In my last post, I showed you the ultimate bachelor pad with the 30 car garage and you guys loved it. However, many commented that they really need more than a single bedroom. If that’s you, then you will be interested in the house next door.
Located at 86873 Newton Way, Thermal, CA 92274, this house is a racing family’s dream. With 7,192 square feet of space, the house offers 3 bedrooms and 5 bath, but you’ll have to make due with only a 10 car garage instead of the 30 for our bachelor pad. The house is listed for sale with an asking price of $4.6 million, well below the $7.5 million asking for the single bedroom next door.
The house is part of community of homes at the Thermal Club, a 160 hectares private members club for rich car enthusiasts. In order to be a member of the club, you need to own a house there. Then you need to pay a one time membership fee of $85,000 plus $1,200 each month for membership dues (there is also $250 a month HOA). Once you’re a member, you get access to all the club facilities and three race tracks for you, your family and your guests.
Unit 86873 is spread over three floors. The lower level features a garage big enough to hold ten cars, a full bath and storage space for tires that you’ll no doubt burn up during the track sessions.
Because climbing up three flights of stairs can be a chore, the house also has an elevator connecting all the floors.
The second level has a family room and two bedrooms, each with ensuite baths.
The top floor is where all the action is. Here we have an open floor plan featuring a living room, dining room, kitchen and the master bedroom. The top floor also features a large viewing deck so you can see the action on the race track.
The History of 86873 Newton Way
86873 Newton Way was completed in October 2019 and listed for sale at $3.3 million. It sold in May 2020 for $3.175 million. It was put back on the market in March 2021 with an asking price of $3.6 million. No one bought it so the price was increased to $3.8 million in July 2021. There was still no sale so they did what you do when your house don’t sell. Increase the price again! And that’s how we got to the current asking price of $4.6 million.
The asking price is not the only thing increasing. Property tax on the house was $457 in 2019, $26,359 in 2020 and $41,654 in 2021.
All this shouldn’t matter to the buyer. According to Thermal Club, their home owners have a minimum net worth of $30 million and these homes are not their primary residence, but a second, third, fourth or fifth vacation home. This might explain why the asking price of the house keep going up when it doesn’t sell. The purchase is more of a Veblen good than a house.