News Clips— Needle Exchange

NEEDED: High-end pawn shops for billionaires.

That's the ad cellular mogul Craig McCaw might want to place as he scrambles to sell off his rich man's toys. According to a recent article by New York Times reporters Geraldine Fabrikant and Gretchen Morgenson, financial observers say the recent shakeout in tech and communications stocks seriously shook the Seattle resident's holdings—his $8.8 billion stake in Nextel and XO Communications is now worth a paltry $1 billion.

However, as McCaw's fellow filthy-rich folks have taken similar stock-related hits, he's short on potential customers. Good ol' Paul Allen: He picked up McCaw's 300-foot yacht, Tatoosh, (along with its two helicopters, a 40-foot speedboat, and swimming pool) for $100 million. Actor Jim Carrey also paid McCaw $38 million for a Gulfstream G-5 plane. Still on the market is McCaw's 780-acre private island in British Columbia—he wants $49.9 million, but he's willing to throw in the appliances.

James Bush

jbush@seattleweekly.com

 
comments powered by Disqus