back in Singapore, according to the South China Morning Post.

Read the original article on Business Insider

Inside the star-studded beach club turned luxury waterfront villa on the French Riviera that’s currently on sale for $12.5 million

Courtesy of Cap Villas La Garoupe
Villa La Garoupe in Cape d’Antibes on the French Riviera.

  • La Garoupe is a luxury waterfront villa located in Cape d’Antibes on the French Riviera.
  • In its heyday, the beach-front residence was a resort popular among the likes of Edith Piaf and JFK.
  • Now, the remodeled villa features four bedrooms, a heated splash pool, and spacious sundecks for entertaining.
  • See more stories on Insider’s business page.
During its mid-20th century heyday, La Garoupe was a star-studded French Riviera beach club, frequented by the likes of JFK, Winston Churchill, Harry Truman, Pablo Picasso, Ernest Hemingway, and Sean Connery.

Courtesy of Cap Villas La Garoupe

In 2007, its current owners converted it into a unique private residence. Now, it’s been listed on the market by Cap Villas Agency at USD $12.5 million.

Emilia Jedamska/Cap Villas, Villa La Garoupe

“Located directly on the beach of Cap d’Antibes, this property offers guests a remarkable slice of history and panoramic views of the Mediterranean,” said listing agent Emilia Jedamska of Cap Villas.

Emilia Jedamska/Cap Villas La Garoupe

Built into a rocky outcrop, La Garoupe still retains much of its original beach club layout; there are even still beach cabins that date from its celebrity heyday.

Courtesy of Cap Villas La Garoupe

The whitewashed residence has a breezy, open feel.

Courtesy of Cap Villas La Garoupe

The design scheme throughout the villa is light and bright, with billowing white curtains, light furnishings, natural stone tiles, and polished wood highlights.

Courtesy of Cap Villas La Garoupe

The open-plan kitchen and dining area have floor to ceiling doors and ample space for entertaining.

Courtesy of Cap Villas La Garoupe

The dining room opens out onto a wide terrace area for lounging and sweeping water views.

Courtesy of Cap Villas La Garoupe

The calm waters of the Côte d’Azur are steps away, with a sun deck just 15 feet from the sandy beach and a walkway that leads out onto shallow rocks.

Courtesy of Cap Villas La Garoupe

There are four bedrooms in total, including one with a private entrance that can be accessed independently of the rest of the house.

Courtesy of Cap Villas La Garoupe

The villa’s outdoor areas are sunny and expansive, with space to host cocktail parties or more formal sit-down dinners.

Courtesy of Cap Villas La Garoupe

The property maintains a sense of privacy thanks to a ring of lush, manicured hedges, while palm trees and bougainvillea also add a touch of color to the whitewashed scheme.

Courtesy of Cap Villas La Garoupe

A heated splash pool is set into the wooden platforms at the back of the property, behind which is a daybed framed by a large reflective mirror that evokes its beach club past.

Courtesy of Cap Villas La Garoupe

Robert Levitt, a local house historian at Via Nissa, told Insider the property once belonged to a wealthy Italian family called Giotti, who decided to open up the beach to the public after WW1.

La Garoupe archive Courtesy Alain Bottaro/Mairie d'Antibes.

The site became the spot of choice for the A-List crowd in the French Riviera, including legendary French singer Edith Piaf.

Courtesy of Alain Bottaro/Mairie d'Antibes
Edith Piaf pictured with her second husband Theo Sarapo.

Other guests included JFK, pictured here relaxing with friends at La Garoupe during a Riviera sojourn in 1939.

Courtesy of Alain Bottaro/Mairie d'Antibes JFK La Garoupe
JFK (center) with friends at La Garoupe in 1939.

“The property can be used as a house or it can easily be converted back into the beach club or restaurant that made it famous. It still holds a restaurant license,” said listing agent Emilia Jedamska.

Courtesy of Cap Villas La Garoupe

Until a new owner is found, the villa is also available to rent through Cap Villas for EUR 24,000 (USD $28,000) per week.

Courtesy of Cap Villas La Garoupe
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A Tesla customer says the company hiked his Solar Roof price by about 40%, calling the increase a ‘corporate decision,’ according to a lawsuit

Workers installing a Tesla Solar Roof on a home in the SunHouse at Easton Park community.
Installing a Tesla Solar Roof in Austin, Texas.

  • A California man filed a lawsuit against Tesla, saying the company hiked his price multiple times.
  • The class-action complaint said a Tesla rep told the man a 41% price hike was a “corporate decision.”
  • A $64,735 roofing project was increased to $95,107 but then lowered, the complaint said.
  • See more stories on Insider’s business page.

