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Ad Exec Claims Obama Forced Him To Sell $25 Million Hamptons Mansion This Year
By
Jen Chung
Published Dec 23, 2012
Modified Dec 24, 2012
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By
Jen Chung
Published Dec 23, 2012
Modified Dec 24, 2012
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Where's the world's smallest violin when you need it? Advertising executive Jerry Della Femina, whose agency created famous campaigns for Isuzu (with Joe Isuzu), Meow Mix and Absolut Vodka, sold his $25 million East Hampton mansion this year—and claims he only did it because of stinking President Obama. He whined about wealth redistribution in the NY Post yesterday, "I want the proceeds of this sale to go to my kids and my grandkids. I don’t want my money going to Obama, and that’s what’s going to happen in the New Year. That’s why I sold right now, that’s why I wanted to get this done."
Della Femina bought the beachfront home for $3 million in 1987 and says he put $6 million into renovations. According to the Post, "He estimates he would have had to pay an additional 8.6 percent — for a total capital-gains tax bill of $3.7 million — if he had sold it after Jan. 1." He said, "I’m basically the loser in Obama’s class warfare. That’s what this boils down to. If Romney was elected, we would have had our parties in East Hampton this year." News flash: Romney never wanted to be your president.
Anyway, here's how Della Femina explains his contempt for the masses:
When I bought that house I think Obama was in high school, and I certainly have paid taxes ever since.
I don’t come from a lot of money. In fact, I don’t come from any money.
So I literally started with zero. I worked very hard. And I’ve been very good to the people who worked for me. At one point I had over 800 employees, and I always paid all health care for my people — including a man who was my assistant who got HIV. I wound up paying his medical bills, which went into the hundreds of thousands. I’m not making myself out to be a saint. I did the right thing.
Now I’m being told the right thing is to do more. And because I can afford it, I have to pay more.
At this stage of my life, I want to have money to leave to my five kids and seven grandkids. Why would I want to give that additional 8 percent from capital gains to Obama instead?
Oh, he's just mad he couldn't sell it for $40 million or $35 million!
Also, Warren Buffett pointed out that the capital gains rate was 25% between 1951 and 1954 and 27.5% between 1956 and 1969, "Under those burdensome rates, moreover, both employment and the gross domestic product (a measure of the nation’s economic output) increased at a rapid clip. The middle class and the rich alike gained ground."
Tagged
capital gains tax
eye roll
Hamptons
jerry della femina
president obama
real estate
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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