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Parking spot sold for R5.6m

2013-06-26 08:35

NEARLY DOUBLE THE PRICE OF THE AVERAGE HOME: Lisa Blumenthal paid R5.6m for her patch of asphalt, nearly double the price of the average home in the area. Image: AP

BOSTON, Massachusetts - Parking is such a precious commodity in Boston, USA that a woman was willing to pay R5.6-million for two parking spaces near her home.

Lisa Blumenthal won the spots in the city's Back Bay neighborhood during an auction held by the Internal Revenue Service, which had seized the spots from a man who owed back taxes.

PARKING SPOTS AS MUCH AS HOMES


Blumenthal, who lives in a multimillion-Rand home near the parking, told The Boston Globe she didn't expect the bidding to go quite so high. The record for a single spot in Boston is R3-million and the average price for a single-family home around R3.1-million.

Bidding began at R424 000 but within minutes hit six figures.

The neighbourhood is home to Boston's elite and bidders included property agents, lawyers and business owners, the Globe said.

Blumenthal's home is valued at R58-million.

Steven Cohen, a Boston-based broker, said: "It’s hard for most of us to get our brains around this, but this is a portal into the world of people who are playing by different rules than most of us."
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