A Tesla customer in California said in a class-action lawsuit that the tech company raised the price of Solar Roof projects multiple times after he signed a contract.

According to Babek Malek’s lawsuit, the first 41% price increase was a “corporate decision.” The suit called the company’s actions a “bait and switch.”

Malek, of West Hills, filed the complaint this month, adding to a handful of other federal class-action lawsuits over Solar Roof price changes filed in California and Pennsylvania. Each of the lawsuits said Tesla raised prices after customers signed contracts. A California judge was set to decide whether some or all of the lawsuits would be combined into a single class-action lawsuit.

The details of Malek’s contract changes followed a pattern similar to what other homeowners described.

In January, Malek he said signed a contract for $64,735 to have a Solar Roof installed on his 3,615-square-foot roof.

In April, Tesla on its website raised Malek’s contract price by 41% to $91,400, according to his complaint.

“[Malek] made several attempts to contact project advisors at Tesla to no avail,” the lawsuit said. “He finally was able to make contact with one advisor, who gave no explanation for the change in the contract price other than ‘corporate decision.'”

In June, Tesla again upped the contract price, raising it to $95,107, about 47% higher than his original contract, according to the complaint.

In July, Tesla decreased the expected electricity output of Malek’s Solar Roof and also decreased the price to $90,367.44, the complaint said.

Tesla didn’t respond to a request for comment. Lawyers for Malek also didn’t respond to a request for comment.

As with previous complaints filed over Solar Roof pricing, Malek’s suit sought class-action status. The suit said Malek in June opted out of an arbitration agreement in the newest contract.

The lawsuit said Tesla violated the Truth in Lending Act, breached its contract, and violated several California laws.

“Many customers have waited months before being presented with a new, more expensive contract, thereby starting a new clock for their installation timeline,” Malek’s complaint said.

Read the original article on Business Insider

2 people who face eviction on the expiring ban: ‘The nightmare is not over’

A woman walks past a wall in Los Angeles that has graffiti reading "Forgive Our Rent"
The national eviction ban ends on July 31.

  • The national eviction ban ends Saturday, putting many renters at risk.
  • Wendy Fink, a preschool teacher in Phoenix, owes $1,700 in unpaid rent.
  • Mehran Mossaddad, a father in Atlanta, isn’t sure if his landlord will renew his lease.
  • See more stories on Insider’s business page.

The national eviction moratorium is set to expire July 31. But as the economy struggles to regain pre-pandemic momentum, many renters are grappling with months of unpaid rent.

The Biden administration on Thursday said renewing the eviction ban is left up to Congress. Experts estimate 6 million Americans face eviction once housing protections end Saturday. Some states have extended the moratorium for a while longer, but most are set to end protections.

In December, Congress approved $25 billion in rental assistance and another $21 billion in March, but the funds have been slow to disperse to landlords and tenants due to software issues, hesitancy among states to sign off on payments, and other complications.

Insider spoke with two people who are uncertain about the future of their housing arrangements and could face eviction when the moratorium ends.

Mehran Mossaddad, 59, is a father living in Atlanta, Georgia, who owed over $23,000 in unpaid rent

A man with glasses in a shirt and tie
Mehran Mossaddad.

When we first entered lockdown last March, I stopped driving for Uber full time to take care of my 10-year-old daughter and help with online learning.

Because there was no daycare, no school, and I couldn’t afford a babysitter, I fell behind in rent and used the $800 I had in savings to pay for food.

I received $125 a week in unemployment (plus an additional $600 a week in federal aid until it ended last year, then $300 a week until it ended two months ago) but it was slow to arrive, and I didn’t receive my first stimulus check until earlier this year due to an error with my social security.

Last August, I received my first eviction notice. My rent is $1,600 a month, and at the time of my first eviction notice I was four months behind. The property management company opened a court case against me, and once that happened I had a record, which made it impossible for me to rent or buy another place. I tried and shopped around at 10 different apartments, but no one would have me.

During this time, I had a lot of anxiety. One day when I came home from the grocery store, I saw police cars outside of my neighbor’s house because they were getting evicted. My knees started shaking so badly I had to sit down. My limbs would go numb in the middle of the night just thinking about whether or not we would have a home the next day.

I don’t think I’ll ever be mended. I have no other family here in Georgia and no Plan B if my daughter and I were to be evicted.

DeKalb County, where I live, puts a cap on how much federal assistance renters can have. Last month, after multiple conversations with the county and the property management, we agreed I would pay $10,000 of the $23,000 I owed in back rent for the eviction notice to be resolved. The county offered $5,000, so I had to scrape together the rest from friends and started driving for Uber again.

