Don Vaccaro, a millionaire businessman, purchased a beachfront property in Nantucket for $200,000, only to have it condemned six months later due to severe coastal erosion. Although he could only enjoy a week in the home, he understood the risks involved, as he had previous experience with erosion issues in the area. Ultimately, he lost about $400,000 after demolishing the house before it could collapse into the ocean, but he recognized the potential for a quick profit if the timing had been right.
"The total net loss was in the range of $400,000. This was the worst case scenario," the founder of TicketNetwork and philanthropist told Realtor.com in an email.
"There is a valid argument that immediately after buying the house there was a reasonable chance that I could have immediately flipped the house for about $500,000," Vaccaro explained.
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