Is $75 Million Too Much for a House?

Peter Coy

Is $75 million more than anyone should spend for a house?

Billionaire

According to a Reuters story, that's the asking price for a house in Orange County, Calif. If it sold for that price it would be the highest-priced transaction ever, according to the National Assn. of Realtors.

Forget the details of the house--car museum, mini water park, etc. I'm asking whether there's some ceiling above which no one should ever spend for a house. In other words, is some consumption just too conspicuous and over the top?

I say no--if rich people want to live in splendor with their antique Volkswagens and water slides, fine by me. It would be great if they gave 90% of their money to the poor, but that's not for me to say. Don't forget that while $75 million looks like a lot of money to the average American, it's a mere trifle for a billionaire, of which there are many in the U.S.

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