Why Is Billionaire Ron Burkle Borrowing $56 Million?
When members of the Pittsburgh Penguins visited billionaire Ron Burkle at his mansion in Beverly Hills last week, they were reportedly quite impressed.
"Oh, my, it was mind-blowing," goalie Marc-Andre Fleury told the Pittsburgh Tribune-Review. "It feels like a resort. It's so big that you can't go everywhere -- not in one night."
Burkle co-owns the professional hockey team, which won the Stanley Cup last year.
But what Fleury and other players probably didn't know about their boss was that he has taken huge loans against his Beverly Hills estate and another house, the Wall Street Journal reported on Saturday.
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The total? 56 MILLION DOLLARS.
Burkle declined to tell the Journal why he needs the extra millions.
But the billionaire is known to live an extravagant lifestyle, where he flies around the world in a customized Boeing 757 and hangs with former president Bill Clinton in Las Vegas, among other places.
L.A. Weekly talked with Burkle in a rare interview in 2008.
Whatever reason the billionaire needs the money, the Wall Street Journal reports that Burkle pays a monthly mortgage interest charge of around $105,000 or $1,260,000 annually.
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