Yeak Mike, we've got a pool and a pond. Pond would be good for you.

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"Nobody ever went broke underestimating the taste of the American public." ~ H.L. Mencken

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CSFMB: Home of the small minded

I really don't think Mike is in trouble, but he no longer has any FU money laying around. I would also hamper to guess that Mike did not buy this land outright, thus even with 50% down, he has been carrying a $1,000,000 mortgage on it for 5 years, thus another $10,000 a month of expenses. Selling the land stops the bleeding and maybe puts another $500,000 in his pocket. Plus, takes a $500,000 loss which he could offset if he had any income, and how much longer will WBBM pay him?
One more thing, who lists land for sale and then asks for a picture of themselves on the land for sale in the Newspaper? That alone might push someone away as they dont want the news story as they are the ones who relieved Mike North from his finanical obligations.

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"I am not saying, I am just saying"

Why would we trust you? I hear his finances are in shambles. Too much debt, not enough income to cover it anymore.

I'm actually pretty sure that he could NOT use this loss to offset any income. This was a purely personal expense, the North's even say it themselves, they purchased it to build a home on to live. So because this is a personal expense, any loss on it is not deductible. If you buy a TV for $2,000 and sell it 3 years later on craigslist for $300 you don't get to deduct $1,700 on your tax return.

Yeah that internet challenge to Shakes was misguided, Dave.

Remember that it was two parcels on the lake so that is about 1 million per lot. If they purchased it in 2005 for that amount and another lot sold in 2008 for $850,000 (how doe you say 2008 was a better market than 2005), that sounds like they paid right around market value. You also must factor in that it was unique property for them in that it fulfilled a desire for them to live directly next to family in two new built single family homes.

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O judgment! Thou art fled to brutish beasts,
And men have lost their reason.

I think the biggest problem that I, and many others, have with North is just how disingenuous he comes off...ALL THE TIME.

Initially he really came across as an "everyman" that really did work hard to, later in life, get in the biz. He made a point to "never forget where he came from", constantly talking about his crappy gigs and struggles (then success(es)) in life.

At some point ... I guess toward the end of his initial Monsters run on WSCR ... he morphed into a raging egomaniac who truly thought that everything, and everyone, he touched would become gold. That he could spew nonsense, and cross the line, and get away with it because he was Mike North.

This "story" is yet another example of him still trying to come off as some big time guy that simply had a "change of plans" for the ridiculously priced land he bought. For me he is too far gone to ever get me to consider him anything but a complete clown, but I have to imagine he could start scoring back some of his old fans by being truthful. His continued glossing of everything in his life with arrogance and big-time status is just tired.

I don't know, maybe there are plenty of meatballs out there that will read this story and believe that he and his wife "simply lost interest" in building their insane mansion....I find his continued efforts to stay relevant insulting and embarassing.

Hey Harry,
Very well thought out post. I think the best thing Mike can do right now is say "I screwed up and got away from what made me popular in the first place"(sports radio).
He refuses to eat humble pie. His downfall is when he broke up with Jiggs. He could have made the morning gig work IF Fred was a full partner and not a "yes" guy while Ann Maxfield was given a chance to talk without interference from Mike.That would have been a much better listen.

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favrefan said:"Chris Coghlan isn't gonna pay your rent, Jimmy."

Here is a satire of what might have happened back in 2005.

Nort - "hey bebe, I just bought us 2 waterfront lots to build our dream house and yer sisters dream house. "

Bebe - "Oh mikey that is great news. How much did you pay?"

Nort - "2.1 million for both lots from the bank. It is a steal"

Bebe - "Wow.... you didn't tell me we were moving to the northshore. What town, Willmette, winnetka, ...??"

Nort - " no its better than those places"

Bebe - "oh mikey.... we are moving to california. wow...where san diego, newport beach.....?? or is it florida?"

Nort - "No you're way off toots. The lots r right here in park ridge so'se we don't have to move far from the bingo parlor and fritzy."

Bebe - " mike, where is their waterfront property in park ridge?

Nort - " Its over by murphy lake in a secluded area that caters to the rich like us"

Bebe - " Oh well, at least you are in good shape with a long contract at the score"

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Frank Coztansa wrote:
Please die in a fire.

Seeing as he's back with Jiggs, I guess the next backwards evolution as he 'digresses' would be to own a hot dog stand.

Good deal, as I'm starvin!

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Disclaimer: Most of my posts are not suitable for work or home viewing.

The name's Rockmore. Beef Rockmore

Mikey sure seems to "lose interest" in his "dreams" rather quickly, doesn't he?

I would say 2005 prices similar to current prices, BUT in 2005 it was MUCH easier to get the loan as the market was on the way up, now it is on the way down.

Either way a 2008 Price, gives me a late 2007 Contract price which is your peak price/time.

Additionally, he has to provide the plans to someone for the purpose of someone being prepared to build a house, because the bank is not going to loan on a $1M lot, by itself. They want assurances you are building, thus a $1,800,000 loan, which includes the construction.

And they will want 30% down, so $600,000 cash. I know some people still have $600K, but even less are moving to park ridge to spend it on a fake lake.

Of course if I am playing in the $600,000 cash range and can support a $1M+ mortgage, I am buying a house in Glencoe on Bluff, or South with Beach access.

Nothing says CLASS like a $2 M house on a fake lake in P Ridge!

Oh this gives me a great idea!!!!!!

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"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”

There is a small lake in Park Ridge. The houses around there are pretty pricey. In the 80s a lot of the Cubs used to live around there.

OK you sold me, I'll take any lot you can get for me, here is 1 million cash!!!!

But what makes him think anyone would want his plans? I'm guessing two gigantic lions at the front door and a lot of wrought iron are critical to his design.



You ain't kidding. And you're going to have a tough go even with a premium location. My partners and I built a fantastic house right off Sheridan Road in Winnetka. We had to outbid Pickell for the land at 1.25 million. We wound up giving the thing away. It was a fuckin' bloodbath. Some lucky bastard got a great house for about half of what we could have sold it for a year or so earlier. Times are tough all over. Even in Park Ridge.

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Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Matthew, Tulsi, and Don

Yeah, keep the lions and the iron, but the doorbell chimes that play the opening bars of "Ain't That a Kick in the Head" were going to be a nice touch.

The whole trib article just magnifies what a total jagbag (keeping to the pappy theme) north has become. He will never admit that he was wrong on anything. Insted of admiting that he does not have the money to build this new house, he goes to the tribune and says he doesn't want to move. Bullshit. So north has to live right next door to bebe's sister instead of ten minutes away?? No, the north money train has derailed and he is headed for bankruptcy or foreclosure. But nort will never admit he fucked up. Look everyone who bought property right before the crash is fucked, but pappy still thinks his property is worth more than he paid for it. north will be back selling hotdogs sooner than he thinks.

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Frank Coztansa wrote:
Please die in a fire.

"Mister Norf, Mister Norf, pwease don't move away, PWEEEASE!!!!"