$400,000+ In Gold Krugerrands Used To Purchase Home In Florida
 

SARASOTA � Realtors will tell you that nearly anything both parties agree to can be written into a residential purchase contract.

On Monday, Realtor Kim Ogilvie closed a deal with a very interesting twist.

A golden one to be exact.

The buyer of a downtown Sarasota residence that sold for more than $1 million brought a briefcase filled with $400,000 worth of South African Krugerrands to the closing -- that is about 444 of the gold coins. A foreign coin expert was at the closing and verified the coins' authenticity and weight.

"This was a first," Ogilvie acknowledged, adding in Realtor fashion: "It really shows you the depth to which buyers will go to use their resources to acquire properties they think are well-priced."

Despite the big push by Realtors regionwide for international buyers -- and, of course, the foreign-born Krugerrands -- both the buyer and the seller were Americans.

About 20 years ago, Ogilvie was part of a deal where the buyer brought a suitcase of $10,000 to a closing.

But Monday topped that one.

"I represented the seller and were happy to complete the transaction in whatever form they wished to use."

http://www.heraldtribune.com/article...-1/newssitemap

OK, which GIMer is buying Florida property? :D

Re: $400,000+ In Gold Krugerrands Used To Purchase Home In Florida
 

Interesting story. I would not buy a home in florida using 444 Krugerrands.. I bet that guy is going to be kicking himself when gold is sitting at 1600 an ounce.. Oh well, a fool and his money..

Re: $400,000+ In Gold Krugerrands Used To Purchase Home In Florida
 

Yeah, but maybe he bought at $200/oz. Still, I would be buying in Montana or Idaho, or here in Oregon, definitely NOT Florida.

Re: $400,000+ In Gold Krugerrands Used To Purchase Home In Florida
 

A 28 lb. briefcase...

Re: $400,000+ In Gold Krugerrands Used To Purchase Home In Florida
 

we may have to learn how to verify gold and silver (and their purity) in the not-so-far future if this becomes a common practice; by the way, how did our ancestors do it? verfying true money?

Re: $400,000+ In Gold Krugerrands Used To Purchase Home In Florida
 

Just like in the movies, they bit it with their teeth! :D

Re: $400,000+ In Gold Krugerrands Used To Purchase Home In Florida
 

Maybe, maybe not. As someone else said maybe he bought at a lower price...

In my case I've been buying PM's for the past 3 years as a hedge and in the knowledge that I'll be selling some when I buy my new home... as it turns out looks like we will be adding on (contractors are desperate for work and making us some very nice offers)...

I'm selling some Ag and Au myself right now to come up with cash. The best one so far is a 2 (maybe 3rd) generation family owner/operated company, I'm tempted to ask if they'll take partial payment in PM's, including kruggerand :D

Good move putting it into gold and silver instead of a MM or stocks... I doubt I could have picked stocks that would have preformed as well as Ag and Au in the past 30 someodd months. Also, all those stocks would have a nasty capital gain form pre-attached to them.
:smokin:

Re: $400,000+ In Gold Krugerrands Used To Purchase Home In Florida
 

then we need some disinfectant also :)

Re: $400,000+ In Gold Krugerrands Used To Purchase Home In Florida
 

I wonder how the purchaser paid his capital gains taxes on the Krugs? I mean we all know he did, right? :wink:

Re: $400,000+ In Gold Krugerrands Used To Purchase Home In Florida
 

Seller must be happy, made himself 25000 more since monday.

Re: $400,000+ In Gold Krugerrands Used To Purchase Home In Florida
 

a suitcase?!?! $10K can probably fit in a nice sized jacket pocket.

Re: $400,000+ In Gold Krugerrands Used To Purchase Home In Florida
 

Sounds cool Real money for real property.

Re: $400,000+ In Gold Krugerrands Used To Purchase Home In Florida
 

Not exactly...

Real money for real estate. We know this because they used a real estate agent.

Re: $400,000+ In Gold Krugerrands Used To Purchase Home In Florida
 

Anyone have a pic of all those coins?

Re: $400,000+ In Gold Krugerrands Used To Purchase Home In Florida
 

So he got the house for a bit under $10,000 as measured in
circa 1910 prices (before the Fed, $20.67 gold). It must be
quite a house or he may have paid a bit too much. A couple of
years from now he might have gotten it for 200 ounces.

Re: $400,000+ In Gold Krugerrands Used To Purchase Home In Florida
 

But he sold them at a loss. He bought them all cash at coin shows and such when gold was above a $1000.

Re: $400,000+ In Gold Krugerrands Used To Purchase Home In Florida
 

Logic says that if I have a questionable coin, I weigh it, then put it in a glass of water and measure the displacement.

If the purity isn't right, it won't weigh correctly. if they changed thickness on the coin to fake the weight, the displacement won't be right.