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Monday, January 30, 2012

Hamilton County Appraises Lindner Home at $1.527 Million: Value of Billionaire's Estate Dips By $400,000 Since Bubble Popped

 Lindner's Home Hit by Housing Bubble
CINCINNATI (TDB)-- Hamilton County property appraisers have chopped 21% off the the value of Carl Lindner's estate in Indian Hill over the past 6 years.  Even mansions inhabited by billionaires in the stratosphere of the 1% aren't worth as much as before the housing bubble burst.  At the time of his death last October `17, Lindner was considered one of the world's richest people.  He was known for corporate raiding, Republican politics and recognizing a good deal when he saw one -- and also for philanthropy and giving away his money. In 2005, Hamilton County Auditor Dusty Rhodes' staff set peak value of Lindner's house and 7.25 acre estate at $1.925 million.  In the recently completed reappraisal of all property in the county, the value was was down  to $1.527 million.  The county property tax data record shows:

In case you are wondering , the 5,041-square-foot house has 10 rooms, including five bedrooms.  It was built in 1950 and is rated in excellent condition.  There is a pool, tennis court and bathhouse.  The auditors say the land is worth more than the improvements.  The property taxes are $20,967.86 a year.

Across the county, the most recent reappraisal cut about $5 billion from the value of all land and improvements.  It was about an 8% drop.  Lindner's hometown of Indian Hill -- perhaps the county's poshest community -- saw values fall by 12%.  Elwood Place, a suburban village at the opposite end of the economic spectrum, was hit by a 22% drop in property values.  Foreclosures were devastating the town.

As for housing stock, Lindner's was slightly larger than Apple CEO Steve Jobs' $8.45 million pad in Palo Alto.  Jobs died of pancreatic cancer at home 15 days before Lindner passed away.   Silicon Valley home prices are still going up.


  1. Great catch!!!! Maybe Dizzy Gizzy moves into Indian Hill when she sells out in Cincinnati.

  2. Noticed that I can't blame Obama. Property values started sliding while W was in office. Oh, the horror. Wait, I'll blame Kevin DeWine.