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Japanese Billionaire Mansion Offered - For Free?

I walked into this story, so I will readily admit I don't know the real details and would like someone to expand on it. Billionaire Home Giveaway

Here's what I found:

Initially it was reported that a Japanese Billionaire was going to rent out his mansions in Hawaii to low income families for $150 a month. I think most of these reports came out on the 21st. CNN version here.

Then today I absently hear on Fox News that he will allow the first family to move in for FREE? Billionaire Gives First Hawaii Home Free.

Now, frankly my cynical side just kicked in. First the guy buys and remodels a bunch of very expensive homes. Then he allows low income families to move-in? Then after allowing them to rent for as little as $150 a month, he lets first family move-in for free?

I would love some better input, maybe one of our members from Hawaii?

Steve Dalton

Senior Mortgage Banker - Northwest Indiana

Sierra Pacific Mortgage - Residential Mortgage Group

219-465-8352

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Posted by Steve Dalton - Northwest Indiana Mortgages on 03/24/2007 08:21 AM

Comments (8)

philanthropy, hawaii, affordable homes

8 Comments on Japanese Billionaire Mansion Offered - For Free?

MAR

2007

Very interesting. Perhaps it just makes him "feel good" to help some nice families out. Could be. The cynic in us doubts, but it just could be.

He looks like a very happy guy.

I'm a born cynic, wish that wasn't true. I'm thinking tax benefits? Write offs? Issues with inheritance? Or Lenn is correct, he's a nice guy.

I'm still awaiting more details. I think there's more to this story.

Another story that I read this morning suggested that he's been remodeling in Hawaii for some time and letting people live very cheaply in his mansions. Some neighbors, of course, have complained that these homes weren't well maintained.

Perhaps it's as easy as a land grab, for possible future profits, but he prefers to have someone living on the property to protect from vandals? Obviously $150 a month is but a drop in the bucket to him.

MAR

2007

To my knowlege he's being a generous guy. If there is a angle on why he did it I haven't heard any press here or any rumors. Hawaii is close nitted state. If there is anything behind this...it will come out.

Sean, for now I'll have to allow that maybe, just maybe, someone is plain nice.

APR

2007

I'll keep you posted if I hear anything.

MAY

2007

Sounds like a nice guy with a big heart. Who knows. Hopefully it's true and he just wants to help out the poor people that can't afford something nice.

MAY

2007

I heard that at first he was going to rent the home for very cheap, but there were a few lawyers that were going to sue him and when he found out about it was advised by his lawyers the way around it would be to let them live there for free.

A couple of theories are for the tax benefits and if prices come down because of what he is doing, he can buy more properties cheaper??? Regardless, he can do whatever he wants with his money and those people living in Kahala homes for free are lucky!

My idea is he could sell those homes for millions and buy many regular homes and let much more people live for free and help more people.

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