When Dealbreaker came across a bank statement in East Hampton that indicated someone was keeping $100,000,000 in his or her savings account, we could barely believe it. But according to the Observer, there are some moneymen who not only admit to such a folly — they flaunt it. From today's profile of enigmatic real-estate investor Joseph Chetrit, who recently made headlines for buying the Chelsea Hotel:
Mr. Chetrit took his empire national from a 400,000-square-foot warehouse in Philly to Giannini Place in Los Angeles, the birthplace of what became Bank of America. Mr. Chetrit bought low, sold high and repeatedly made a killing. During this run, he reportedly made hundreds of millions and had staggering amounts of cash at his disposal. One broker remembers Mr. Chetrit’s proving his solvency to a potential seller by showing him his checking account balance: $100 million.
Proof of solvency! That's definitely worth earning sub-inflation levels of interest on $100 million in a checking account.
Related: New York's April profile of the Chelsea Hotel [NYM]