Once the agreement was signed and I paid my half of the $10,000, the property management agreed to give me two months of rent for free and forgave the rest. But the eviction notice still remains on my record, and the landlord hasn’t indicated whether or not it will agree to renew my lease at the end of this month.

I hope the government will extend the moratorium, but I still have anxiety attacks because the nightmare is not over. I stay up at night thinking, is this a new era for us? Or is this the beginning of the dark ages?

Wendy Fink, 52, is a preschool teacher living in Phoenix, Arizona, and has $1,700 in unpaid rent

A woman outside looking at the camera
Wendy Fink.

The preschool I work at closed for two weeks in March 2020 and I was furloughed, then opened and closed several more times.

At the beginning of the pandemic, I was able to keep up with our $1,300-a-month rent because I had some money saved and my mother, who was on social security, helped. There were several times where I tried to get on unemployment, but I gave up because it was impossible to get anyone on the phone to help or receive an email back.

Everything changed earlier this year. We started receiving late notices in the mail from our property management because we had over $4,000 in back rent. The apartment complex I live in charges $15 per day for late rent, and it quickly started getting out of hand. I paid what I could, which was not much because I wasn’t working full time, and even with the stimulus checks and living slim, we kept falling short.

In March, we received $3,400 in rental aid from a nonprofit in Phoenix. It was a lengthy process, and I was thrilled to finally be able to start to catch up, but then my mother became very sick and was hospitalized. We found out earlier this summer she had stage four pancreatic cancer.

I didn’t want her to live out her final days in a hospice facility, so we set up a hospital bed in our living room and I stopped working to focus on her health. The doctors said we would have months, but it actually turned out to only be weeks. She passed away in June at the age of 75.

By the time my mother died, I owed $3,900 in back rent. My son paid off $2,200 of it, but as the eviction moratorium is coming to an end I don’t have any hope Maricopa County, where I live, will extend it. I’ve started to prepare for the worst, and in the darkest corners of my mind I think I might have to end up in a residential hotel, which is a dismal place to live.

Last month, I started a GoFundMe to help make up the $1,700 I still owe, but haven’t been able to hit $1,000. It was embarrassing for me to even start a fundraiser because in this country there’s so much stigma around being poor. I’m relying a lot on the generosity of my friends and family right now, but I’m sure I’ll be served with an eviction notice on the first of August. I have no doubt.

The past few months have been stressful and I’m white-knuckling it. The pandemic has made me realize anyone can end up in this situation, especially with wages as low as they are and rent as high as it is. We’re told to save our money, but when you have nothing to save, you can’t prepare for an emergency.

Read the original article on Business Insider

We tried to predict the best places to move during the pandemic. The results are in, and we were half right.

Postcards of Champaign-Urbana, Cheyenne, Rochester, and Huntsville taped on orange paper, with truck and house stickers
  • We looked back at four highly ranked areas on our list of the best cities to move to post-pandemic.
  • Net domestic migration from 2019 to 2020 for these metro areas was pretty similar to previous years.
  • Huntsville, Alabama, had a larger positive net domestic migration this year, continuing its growth.
  • See more stories on Insider’s business page.

Three months ago, Aaron and Christine Lager traded their 1,100-square-foot home outside San Francisco house for a 3,500-square-foot property in Huntsville, Alabama.

The aerospace and defense company Lockheed Martin had offered Aaron a good, well-paying job, and Christine was enchanted by the city’s quaint downtown.

Huntsville is one of the winners of the pandemic migration boom. The metro area had a positive net domestic migration – the number of people moving into a metro area from elsewhere in the US minus people moving out to another part of the country – of 8,964 from July 1, 2019, to June 30, 2020, according to the most recently available US Census Bureau data. This was higher than the 6,815 in the same period a year earlier.

We anticipated its success: In summer last year, as moving became a popular conversation topic, and people debated the best places to ride out lockdowns and work remotely, Insider decided to use available data to create a list of the best cities to move to after the pandemic. The metropolitan-area data, which was mainly from before the pandemic, covered nine metrics. For example, low unemployment rates, low cost of living, and high ability to work from home would likely lead to a higher place in the ranking. Huntsville came out among the top 10, in part for its high educational attainment and high share of jobs that could be done remotely.

Now that it has been over a year since we came up with our list, we were interested in seeing if people moved to the cities that made up some of the top spots.

As seen in the chart below, people did move to Huntsville and Cheyenne, Wyoming, which we anticipated. But two other cities we thought would do well – Rochester, New York, and Champaign, Illinois – lost residents.

But gains and losses for these metro areas aren’t new.

