Pacquiao house takes another dive; price slashed by 50%
It’s confirmed. The coronavirus pandemic has really hit Sen. Manny Pacquiao with a low blow.
The boxing legend has been forced to slash by nearly half his original asking price of P2 billion for his North Forbes Park house after being on the market for over a year.
The latest asking price is now down to $21.5 million, about P1.035 billion as of yesterday’s exchange rate.
The new dollar price is what appears in an advertisement posted on James Edition, a global online luxury marketplace with headquarters in Amsterdam, Netherlands.
With no local takers, Pacquiao’s real estate agent, Bela Realty, has taken to the overseas market in the hope of attracting interest for the “exquisite luxury home” in the heart of the country’s billionaire village.
Strangely, the Pacquiao house is still being advertised by New ad for Pacquiao house two local agents offering two different prices at the Philippine website of Lamudi, the German-based real estate platform.
One is still quoting the original price of P2 billion, while another is asking P1.8 billion, with both using the same online photos of the Pacquiao house.
The five-bedroom, five-bathroom, 10-car garage house along Cambridge Circle was first listed in early February 2020 just before the first lockdown for P2 billion, then relisted three months later in another website for P1.5 billion, before being migrated to Lamudi with the two higher price tags.
The latest online ad at James Edition also lists a London phone number for any inquiries related to the Pacquiao house.
According to media reports, Pacquiao and family have opted to stay in a rented house in the more affordable Dasmarinas Village.
The North Forbes house was acquired brand new by Pacquiao in 2011, a decade ago, from banker Lorenzo Tan for P388 million, which set a new price record in Makati at that time.
Money talks
• Former Philippine Airlines president Jaime Bautista is picking up another board directorship, this time with the cash-spinning Nickel Asia mining firm.
Despite the coronavirus lockdown, Bautista last year got invited to the boards of PBCom, Cosco Capital, Air Speed International, and Gothong Southern Shipping, with no less than his former boss at SGV, the redoubtable Roberto Ongpin, taking him back with a board appointment at Alphaland after Bautista’s surprise retirement from the flag carrier.
• The Lopez-controlled power company, First Philippine Holdings will be undergoing a generational change in its board.
The old guards are retiring en masse, and giving up their directorships in favor of Cathay Pacific Steel president David Chua, former Ayala Land president Jaime Ayala, former Philippine Stock Exchange president Francisco Ed Lim, former SGV chairman Cirilo Noel, FPH treasurer Emmanuel Singson, and three younger Lopezes, Roberta Lopez-Feliciano, Mercedes Lopez-Vargas, and Miguel Ernesto Lopez.
E-mail: moneygoround.manila@yahoo.com