Celebrity surgeon went ‘all in’ on $180 million Bel Air mansion, then came the high-end housing glut

Economy & Finance
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This guy has the word SUCKER tat’ed to his forehead:

But with every architect he met, the project grew in size and cost. What began as an around 3,000-square-foot home ballooned to a 34,000-square-foot megamansion with nine bedrooms, a Portuguese-limestone facade, a spa, theater, 2,000-bottle wine room, three kitchens and fully loaded gym designed by celebrity trainer Harley Pasternak.

“Bank of Internet”? For real?

But Kanodia’s euphoria soon gave way to financial realities. Despite charging upwards $20,000 or more for his procedures, Kanodia had to scramble to find lenders or investors, at one point turning to what he calls “hard-money lenders.” Eventually he got a loan from the Bank of Internet. While he declined to give the amount, he said he has plenty of equity in the house to pay off any loan.

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He started seeking 3,000 sq ft and ended up with 34,000… How’d he pass the math classes required to be a surgeon?

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As a celebrity surgeon, why not keep the house and enjoy the house he spent years to build?

Flippers can always choose to live in the house that they can’t sell. If they can’t afford to live in the house, they can simply do a short sale.

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it’s a legitimate lender, actually, I think full service bank. I have a commercial loan from them that other lenders did not want to do, at 4.99% w/o points.

About 6 months ago they changed their name to AXOS Bank, given that “every bank is on the internet now”

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