Oprah Winfrey may be one of the richest Americans, but after a string of recent real estate investment losses she might consider keeping her billions in the media business.
The lady billionaire’s most recent hit came as her company sold retail space that once contained her Oprah Store at a loss of more than $1 million.
The sale comes after the company’s closing of the store itself, which was shuttered just after Oprah signed off the daytime airwaves for good in 2011.
Fizzle: Oprah Winfrey knows how to make money in media, but the billionaire has taken more than one fat loss in the real estate game
The space, which sat just across from the talk queen’s Harpo Studios in Chicago, cost the company $1.98 million, but it ultimately sold for only $875,000, according to the Chicago Tribune.
The Oprah Store sold Oprah logo-emblazoned designer wear from ‘Oprah’s Closet’ and gave proceeds to charity. The law firm that orchestrated the sale said the space is set to become a meditation center.
This is not the first time an Oprah-backed real estate investment brought a big loss.
Last summer, Ms. Winfrey sold an eight-bedroom co-op unit in Chicago’s Streeterville neighbourhood for $2.75 million, a unit for which she paid a whopping $5.6 million in 2006. Loss: around $3 million.
Ouch: The Oprah Store in Chicago closed after Winfrey's talk show ended in 2011. The space was recently sold at a $1 million loss to her company
Ooohm: The store sat just across from Oprah's Harpo Studios in Chicago. It will now become a meditation center
Oprah, by the way, never even moved into the place.
These are two sharp blows to the media savvy businesswoman, ones that followed the mightiest of blows: when her much anticipated OWN Network hit airwaves to disappointing numbers.
But since the network’s dark first days, things have begun to look up and Oprah may yet redeem her juggernaut status among TV types.
Repeat: The Oprah Store, pictured, was just one of her real estate flops. She sold a Chicago condo in July at a $3 million loss
The Oprah Winfrey Network—its full name—has been gaining steam since landing an exclusive first interview with shamed cyclist Lance Armstrong.
And Forbes reports that Discovery Channel, which partnered with Oprah on the OWN venture, has confidently reported that the cable network could be in the black by the end of 2013.
Oprah is currently the only African American billionaire, with a reported worth of $2.8 billion.
Hope: Things may be on the up for Winfrey, though. The OWN network, which tanked initially, is showing marked improvement and her partners at Discovery Channel say it could be in the black by the end of 2013
Read more: http://www.dailymail.co.uk/news/article-2324046/Oh-No-Oprah-takes-financial-hit-sells-property-The-Oprah-Store-1M-loss.html#ixzz2TFk0lsLV
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