“On my website I have a cost to carry a home worksheet. I have sellers I represent fill this out so they understand the true cost of what it takes to hold a home,” said Realtor Jeff Lichtenstein. “I estimate Tiger’s home to cost nearly $451,000 a month, or $5,419,000 per year if he didn’t have a mortgage and was earning 3 percent on $54.5 million.
“However, in reality, his costs are much greater in the short term because of his five-year mortgage. Other big expenses are real estate taxes, annual money that must be set aside for repair and improvements, and the expensive general upkeep of the golf course.
“These are, of course, rough estimates and are not 100 percent accurate.”
Breaking things down, here are some of the monthly costs that Lichtenstein estimates:
Mortgage: $135,000.
Taxes: $90,000.
Landscaping (including the golf course:) $40,000.
Water: $25,000.
Insurance: $20,000.
Security: $16,667.
Add things like gas, electricity, pool maintenance, dock costs and cleaning, and the bottom line is $451,666 per month, or almost $5.5 million a year.
That might be OK if your winnings and endorsements total more than $90 million, as they were in 2009. Even if he spent an extraordinary amount on bimbos, (which he may have,) his total take since turning pro in 1996 is over a billion dollars. And he did all that before reaching the age of 35.
But there’s more, as any wealthy divorced man can tell you: paying off the ex. Elin received $110 million, according to court records, apparently in one lump payment. (She soon bought a $12 million home about 10 miles south of Tiger, reportedly to satisfy the agreement that his children be close by.)
So Woods’ has gone from the highest penthouse to the lowest financial basement. His golf winnings in 2011 are under $650,000 and his personal problems continue, the latest a messy split with his long-time caddie. He contended only once in 2011 and his embarrassments included quitting after nine holes in The Players here in Northeast Florida.
The collapse can be traced to the early morning of Thanksgiving, 2009 when wife Elin apparently realized that his sexual indiscretions were rampant and the ensuing argument ended when Woods’ rammed his SUV ito a fire hydrant and a tree outside their Orlando residence.
His female friends quickly lined up to get their share of hush money, Elin and the kids out and started divorce proceedings, and Woods’ once-dominant game became more kitty than Tiger.
The turmoil affected more than family. His priceless golf swing became balky, endorsers dropped him as soon as the contracts expired, he split with his longtime management company and he entered counseling programs.
Now, almost two years after his world started crumbling, he remains a giant question in his profession.
Money? If Woods’ reputation as a cheapskate is accurate, there may be plenty socked away. If his reputation as a money-spending gadabout is accurate, tons of money may not be there.
But, house costs are there. And that problem is major — even the world’s richest are watching dollars and Lichtenstein, the Palm Beach Realtor, says that he might not get more than $10 million today for his mansion and its amenities.