Reply to Time for some “riches to rags” stories.

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[quote=Anonymous][quote=Anonymous]My grandma inherited a few hilariously bad investments called ground rents somewhere in the vicinity of Baltimore from her old Marylander relatives.  These were an old-fashioned form of land ownership under other people's wholly-owned houses.  The house owners were supposed to pay the fixed cost of the ground rent annually.  Due to inflation, these ancient leases became largely valueless by the 1960s (e.g. $50/yr was real money in the early 1900s and not very much in the 1960s).  To add insult to injury, the land in question ended up becoming a rough neighborhood and after a few more years nobody responded to payment inquiries.

This wasn't any meaningful part of my grandma's assets but it's an interesting DMV tale.  Cousins who inherited the family farmland in Anne Arundel county did a lot better financially.  That land soared in value over 100 years while the other land-backed asset crashed.

[/quote]

that is interesting! the taxes on that land must have been more than the ground rent she got. I’ve only ever heard of that kind of thing with mobile homes. do you know what happened to it? [/quote]

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