Sign of the times: Atlanta Falcons’ owner sells mansion for 60% less than original price

From the AJC:

Falcons owner Arthur Blank has sold a three-level Buckhead mansion for millions of dollars less than he once hoped to get for the property.

The home in the 3600 block of Tuxedo Road sold for about $3.9 million in a deal that closed Sept. 15, according to recent First Multiple Listing Service Inc. data. The home’s sales price was once listed at more than $10 million. [. . .]

Blank, 68, nearly sold the Tuxedo Road home for what he paid for it in 1993, when he reportedly bought it for $3.3 million. The sale price, however, doesn’t reflect the ton of money he presumably spent to maintain and upgrade the property over the years. One of its most recent selling points was “a brand new kitchen by Design Galleria, new master bath [and] three full finished levels.”

I don’t think there will be many tears shed about this, and — yes — growing income and wealth disparity have resulted in the very rich widening the gap between themselves and the rest of us.

But such a high-profile sale puts downward pressure on all similar properties, and it’s one more sign of the depth and breadth of the real estate crisis.

Also, as much as many of us would not like to believe it, there is obviously damage to the economy whenever wealth disappears, even if it’s lost from the pockets of someone who has little to worry about.