Hope to one day be able to contribute to a sentence that includes the word 'million'. At this stage, im still juggling enough $ for my 300k investment. ha!
Sadly, I was a worker bee not the owner. But my example highlights that once you are very wealthy then you can make money simply by being one of the few bidders.
Like the property myth of the ACI Glass Factory Site in Waterloo bought by Harry Triguboff of Meriton. Rumours from a reliable sources said this huge site with frontage to Sydney Eastern Distributor just south of desirable Surry hills and Refern East was heavily contaminated and being end 2003 boom no -one wanted it. Harry bought it for $20M. A huge amount at the time and many said, the old man has lost his marbles , finally.
Then a year later he sold a quarter to Toyota for their flagship showroom for an alleged $13M decontaminated. So he owed $7M
Then he sat, and sat, and sat and then built one high with vast sections in between as wasteland. Ugly as. Then another and ditto and ditto so in 2013 the site is full of high rise buildings. He has long sold owned the land and each site is profit less building which he is famous for keeping low cost.
Return on investment ???? but as at May 2013, the BRW Rich 200 assessed Triguboff's net wealth at A$4.95 billion, making him the sixth richest person in Australia. When you consider those above him are mining magnates who wealth is shares and inherited wealth through generations, he stands as having wealth in hard core property!
An old boss of mine worked for him and said he has massive temper and changeable mood.
He would disagree with him and be fired in the morning and as you were packing up, berated, and told to get back to work. Once he asked are we going to this Race Meeting in Sydney. Answer $%$ get back to woe. Then with no time to get there for the event, he turns up at the door and says where is the $%^& car!!!! Solution: Hired a helicopter.