Most of us grew up believing that education and earning power were irrevocably shackled to each other, and where one went, the other inevitably followed. These days, we’re not so sure. Especially with the number of billionaire dropouts.

Below, a partial list of billionaires who dropped out of school and went on to become outrageous successes in the technology, entertainment and fashion fields.

1.  Sir Richard Branson dropped out of high school at the age of 16 and soon founded both Virgin Records and Virgin Atlantic Airways–as well as 300 other companies. He also bought a 79-acre Caribbean Island at the age of 24

2.  Kirk Kerkorian is a Las Vegas Legend with big stakes in Bellagio, Excaliber, Luxor, Mandalay Bay, MGM Grand, New York-New York, Circus Circus, The Mirage, and more. He dropped out of school in the 8th Grade.

3.  Bill Gates, founder of Microsoft, needs little introduction. He and wife Melinda are world-class philanthropists in addition to being the wealthiest couple in the world. Most of us know he was a Harvard dropout who couldn’t resist teaming up with:

4.  Paul Allen, co-founder of Microsoft who dropped out of Washington State University to join buddy Bill in their MS venture. He ended up with over 100 million shares of Microsoft and today owns 12 pro sports teams, lots of real estate, and big stakes in other tech and media companies including Dreamworks Studios.

5.  Steve Jobs dropped out of Reed College after just one semester and went on to found Apple Computer and become the largest shareholder in Disney Studios. A dropout earning $1 per year might have bolstered my parents admonishments, were it not that Mr. Jobs also owns 30 million shares of Apple plus perks.

6.  Larry Ellison, flashy founder of Oracle, dropped out of Illinois’ University of Urbana-Champaign (as well as the University of Chicago) and in 1977 invested $2000 to start Oracle Corporation, which is today the second  largest software company in the world. He also pilots his own jets.

7.   Michael Dell dropped out of the University of Texas at Austin after starting a little computer company he called PC’s Unlimited. Wildly successful, this dropout went on to develop Dell Computers into a name with worldwide recognition.

8.   David Geffen, a beacon in the entertainment industty, was another University of Texas at Austin dropout. He was also a cofounder of DreamWorks–and likely shares genius and coffee with Paul Allen (above).

9.  The Ralph Lauren name has become an icon in the fashion world. The City College of New York dropped out and founded the Polo Ralph Lauren brand. He reportedly got an early start, though, by selling neckties in high school where he declared his intentions to become a millionaire.

10. Sheldon Adelson is a casino legend/kingpin and Wall Street wizard, who is also a City College of New York dropout. He is CEO of the Las Vegas Sands Corp which also holds the Venetian Resort Hotel Casino and the Sands Expo and Convention Center. Adelson also help found the COMDEX computer trade show.

Any other notable billionaire dropouts we failed to mention?  Also, where are the women?

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Forecl—–

It’s a word softly whispered when luxury homeowners in luxe communities like Palm Beach (33480), Beverly Hills (90210), Greenwich (06831) and Rancho Santa Fe (92067) discuss their local real estate markets.

Real estate prices have been declining in many of these markets throughout the country, and some of the heavily mortgage homes are ending up as foreclosure sales. The most prominent foreclosure victim of late is Ed McMahon, whose $5 million Beverly Hills mansion was recently lost to foreclosure.

This morning, CNNMoney reports that three of the richest US zip codes saw nasty declines in home prices for the three-month period ending April 30, when compared with the prior three months. The three biggest losers?

1. Palm Beach, Fla saw a 38 percent decline in median home prices during that period, while

2. Wayzata, Minn (55391) slid 28 percent, and

3. Greenwich, Conn. dropped 15 percent.

Much of the price decline can be attributed to inflated mortgage fallout, but another transition is also contributing to the declines: Downsizing. Many of the large luxury residence owners are baby boomers who are seeking to downsize into a more convenient and connected urban lifestyle–and are doing so in growing numbers.

Not all luxury zip codes and communities are in the tank, though, according to the CNN article. For the 12 month period ending March 31, prices actually rose 18 percent in the upscale Kenilworth (60043) communiity, just outside Chicago. Other ritzy gainers included Medina, WA (home to Bill Gates just outside Seattle) with a 9 percent increase, and a 5 percent climb for Atherton, one of Silicon Valley’s suburban crown jewels.

The post The F-Word in Luxury Real Estate appeared first on Luxury Home Digest.