Originally published Marc h15, 2006.
In
Greenwich, CT, Joseph Jacobs recently purchased an 11 acre parcel of land for $5.5 million dollars (yup, $500,000/acre � before any building). His plan: to build a custom residence with nearly 39,000 square feet of living space (not including the 1,100 sq. ft. pool house), with a frontal building span of 220 feet (as in, the length of a good football drive to get into field goal range). See artist rendering below (from the New York Times). But that�s not necessarily the sign of the Apocalypse� 
You see, the prospect of such a large, prominently displayed residence (there is a distinct lack of protective foliage surrounding the proposed estate) had area residents in a furor � despite the fact that they themselves own properties well in excess of 10,000 square feet.So, after the story was published in the New York Times, Mr. Jacobs hired a PR consultant to advise him on the situation. The pair released a statement saying Mr. Jacobs had abandoned his plans to build on the site (at least for the time being), apparently relieving the neighbors of their anxiety.So now comes the kicker. Mr. Jacobs, stranded with his $5.5 million patch of dirt, has decided to plop down another $7-9 million for a nearby patch of dirt � this time with a residence of a meager 11,000 sq. ft. already constructed on site.His new plan: to live in the 11,000 sq. ft. residence to tide him over till he can build his dream house (or, if you like, small village) on the original site. So, if I have this right, the man just strategically downsized to a $7 million, 11,000 square foot residence after dropping $5.5 million on a patch of Earth? Now I�m not complaining, but for a ready comparison: I couldn�t afford to buy a 900 sq. ft. condo within driving distance; this man will probably have a 900 square foot golf simulator in his own house to measure his �driving distance��
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