we’re all in trouble.
The Maloof financial troubles are easing a bit. They just negotiated a deal to sell 65% of their NBA basketball team, the Sacramento Kings, for a cool $525M to a Seattle investment group intended to move the team to Seattle and rename it the Super Sonics. This sale has to gain the approval of other NBA team owners, however, it is expected to gain quick approval.
Good for the Maloof family…regardless of whether the deal goes through, they have been given a $30M earnest money deposit, which is non-refundable should the deal fall flat, so the Maloof’s have some pocket change to pull them through whatever financial woes they’ve suffered of late.
This may be the reason we’re seeing Adrienne bouncing about town seeming optimistic and happy.
As you know, I spend a great deal of time in Las Vegas and the news there has been that the Maloof family is in financial trouble, dropping their ownership of their hotel and very popular casino, The Palms, to only 2%. They also own the Sacramento Kings and were nearly enticed to move the team to Anaheim because that city was offering a substantial cash infusion had they made the move…cash the family probably could have used. I was surprised they didn’t accept the offer, except that the residents of Sacramento begged them to give it another year, and the Maloofs were kind enough to acquiesce.
Times are tough and if you don’t think the “rich” are affected, think again. They aren’t starving or worrying about whether they can put gas in their cars, but they are having to cut down on staff, put their mansions on the market, sell their private jets and rent instead, and get rid of assets that are draining their resources, while trying to find ways to shore up their cash reserves to meet cashflow requirements.
I don’t know anything about the Maloof’s business and I have no doubt that they have been good fiduciaries of their inheritance, but long recessions seem to eventually impact the wealthy, as well, and I think it’s always a sign that things are getting worse, People with money always have large cash reserves and when a recession has lasted this long, eventually those cash reserves disappear and then they begin to feel the pinch. As I’ve said before, very few are surviving the long-reach of this recession.
Donald Trump nearly lost everything in the 1990′s and only survived that recession by keenly negotiating with his bankers, who weren’t offered bailouts at the time so there was no advantage for his banks to foreclose.
As much as I feel for “ordinary” people who have been unemployed for a long period of time, I feel the pain equally for the wealthy, too. I hate to see loss. Things may look like they’re doing well on the outside, but they have sleepless nights and worry just like everybody else. And, as we can see from this season already on the Real Housewives of Beverly Hills, it impacts marriages, as well. I recall the market crash of the 1930′s caused several millionaires who had seen their fortunes disappear jump out windows. Yes, recessions hurt the wealthy, too, and there is no pleasure in watching them fall.
Don’t get me wrong, I’m not saying I wouldn’t love to see Jill Zarin or the Countess fall, but that has nothing to do with their level of wealth, and everything to do with their level of arrogance. Sometimes people just simply need to fall, though Jill Zarin’s fall is most likely going to be when we see them carting her off to the nut house. Hehe.
In an earlier poll, I asked if you believed that Adrienne and Paul’s marriage would survive because there seemed to be a great deal more bickering going on between the pair of them. Sixty-eight percent said “yes” the marriage would survive, but that was before we knew they were dealing with financial issues. The bickering has always apparently been there, but financial issues put enormous strain on a marriage, as we witnessed first-hand in the Armstrong marriage.
Lisa Vanderpump’s beautiful estate is on the market for $28M and I’m guessing that’s because restaurant sales are down, as well. Aside from possibly realizing the home is too large for them now, as my husband and I realized, it simply may not be worth paying the large property taxes given the prolonged downturn in the economy.
I don’t like to talk about people’s financial issues. It seems it’s none of our business. I am especially saddened by the Maloof’s issues. They’re nice people and we never like to see nice people fall.
You might be inclined to ask, why then is Lady Brooks talking about Adrienne Maloof’s financial issues if she doesn’t like talking about such things, and the reason is obvious…nobody is immune, and so when you watch these beautiful women living their “apparently” beautiful lives, know that they have issues, too, and that not everything that glitters is gold. Each of us will have ups and downs in this life we are living and each of us must muster the strength to get back up. If Adrienne can do it, we can do it. She still bothers to get up everyday and she takes the time to go about her daily chores. She looks in a mirror, she puts on her make-up and she still has kisses for her little boys.
Don’t you ever give up on yourself. You’ve got a sea of people rooting for you, even though it may not seem so at your darkest moments. We need to open our hearts to the good will we all have within us, for Adrienne, for our neighbors but, mostly, for ourselves. My heart aches for all the suffering I am seeing and I pray everyday for your heart not to harden in these difficult times.