Don Vaccaro purchased a beachfront property on Nantucket for $200,000, but just six months later erosion led to its condemnation and demolition. The businessman had hoped to profit by flipping the house, which was meant to be a calculated risk given his experience with coastal properties. Despite a week of enjoyment with his family, the property lost significant land, resulting in an estimated loss of $400,000, marking a severe investment setback. Vaccaro acknowledged the risks but felt reassured by past experiences at a neighboring property.
"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. "So everything was a calculated risk. I went into the transaction knowing what the risks were and was willing to take the risk."
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