A closer look at data from the Census Bureau over the past few years showed a lot of the cities mostly experienced domestic migration that followed trends that had gone on for years. This fits in with other findings that the pandemic accelerated moves that were already in the works, like Americans moving from high-tax to low-tax states and leaving large and expensive metro areas for suburbs and secondary cities.

Huntsville, which came in ninth in our ranking, is a prime example. It had positive net domestic migration every year, according to data from the past decade. Meanwhile, Rochester, which ranked 15th in our ranking, experienced the opposite. From 2010 to 2020, its metro area recorded negative net domestic migration every year. We thought that COVID-19 might result in some new areas experiencing an influx of residents given the flexibility for people to work remotely, but the destinations of choice actually didn’t change that much.

To be sure, the census estimates don’t cover the full year of 2020 and aren’t the official decennial count. Others, like The New York Times and Bloomberg, have used US Postal Service change-of-address data to figure out where people moved during the pandemic.

One thing’s for certain: We were right that the pandemic offered a huge opportunity for some people to rethink where to live. Just because one in five (according to one Pew estimate) people moved during the pandemic or knows someone who did doesn’t mean they dramatically changed where they moved. And we didn’t take into account previous moving patterns to and from metro areas when coming up with our own guesses for relocators’ destinations of choice.

Below are our deep dives into four locations from our best-city list: two with positive net domestic migration and two with negative net domestic migration during part of the pandemic.

Huntsville, Alabama

Postcard of Huntsville, Alabama taped on orange paper, with truck and house stickers

Huntsville was perhaps our best call, ranking ninth on our best-city list. The census statistics show that, over time, more people have moved there from other parts of the US than moved out. Outside the government-data release, an annual study from United Van Lines National Movers found Huntsville was the fourth most popular city to move to in 2020.

Why? Thousands of tech workers are flocking to Huntsville — Alabama’s unsung “rocket city” — for good jobs and Southern hospitality. The longtime NASA hub is luring Facebook, Boeing, Blue Origin, and other major employers. Plus, new arrivals from Silicon Valley find their money goes much further.

Subscribe to read more about the tech-worker boom in Huntsville, a hidden gem and unsung hot spot.

Cheyenne, Wyoming

Postcard of Cheyenne, Wyoming taped on orange paper, with truck and house stickers

Cheyenne ranked 12th on our list of cities to move to after the pandemic, in part because of its shorter weekly commute and lower population density. Indeed, Wyoming’s rugged capital saw an influx of residents during the pandemic that mirrored five years of steady arrivals. 

Conservative politics and wide, open spaces have drawn herds of relocators. Take Microsoft employee Troy Nowak, a California native who wanted to move his family to a place with outdoor activities, low crime, and no traffic. He chose Cheyenne.

Subscribe to read more about Cheyenne and its pandemic-fueled boom. Westward ho!

Rochester, New York

Postcard of Rochester, NY taped on orange paper, with truck and house stickers

Unlike Huntsville and Cheyenne, more people left the upstate city of Rochester for elsewhere in the US — in line with years of population decline that preceded the pandemic. So while Rochester ranked 15th on our list of places to move after the pandemic — in part for its per-pupil spending on education and share of jobs that could be done from home — it didn’t actually gain residents last year.

Betty Battaglia, a local broker, was shocked to hear that “American’s first boomtown” — a five-hour drive northwest of Manhattan and sandwiched between Syracuse and Buffalo — lost residents. She described a red-hot housing market with dozens of prospective buyers placing competing offers on each listing and pushing prices up. 

It turns out that while people did leave Rochester in 2020 — some to head south or to other low-tax, warm-weather states, in a continuation of migration trends of the past decade — many moved to upgrade their quality of life locally. There was enough demand for homeownership from locals, in fact, that the population loss barely registered.

Read more about the scene in Rochester, where homes are selling for $100,000 over ask.

Champaign-Urbana, Illinois

Postcard of Champaign-Urbana, Illinois taped on orange paper, with truck and house stickers

As Americans flee urban hubs for larger homes and a lower cost of living during the coronavirus pandemic, the Champaign-Urbana metro area seems like the perfect landing pad. It’s in central Illinois amid corn fields, about 135 miles south of Chicago and 125 miles west of Indianapolis — within a two-hour drive of either city. It has a rural but lively college-town feel thanks to the state’s flagship public university, the University of Illinois at Urbana-Champaign. 

Champaign-Urbana placed third in our ranking, in part because of its shorter weekly commute and higher educational attainment. But it also lost residents during the pandemic.

