Sunday, May 03, 2009

Recession Break: How much will it cost to run my Mansion

How about a much needed break from the recession talk?

I was going to write a post about saving and cost cutting but I’m sick and tired of that crap. We need a break to help us keep our dreams and goals in focus!

So, I was watching one of those Forbes celebrity shows and wondered “how much it would cost to own and maintain a mansion?”

Last October Portfolio-Nast profiled a man who moved into a $10 million dollar house (pictured above). Here is an example of some of his monthly expenses.

  • Rent: $13,000.00
  • Utilities: $2700.00
  • Water:$1000.00 (Things that he didn’t consider: the pool, the fountains, and the damn sprinklers that came on in the wee hours to keep the great lawn lush and green)
  • Cable: $800.00 (He had 10 TV’s!)

TOTAL: $17, 500.00 per month.

He described himself as “a man struggling to hold on to the illusion that he is upper middle class……like a character in a cartoon earthquake: He looks down and sees his feet being dragged ever farther apart by a quickly widening fissure. His legs stretch, then splay, and finally he plunges into the abyss.

Those cost don’t include food and that assumes that him and his wife maintain the entire property. We need to hire some help to….to.. help. There’s a lot of stuff to keep clean! How much will that cost? Putting my internet skills to use I found the following information sited from a magazine called Celebrity Staff 

Baby Mansion (>$100,000 / Year)
3,000 – 5,000 sq. ft.


-Two nannies ($750 per week)

-Weekend Nanny ($400 per week)

-Housekeeper / Cook ($750 per week)


-In laws ($Guilt-trip / week) 

-Old Jamican lady from the hood (“four hun’ed” – Translation $400.00 paid under the table) 

-Revised cost: $30k

MEDIUM ESTATES (<$650,000 / year)

5,000 to 10,000 sq ft.


-Nannies and Childcare $98,000 

-A Household Manager $95,000 

-An Executive Housekeeper $65,000

-Regular housekeepers, Personal assistant and chauffer and operational costs will take you to $650,000 annum.


-Give your boy $50,000 / year and tell him if he wants to keep his job get everything else done for another $50,000.  

-Give the Ol’ Jamican lady a raise and tell her to watch he kids full time. Give her full rights to whoop ass if needed. 

-Revised cost: $125k

LARGE ESTATE (<$1.5 Million Per Year)

(10,000 to 30,00 Square Feet)

-Estate Manager at the cost of $100,000 per year 
-3 house keepers 
-A laundress 
-Head Chef 
-5 Security personnel.
At this point, I got so much money I don’t really give a @#$%. 

OPRAH MONEY (More then $3 Million/ year) (<30,000>

-30 house keepers

-12 laundresses

-10 butlers

-20 full time security personnel

…And if you think about buying that boat: For yachts, the operating costs are about 10% of the purchase price. So a $24 million, 150-foot yacht will cost you about $2.5 million a year to run.

Ok back to the recession……..


Sources: Wall Street Journal Blog

Celeb Staff Magazine

Portfolio Nast

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mary said...

Wow..suddenly my humble abode is starting to shine like the little jem it is. I'm thinking, even if I had the wads of cash needed to maintain these places, why would I want to.

Comfort is relative, and then there's the risk of long lost relatives who'd show up at any one of my 10 doors.

Nope, I'll leave ostentation to those who've earned it.

Enjoyed the breakdown and post.

An FTB Blog. said...

lol, thanks for the comment Mary. I agree, after reading all of the stories to create the post, I was definitely thinking that "less is better". Maybe a small house with a Big Garage for toys!

Now that sounds like a plan.