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Ultrarich Wash Down Recession with 35K Champagne
By
John Del Signore
Published Apr 14, 2008
Modified Apr 14, 2008
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By
John Del Signore
Published Apr 14, 2008
Modified Apr 14, 2008
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The Federal Reserve Board may be sending distress signals about a “prolonged and severe economic downturn,” but ultrarich individuals like hedge fund manager Lee Tachman aren’t sweating it; the 38-year-old Tachman just spent $50,000 on a four day vacation to Miami with three of his bros. According to a ‘Happy Monday’ article in the Times, Tachman’s crew rolled with a “private jet, helicopter, Hummer limousine, Ferraris and Lamborghinis; stayed in V.I.P. rooms at Casa Casuarina, the South Beach hotel that was formerly Gianni Versace’s mansion; and played 'extreme adventure paintball' with former agents of the DEA.”
That trip was organized by In the Know Experiences, a vacation-planning company for the affluent whose website promises that “the velvet ropes will fly open, the champagne will keep flowing, and the enjoyment will be everlasting.” Indeed, the Times hears from many in the luxury good business who say that while the merely rich have been tightening the belts a bit, ultrarich consumption continues unabated. The co-owner of the newish Meatpacking District club 1OAK says his guests are still demanding the club’s “Nebuchadnezzar;” a 15 liter bottle of Champagne that costs up to $35,000.
Not feeling bilious enough yet? Try this: Since last January three New Yorkers have bought yachts ranging from $8 million to $35 million. And 71 Manhattan apartments have been sold for over $10 million this year, compared with 17 apartments in that price range during all of 2007. In fact, just days before the collapse of Bear Stearns, the bank’s chairman, James E. Cayne, paid $25 million for a condo at the Plaza Hotel. Anyway, don't forget your taxes are due tomorrow!
Tagged
affluent
bear stearns
consumers
consumption
downturn
hedge fund
lifestyle
luxury
recession
rich
spending
ultrarich
wealthy
John Del Signore
Originally from the Albany area, John Del Signore has called NYC home since 1995. In addition to his thousands of meticulously-crafted bespoke blog posts for Gothamist, his writing has also been published in The Awl, Deadspin, The Nervous Breakdown, and performed at The Brick Theater in Brooklyn.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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