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Billionaire homeowners spend bundles on property taxes

Being rich is a (property) taxing business
What billionaires shell out in property taxes for their mansions

If your property tax bill seems onerous, check out what some billionaires pay on their California homes, according to a compilation by PropertyShark.com.

Leading the pack is SoftBank Chief Executive Masayoshi Son, who distinguished himself early last year by paying a record-breaking $117.5 million for a home on nine acres in the Silicon Valley community of Woodside. He was on the hook for $1.28 million in property taxes.

Heiress Petra Ecclestone also cracked the $1-million tax mark with a $1.06 million bill for the Westside house she bought three years ago from socialite Candy Spelling for $86.7 million. Nearby neighbor Hugh Hefner’s Playboy Enterprises coughed up $485,301 most recently for taxes.

Others on the list include Oracle Corp.Chief Executive Larry Ellison, whose Woodside spread cost him $792,587 in taxes, and film studio/record magnate David Geffen, who shelled out $629,732 in tax money for his Beverly Hills estate.

Homes making the Top 20 list of home tax bills statewide were located in Los Angeles, Woodside, Beverly Hills, West Hollywood, Los Altos, Saint Helena, Corona del Mar and San Francisco.

 

Copyright © 2014, Los Angeles Times
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