Lesson #1 about home buying. Live within your means! Despite being born into the lap of luxury, even Tori Spelling has had to learn to reign in her spending. She even tried to do a real estate flip, but it was a real estate flop! RadarOnline below has more!
“After selling our Encino house at a loss, we were hoping to make a bit of the money back on Malibu,” Spelling writes. “We’d sunk a lot of money into it … But our [Malibu] house took a few months to sell, and when it did, it was for two hundred thousand dolls less than we had paid. You heard of those people who flip houses to make money? We were the opposite: flippers who lost major sums of money on every transaction. My restlessness would be our financial ruin.”
But even as her finances dwindled, Spelling kept living the high-life, renting a “spacious and grand” 9,000 sq. foot home in Westlake Village with a pool, movie theater, “columns throughout the house, a huge chandelier, leaded glass windows, and cold stone floors mixed in with the nice hardwood.” Spelling admits, “We couldn’t afford to buy a house. Yet now we were living a lie in a grand house.”
