By Tyler Durden at ZeroHedge
As we've chronicled the pure insanity that has been taking place in the real estate market, most recently with the revelation that for just $499,000 one could be the proud owner of a 20-by-97 foot lot with a "house" on it in Brooklyn, we continue to be amazed at what we find.
Now we learn that an unidentified buyer has spent a mind-boggling $5.3 million for a triple-wide mobile home in Malibu, California. The four bedroom, four bathroom mobile overlooks the coastline, and comes with hardwood floors, skylights and a pair of gas fireplaces.
The sale is the most ever paid for a mobile home in Malibu according to Elizabeth Seaman, the Pinnacle Estate Properties agent who represented the buyer.
You don't say...
The most stunning part of the deal is that the same property sold for $4 million only a year ago. What could possibly go wrong flipping mobile homes for millions in a softening economy? In light of of all of this, we expect to see a pilot for "Flip This Malibu Mobile" coming to a network very soon.