Even as people leave Champaign in droves, the local real-estate market remains emblematic of the national frenzied housing market marked by all-cash offers, sight-unseen purchases, and creative buyer tactics. There are still enough people who want to buy homes in the college town, and inventory is so limited in Champaign and nationwide that demand has driven prices up anyway.

Read more about Champaign, which is bustling despite losing residents. 

Read the original article on Business Insider

New York real-estate giant The Durst Organization says it will fire non-union workers who fail to get a COVID-19 shot by Labor Day

Douglas Durst, chairman of The Durst Organization, wears a white shirt and black waistcoat in a corporate meeting room.
Douglas Durst is chairman of The Durst Organization

  • The Durst Organization has told about 350 staff they must get vaccinated by September 6.
  • Staff who refuse will be “separated from the company,” Crain’s New York first reported.
  • The real-estate giant will apply the rule to its non-union corporate workers.
  • See more stories on Insider’s business page.

A New York City real estate developer has told about 350 workers that it will fire them if they don’t get a COVID-19 vaccine by Labor Day, September 6.

The Durst Organization, a $8.1 billion family-owned company, said certain staff will be exempt for “medical or religious” reasons.

It will only apply the vaccine rule to its corporate, non-union workers, and not its roughly 700 union employees, who include building service workers and cleaners, Crain’s New York first reported.

“For our corporate employees, unless they receive a medical or religious accommodation, if they are not vaccinated by Sept. 6th they will be separated from the company,” Durst spokesman Jordan Barowitz told Crain’s.

A Durst spokesperson confirmed the policy to Insider.

It is not clear whether Durst’s corporate workers will need just one or both shots of a COVID-19 vaccine under the new rule. The organization did not immediately respond to Insider’s request for clarification.

Barowitz told the New York Post that Durst had informed corporate employees of the new mandate in June, and that it was “driven by the wishes of the employees who want to work in a safer environment.”

Durst’s union workers – who include building service workers, cleaners, and doormen – are protected under a collective bargaining agreement, an unnamed source familiar with the matter told The Post.

Read more: Zamir Kazi bought his first duplex in 2012 and his firm now owns more than 3,300 units. He breaks down the path to building his portfolio – and shares his best advice for breaking into real estate investing today.

Employers have grappled with whether to implement strict vaccine mandates for employees as offices reopen. Companies can legally require their workers to get vaccinated or ban them from the office, The Equal Employment Opportunity Commission (EEOC) said in guidance published in June.

Tech giant Facebook announced Wednesday that it would require all staff working on its US campuses to be fully jabbed. Google CEO Sundar Pichai also said in a Wednesday press release that workers returning to the office must be fully vaccinated.

New York City’s government announced Monday that it would require all city workers to get vaccinated by September 13, or to take weekly tests. The number of COVID-19 cases and hospitalizations in the city has increased over recent weeks, according to local government data.

Cases of the highly contagious Delta variant have surged in recent weeks across the US. The Center for Disease Control and Prevention (CDC) said on Tuesday that fully vaccinated people should wear masks in all public indoor settings in certain COVID-19 hot spots, reversing previous guidance it set in May.

Robert Durst, brother of the company’s chairman, Douglas Durst, is accused of murdering his friend, Susan Berman, in 2000, and is standing trial in Los Angeles.

Read the original article on Business Insider

Miami’s billionaire ‘Condo King’ is selling his waterfront mansion in a gated Florida community for $33 million. Take a look inside.

miami waterfront mansion with pool surrounded by palm trees
The villa includes 482 feet of water frontage and a private boat dock.

  • The billionaire developer known as Miami’s “Condo King” is selling his waterfront mansion for $33 million.
  • Jorge Perez, who’s worth $1.7 billion, is one of the most prolific real-estate developers in Miami.
  • His sprawling villa comes with an infinity pool and Jacuzzi, nearly 500 feet of water frontage, and a sculpture garden.
  • See more stories on Insider’s business page.
Billionaire real-estate developer Jorge Perez, known as Miami’s “Condo King,” has put his sprawling waterfront mansion on the market for $33 million.

jorge perez in a suit with wife darlene at art event in miami
Jorge Perez and wife Darlene Perez at an art event in Miami, Florida, in March 2018.

Nicknamed Miami’s “Condo King” for his prolific real-estate development in the area, Perez has an estimated net worth of $1.7 billion. He would rake in a more than a $31 million profit if he sells the home at its asking price: He paid $1.45 million for the site in 1994, according to The Wall Street Journal.

Perez is the founder, chairman, and CEO of Florida’s Related Group, which has built more than 100,000 condominium and apartment residences, according to the company.

The developer did not immediately respond to Insider’s request for comment for this story.

