Greg Norman raises asking price on Florida mansion

A RECESSION in the US? A real estate slump?
Australian golf great Greg Norman isn’t letting these details get in his way.

For almost two years Norman has been unable to sell the nine-bedroom, 11-bathroom oceanfront Florida mansion he once shared with ex-wife Laura Andrassy despite dropping the price tag to $US47.5 million ($57 million).

Instead of slicing more off the price, Norman, after undertaking renovations, has lifted his target to $US60 million ($72 million).

Those must have been some renovations to increase the price by $15 million!

It seems a little odd that you would spend such a significant amount on a property that has obviously devalued given it was on the market for such a long time.

Over capitalizing on your home can be a real trap and you have to do your research before committing yourself to such an investment.

It will be interesting to see if there is method to his madness.