Bill and Melinda Gates purchase oceanfront home for $43M

Bill and Melinda Gates purchase oceanfront home for $43M

Bill and Melinda Gates are the new owners of a pricey piece of oceanfront real estate near San Diego, Califonia, The Wall Street Journal reported on Tuesday.

The $43 million price tag for the 5,800-square-foot home in Del Mar, Calif., is one of the largest deals recorded in the area, the Journal said.

The Microsoft co-founder and billionaire philanthropist, along with his wife and co-founder at the Bill & Melinda Gates Foundation in Seattle, bought the home from Madeleine Pickens, the former wife of Texas billionaire T. Boone Pickens.

The Del Mar property was most recently on the market for $48 million and the deal closed in late March, according to listings website Realtor.com.

 The Gateses bought the home from Madeleine Pickens, the former wife of Texas billionaire T. Boone Pickens. When reached by phone, Ms. Pickens said she wished the new owners well.

Recession and  the impact on Real Estate

Recessions produce government reactions and public responses that strongly affect real estate. But this time we won't see the massive foreclosures and wholesale drop in home prices that happened after 2008. In fact it's much more likely that the effects this time will actually be good for real estate investors.

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