Perez’s mansion, known as Villa Cristina, sits on a 40,000-square-foot plot of land that encompasses three lots in the upscale Coconut Grove neighborhood of Miami.

miami waterfront mansion with pool surrounded by palm trees

It’s part of the exclusive Hughes Cove gated community, which only has about 10 homes.

Jill Hertzberg and Jill Eber of The Jills Zeder Group of Coldwell Banker Realty hold the listing.

The residence has 10,000 square feet of interior living space and has 482 feet of water frontage.

miami waterfront mansion with pool surrounded by palm trees

Source: The Jills Zeder Group

The private boat dock overlooks the waters of Biscayne Bay.

small boat docked in miami with palm trees

Source: The Jills Zeder Group

The home doubles as a rotating art gallery for the owner’s private collection, according to the listing.

grand staircass with artwork on wall in miami mansion

Source: The Jills Zeder Group

The three-story house was built in 1996 with the help of Italian artisans, the listing says.

a large living room in a miami mansion

All levels are accessible by an elevator.

The gourmet kitchen features Thermador, Sub-Zero, Miele, and Wolf appliances, as well as a wine cooler and an ice maker.

kitchen in miami mansion

Source: The Jills Zeder Group

The second-floor office has dark wood paneling and Italian woodwork throughout.

large office with bookshelves and wood paneled ceiling in miami mansion

Source: The Jills Zeder Group

The home has six bedroom, six bathrooms, and one half-bathroom.

large bedroom with sea views in miami mansion

Source: The Jills Zeder Group

Outside, an infinity pool is shaded by palm trees and kept private by a thick hedge.

miami waterfront mansion with pool surrounded by palm trees

Source: The Jills Zeder Group

It’s difficult to tell where the infinity pool ends and Biscayne Bay begins.

outdoor waterfront pool with palm trees and hedges

Source: The Jills Zeder Group

Nearby, a Jacuzzi overlooks the water.

outdoor jacuzzi surrounded by palm trees at a waterfront home in miami

Source: The Jills Zeder Group

Right at the edge of the water is an outdoor fire pit and seating area.

outdoor seating area by waterfront mansion in miami

Source: The Jills Zeder Group

The rest of the grounds are occupied by manicured lawns and a sculpture garden.

a sculpture in a grassy yard with palm trees and mansion in background in miami

The home also includes a garage with room for four cars.

After 25 years at Villa Cristina, Perez and his wife downsized to a one-bedroom condo nearby earlier this year, a Related Group spokesperson told the Miami Herald.

Read the original article on Business Insider

A Chinese gaming billionaire just paid $500,000 over asking for a historic Los Angeles mansion. Take a look at the $25 million property.

aerial view of the usc presidential mansion in san marino california
The 14,000-square-foot mansion housed USC presidents for 40 years.

  • Chinese gaming billionaire Tianqiao Chen bought a historic $25 million Los Angeles mansion earlier this month.
  • He paid $500,000 over the asking price for the residence, which housed USC presidents for 40 years.
  • Chen, the founder and chairman of Shanda Group, is known as one of the pioneers of China’s online-gaming industry.
  • See more stories on Insider’s business page.
Tianqiao Chen, a Chinese billionaire who made his $1.5 billion fortune in the games industry, just bought a historic 14,000-square-foot mansion in San Marino in Los Angeles County.

Chen Tianqiao
Chen in 2005.

Chen offered $500,000 over the $24.5 million asking price, beating multiple other competitive offers, a spokesperson for Douglas Elliman, one of the brokerages who held the listing, told Insider.

“The [winning] offer was compelling, but we had buyers waiting in the wings,” Listing agent Ernie Carswell of Douglas Elliman told Mansion Global.

Chen, the 48-year-old founder and CEO of Shanda Group, is credited with pioneering the gaming industry in China. He founded gaming company Shanda Interactive Entertainment Limited in 1999 and became a billionaire by age 30. In 2004, Shanda was the largest online-gaming company in China. Chen left China around 2012 and lived in Singapore for a time. He’s now based in Silicon Valley, according to real-estate news site Dirt.

In 2016, Chen and his wife, Chrissy Luo, donated $115 million to create the Tianqiao and Chrissy Chen Institute for Neuroscience at Caltech, which is just a five-minute drive from their new home.

Chen declined to comment on the purchase via his company.

Called the Seeley Mudd Estate, the 14,000-square-foot home is also known as the University of Southern California (USC) Presidential Mansion because it housed the university’s presidents for 40 years.

a view of the usc presidential mansion in san marino california

The residence has hosted multiple holiday parties each year for university donors, faculty, trustees, and special guests since 1979, according to Douglas Elliman. And every Thanksgiving, the university president would invite USC students who were unable to travel home for the holiday to a dinner at the residence.

