Thursday, August 30, 2007

UPDATE: Paris Hilton

Well, well, well, it appears that the online gossip juggernaut TMZ has all the inside poop on the difficulties ensuing regarding the sale of Miz Paris "Pokey" Hilton's N. Kings Road property that she placed on the market for $4,250,000 shortly after she was released from the clink n Lynwood where she was sent for her famous automobile misdeeds.

Apparently, interested buyers came running and screaming for far and wide to purchase Pokey's Mediterranean style house. TMZ reports that Pokey's uncle, uber real estate agent Mauricio Umansky, revealed that the buyers are a couple who hail from the big state of Texas who have agreed to pony up just under $4,200,000 for the 2,707 square foot house.

Here's where the trouble starts. According to TMZ, the house did not appraise for the purchase price, and in fact, the highest appraisal is reported to be $3,600,000. What Your Mama wants to know is in this era of sub-prime crises, mortgage melt downs and skittish lenders, what financial institution allows multiple appraisals in order to go with the highest one? Your Mama is certainly no expert on the world of mortgages, but that just sounds unusual. Very unusual indeed. That is unless the transaction is not contingent on a mortgage and the appraisal was done only to satisfy the buyer's curiosity of an appraised value.

Umansky says the purchase price includes the furniture and chandeliers which combined have a claimed value between $600-700,000. Which is a convenient number given a $3,600,000 appraisal on a $4,200,000 purchase price.

However, perhaps this is all neither here not there as Mister Umansky, who seems eager to reveal all the details of the deal, told TMZ that the buyers are paying mostly cash for the property, are only financing $1,000,000, and as such it's really of no matter at what value the house appraised. Umansky, according to TMZ, state the deal will be closing next week.

Listen up Motormouth Mauricio, Your Mama has got no beef with TMZ, but next time you want to be telling the world all the real estate bizness of your rich and famous clients, be sure and get in touch with Your Mama. Seriously.

Sources: TMZ, Pacific Coast News (photo)

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