Donald and Shelly Sterling are about to get a huge payday. The sale of the Clippers to former Microsoft CEO Steve Ballmer was approved for $2-billion on Wednesday. Mr. Sterling bought the team for $12.5 million in 1981, which means he will be getting a 15,900% return. Not bad.
That got us wondering, what else could we buy that would provide a large return on investment? Here are other "sure-fire" ways to spend your millions:
Norman Rockwell’s “After the Prom”
934% return on investment
Bought: $880,000 in 1995
Sold: $9.1 million in 2014
Art, be it fine or popular, can appreciate nicely. Norman Rockwell has undergone a major financial reappraisal in recent years. "After the Prom" sold at Sotheby's on May 21, 2014.
Downtown Carwash in Los Angeles
Appraised: $953,000 in early 1980s
Sold: $24 million in 2014
A carwash? Really? Yes – especially if it's located in a booming downtown Los Angeles. The original owner, Robert Bush, rejected multiple offers over the years and finally sold to Los Angeles landlord Ben Neman.
Los Angeles Clippers
Bought: $12.5 million in 1981
Sold: $2 billion
1962-1964 Ferrari GTO
Estimated price: $300,000 in 1981
Sold: $52 million in 2013
Only 39 were produced and when new, they sold for $18,000. It was reported that the most coveted car in the world recently changed hands in a private sale.
IPO: $22 in 1980
Split adjusted: $2.75
Current value: $635
Do we wish we had bought stock when it was $14 per share in the 1990s? Yes. Yes we do.
Value: $520 on May 5, 1981
Current value: $191,356
The clear winner is billionaire Warren Buffett's company. He's so popular, he has his own clothing line.
FactSet Research Systems Inc. and Times reporting;Copyright © 2017, Los Angeles Times