Buckhead is Atlanta’s swanky area where many of their rich and famous reside. While on a tour through the Tuxedo Park neighborhood, we saw numerous mansions owned by former and current Coca Cola exces, rappers, athletes and actors. Our tour guide pointed out what used to be Kenny Rogers’ house. Here’s my photo of the mansion taken from the back seat of the tour bus:
Kenny was a mansion flipper in that he had had some success doing that in Beverly Hills, California before moving to Atlanta (click here.) However, he didn’t fare as well in Buckhead where he purchased the above mansion for approximately $3 million, sunk a couple more million into it and then put the home on the market asking $7.8 million for it. (Here’s a funny story on Kenny’s real estate doings in Buckhead (click here.))
When his place didn’t sell at that huge asking price, Kenny took it off the market for awhile and later re-listed it at a much lower price around $4 million. It eventually sold for that and Kenny then moved to Athens, Georgia (click here.)
In explaining all of this, our tour guide went on to say that the folks who purchased the Buckhead house from Kenny did so when the market was down and a couple years later were able to sell it when the market had kicked back up. Accordingly, they were the ones who made a nice profit on their flipping of the Rogers’ mansion. Our guide concluded her account with the joke “Kenny just didn’t know when to hold ’em.”
However, from the little bit of reading I did in the above articles about Kenny’s real estate doings, it sounds to me like the ole boy knew exactly what he was doing. Bottom line, knowing when to fold ’em is often times more important than knowing when to hold ’em.
Before Kenny went mainstream-as-in-islands-in-the stream-country on us, he was a rock n roller who had several hits with the First Edition. This was always my favorite of theirs: