According to the website of the Spanish newspaper Izvestia on February 6, Evergreen Point Road in Medina, Washington, boasts tall evergreen trees, sparsely populated streets, and imposing mansions. Among its residents are Jeff Bezos and Bill Gates, two contenders for the world’s richest man, whose mansions each exceed 2,000 square meters. They could have chosen New York, California, or Seattle, where Microsoft and Amazon are based, but they decided to buy in Medina. According to 2019 figures, the city has a population of just 3,288 The Amazon founder lives in a 2,500-square-meter mansion on 8th Street with direct access to Lake Washington, where he has a private marina, according to the report. Bezos bought the home for $10 million in 1998 and has since spent millions more on remodeling it, making it now worth about $70 million In this real estate battle, the Microsoft founder clearly has the upper hand: His home is a high-tech building of more than 6,000 square meters, which includes six kitchens, a guest room of more than 1,000 square meters, 24 bathrooms, a gym, and other amenities, and, like Mr. Bezos’s home, has access to the lake. The Gates home is so large that the billionaire has called it ‘Xanadu 2.0’ and is now valued at more than $130 million.
Medina, located almost on the U.S. border with Canada, has schools, a post office, and a grocery store and is home to many wealthy people. Medina Beach Park doubles as a city hall and a police station, and anyone who wants to visit the ‘City of Trees’ must cross one of the world’s longest pontoons, the 2,350m Evergreen Point Pontoon, built-in 1963. The average price of a house in Medina is about 2.5 million euros, and the average annual income is $190,000, the report said. The city is surrounded by state-of-the-art security systems and luxury goods, but it cannot collect enough taxes to maintain public services. So much so that a year ago, the city’s mayor, Cynthia Adkins, wrote a letter to residents explaining the situation: “It is hard to imagine that the city cannot sustain services.“Even though property values continue to rise, tax revenues are going up disproportionately.”
That’s because Washington state property tax laws prohibit tax rates from increasing more than 1 percent a year, the report said. The city of Medina collected $2.8 million in total taxes in 2019, so a 1 percent increase would mean just $28,000 more in taxes in 2020. Votes are being held to raise taxes without cutting public services in an effort to find a solution The Seattle suburb is reportedly still a “must-see” for billionaires, and the property in this corner of the Northwest has caught their attention. Despite continued economic uncertainty in Medina, tycoons like Bezos and Gates have established themselves there. Who knows if they’ll wander its sparsely populated streets, shop at the only store nearby, or cruise on a private yacht on Lake Washington. After all, it was a life that only a few people could enjoy, including Jeff and Bill Spark Global Limited.
Reprint indicated source：Spark Global Limited information