http://www.luxist.com/2010/07/01/mel-gibsons-old-mill-farm-sold-for-more-than-5-million-under-l/ Luxist Comments for Mel Gibson's Old Mill Farm Sold For More Than $5 Million Under List Price http://www.luxist.com/media/feedlogo.gif http://www.luxist.com en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/http://www.luxist.com/2010/07/01/mel-gibsons-old-mill-farm-sold-for-more-than-5-million-under-l/http://www.luxist.com/2010/07/01/mel-gibsons-old-mill-farm-sold-for-more-than-5-million-under-l/
Did Mel make a significant profit on the property? Unlikely. In 2005 the property was assessed for $17.7 million and annual property taxes at $137,000. So if you assume a tax bill over the 15 years he held it at say an average of $115,000, per year, that is $1.725 million paid in property taxes alone.

Upkeep - manicured gardens and lawns, pool work, snow removal, etc - easily could add a few more million over his ownership; energy costs even if largely unused by him are very significant; then there are millions more invested in upgrades, changes, and improvements.

All of those costs plus the original purchase and then the sale proceeds - less taxes - and the return isn't that notable all things considered. Regardless the new owner(s) have purchased one of the largest private contiguous estates in Greenwich with a tremendous history and irreplaceable architecture for a price only marginally above the assessed value. ]]>Jul 2nd 2010 12:04AMhttp://www.luxist.com/2010/07/01/mel-gibsons-old-mill-farm-sold-for-more-than-5-million-under-l/http://www.luxist.com/2010/07/01/mel-gibsons-old-mill-farm-sold-for-more-than-5-million-under-l/
I've seen real estate listing photos of his home in Malibu - same thing - amazing house and property and bad, old worn furniture.

I bet he's cheap.]]>Aug 30th 2010 9:09PM