USC decided to sell the estate to cut costs during the pandemic and downsized to a smaller home for the university president in Santa Monica, per the Los Angeles Times.

Built in 1934, the American Colonial-style mansion sits on more than seven acres in San Marino, an upscale Los Angeles suburb.

aerial view of the usc presidential mansion in san marino california

Its $25 million price tag makes it the most expensive home sale in San Marino history, according to Douglas Elliman. 

It has housed more than just USC presidents.

aerial view of the usc presidential mansion in san marino california

The seven-acre estate was assembled from parcels that once belonged to WWII General George S. Patton and railroad tycoon Henry Huntington.

The home’s historic details include imported 17th-century wood paneling in the living room and walnut hardwood flooring.

a living area in the usc presidential mansion in san marino california

Source: Douglas Elliman

The house has eight bedrooms and 11 bathrooms.

a large master bedroom inside the usc presidential mansion in san marino california

Source: Douglas Elliman

Carswell, one of the listing agents, said he expects the home’s new owner to upgrade the kitchen and give the house a more open floor plan.

kitchen in the usc presidential mansion in san marino california

The home is in “beautiful condition, but is not in the style of today,” the agent told Mansion Global in February, when the home went on the market.

Elliman’s Austin Alfieri and Brent Chang of Compass also shared the listing.

The property’s grounds feature expansive lawns, a forest of magnolias, sycamores, oaks, and Chinese elms, English rose gardens, and multiple fountains.

aerial view of the usc presidential mansion in san marino california

Source: Douglas Elliman

The home’s al fresco dining and entertaining areas give the owner plenty of opportunity to enjoy the Southern California weather.

an outdoor patio area at the usc presidential mansion in san marino california

Source: Douglas Elliman

There’s also an outdoor swimming pool with a lounge area and outdoor kitchen.

an outdoor swimming pool at the usc presidential mansion in san marino california

Source: Douglas Elliman

At the far end of the property sits a sunken championship tennis court.

a tennis court at the usc presidential mansion in san marino california

Source: Douglas Elliman

The estate also includes a carriage house garage with its own gas station and car wash, an office, and a chauffeur’s apartment.

aerial view of the usc presidential mansion in san marino california

In a whimsical touch, there are also “children’s cabins” at the edge of the forested section with running water so that children can play house and have tea parties.

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Cincinnati is the most affordable US city for renters living alone, a new report shows. Here’s how the top 10 stack up.

Cincinnati, O
Cincinnati claimed the top spot in SmartAsset’s study for the fourth year in a row.

  • SmartAsset compared the 100 largest US cities to see which are the most affordable for solo renters.
  • It used five metrics, including wages and the percentage of housing units with two bedrooms or fewer.
  • These are the 10 most affordable cities, according to its research.
  • See more stories on Insider’s business page.
SmartAsset compared the 100 largest US cities.

One Bedroom Apartment in Chicago Sonder
A one bedroom apartment in a Chicago Sonder location.

The financial-advice company analyzed the cities based on five metrics: the percentage of housing units with fewer than two bedrooms and the average price of these, median earnings for full-time workers, unemployment rate, and cost of living.

It then ranked 10 most affordable cities for solo renters.

1. Cincinnati, Ohio

Cincinnati ranked top in the study.

Cincinnati claimed the top spot for the fourth year in a row.

Average rent for a one-bed unit is $612 per month, the fifth-lowest of the 100 cities in the study, and it has a relatively low cost of living at $22,721 per year, putting it in the top ten, SmartAsset said. I

nsider’s Liz Knueven reported that her grocery bills were nearly cut in half when she moved from Seattle to Cincinnati, and dining out and transport suddenly became a lot cheaper, too.

Cincinnati also came in the top 20 for its April 2021 unemployment rate, at 4.6%, and the proportion of occupied housing units that have fewer than two bedrooms, at just over 28%, per SmartAsset’s report.

2. Minneapolis, Minnesota

Minnesota Arch Bridge over river
Nearly a third of occupied housing units in Minneapolis have just one bedroom.

Minneapolis‘ average rent and living costs both ranked towards the middle of the 100 cities SmartAsset analyzed, but the city scored well on the other three metrics.

Its April unemployment rate was 4.2%, compared to a national average of 6.1%, nearly a third of occupied housing units in the city have one bedroom, and average earnings for full-time workers in 2019 were almost $56,500.

3. Omaha, Nebraska

Omaha’s April unemployment rate was just 3%.

Omaha’s April unemployment rate was less than half the national average, at just 3%, putting it joint second-lowest in the study. It also has a relatively low cost of living and average rent, SmartAsset found.

