Listen up, sports memorabilia fans. You think buying into Mickey Mantle’s boyhood home is the investment of a lifetime? Think again. Rally, a collectibles company, is practically begging you to buy a $7 share of this dilapidated piece of history located in Commerce, Oklahoma. Well, we’re here to tell you, don’t fall for it.
First up, let’s talk about the elephant in the room: renovation costs. The house was bought for a meager $175,000, and Rally’s already dropped about $50,000 into refurbishments. And trust us, from the mint-colored stove to the faded velvet couches, it looks like this place needs way more than a mere fifty grand to shine. You’d probably do better flushing that money down the toilet.
Taxing Times Ahead
Oh, and how could we forget property taxes? Commerce is not exactly a bustling metropolis, but don’t think you’ll get away without paying your dues. Rob Petrozzo, Rally’s chief product officer, didn’t even spill the tea on how much the shareholders would be on the hook for those annual delights. Maybe because he knows you’ll run faster than Usain Bolt in the opposite direction?
Museum in Oklahoma? LOL.
Then there’s the laughable idea of turning the Mantle home into a museum. A museum? In Commerce, Oklahoma? You might as well open a $3 million dollar card shop. Even the residents think Rally’s valuation of the property is eyebrow-raising. Plus, city administrator and former mayor Michael Hart estimates that a similar home in the city would usually sell for about $10,000.
Risky Real Estate Business
Now, let’s not forget the other joys of owning real estate. What if the market crashes? What if a tornado takes the whole thing down? Even city residents are skeptical, and they’re getting free shares! Rally has set aside about 2,200 shares for people living in the area.
Just Say No
From ballooning renovation costs to the comical idea that anyone would trek out to rural Oklahoma for a museum, the risks here are bigger than Mantle’s legendary home runs. So, unless you’ve got money to burn and a love for bad decisions, steer clear of this investment fiasco.
9,599 Sq Ft
319 South Quincy Street, Commerce, Oklahoma 74339
NUMBER OF SHARES
672 Sq Ft (LOL)