What Would You Do with $55 Million?

In September, an unidentified Middle Eastern Prince purchased three floors of residences on top of the Fairmont Pacific Rim Hotel. The condominium is truly in a class of its own. Located in Downtown Vancouver, it features a stunning view of the city and its surroundings. The interior, at 15,000 square feet, has brilliant architecture and is embellished with luxurious goods. Sounds like a typical purchase by a rich immigrant right? Wrong. He paid $55 million for the transaction, in cash.

Yes, you read that right. $55 million in cash. The average Canadian makes a little more than $50,000 a year and over a 40 year career, that would amount to approximately $2,000,000. Assuming one has zero living expenses, they’d still have to work for 1,100 years to earn that kind of money.

While both the Middle Eastern Prince and Fairmont benefit from this deal, the winner must be the real estate agent who managed these properties. Based on the commission’s rates in BC, the agent would likely have pocketed $2 million from this one deal. One deal paid him more than the average Canadian makes over a lifetime. I know what I’m going to major in now!