4. St. Louis, Missouri

st louis
St Louis ranked in the top 20% for both average rent and cost of living.

Nearly a third of occupied housing units in St. Louis have one bedroom, SmartAsset said in its report. It also ranked in the top 20% of cities that SmartAsset analyzed for both average rent and cost of living.

5. Lexington, Kentucky

lexington kentucky
Lexington’s unemployment rate in April was just 3.2%.

Lexington‘s unemployment rate in April was well below average, at just 3.2%. The city also has low living costs and average rents, SmartAsset found.

6. Lincoln, Nebraska

Lincoln, Nebraska
Lincoln had the lowest April unemployment rate in the report.

Lincoln had the lowest April unemployment rate of the 100 cities in the report, at 2.2%. It also has below-average rent and living costs, SmartAsset said.

7. Pittsburgh, Pennsylvania

Pittsburgh’s annual cost of living is $23,463 per year.

Pittsburgh has the 17th-lowest estimated annual cost of living of the 100 cities SmartAsset analyzed, at $23,463 per year. It also ranked within the top 30 for its average earnings for full-time workers, at $51,328 per year.

8. Louisville, Kentucky

Louisville, Kentucky
It ranks in the top 15% for three metrics.

Louisville, Kentucky ties in eight place with Tulsa, Oklahoma. It ranks in the top 15 of the 100 cities SmartAsset analyzed for three metrics: cost of living, April unemployment rate, and average rent for units with fewer than two bedrooms, where it came in at just $676 per month.

8. Tulsa, Oklahoma

Tulsa has the second-lowest cost of living of the 100 cities in the study.

Tulsa ranks within the top 10% of the cities SmartAsset analyzed for two metrics: average rent for units with fewer than two bedrooms, at $658 per month, and annual cost of living, at $22,786 – the second-lowest in the study.

The city is offering $10,000 to out-of-state remote workers to relocate there as part of a program aiming to help fuel Tulsa’s growth.

10. Boise, Idaho

Boise’s unemployment rate was just 3% in April.

Boise had the joint second-lowest April unemployment rate of the 100 cities in the study, at 3%. It also came 10th for cost of living, at $23,123 per year.

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Judiciary seeks $389.5 million for courthouse security and renovations in wake of 2020 unrest

cleaning courthouse graffiti LA protests photo by Stacey Leasca
Graffiti being cleaned off an LA courthouse.

  • The US judiciary is seeking $389.5 million to upgrade courthouses after 2020’s unrest.
  • It was part of a wider $1.5 billion request, which included $515 million for cybersecurity upgrades.
  • “The threat to federal courts is getting worse,” court officials said.
  • See more stories on Insider’s business page.

The federal court system asked Congress for $389.5 million to upgrade buildings and security across the US in the wake of escalating violence and vandalism.

“Over the past year, the federal Judiciary has suffered an increasing number of acts of violence and vandalism on and off courthouse premises,” wrote John W. Lungstrum, chair of Judicial Conference Committee on the Budget, and Roslynn R. Mauskopf, director of the Administrative Office of the US Courts, in a pair of letters sent to Congress earlier this month.

The request, part of a wider one totalling $1.54 billion, came after an unprecedented year of vandalism and attacks on courthouses and staff, the letter said.

Although there was plenty of unrest in 2020, many protests were also carried out peacefully. Still, more than 50 federal courthouses were damaged during the year, according to the US court system. US Marshals counted 4,261 threats against judges and court personnel in 2020, a 360% increase from the year earlier.

“The threat to federal courts is getting worse,” the judiciary’s letter said. “A comprehensive approach is required to effectively address the growing violence and threats facing the judiciary.”

The letter listed several attacks, including the targeting of Esther Salas, a federal judge whose son was killed at her New Jersey home. In Arizona, a security officer was shot outside a federal courthouse. In California, a guard was killed in a drive-by shooting.

About $267 million of the requested funds would go to upgrading “aging perimeter security” at federal courthouses.

At a congressional hearing in February, Mauskopf listed particular courthouses in need of upgrades. They included a federal courthouse in Augusta, Georgia, which Mauskopf called “our highest priority,” because it scored 26.2 out of 100 on a security scoring system.

Government buildings carry those security scores to show how vulnerable they are. In contrast, a recently upgraded federal courthouse in Brenton, Illinois, jumped from 46.1 to 80.2 after a $4.7 million upgrade, Mauskopf said.

The request, which was sent to leaders of the House and Senate budget committees, also included $515 million for cybersecurity protection. That money would go to both IT systems and modernization.

Read the original article on Business Insider