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.