Untold Wealth - The Rise Of The Super Rich

Posted 11 June 2008 Tim Durham is a 45 year old financier from Indiana and heads up Obsidian Enterprises.   Durham made his millions from leveraged buyouts and turn-arounds.

Durham's main residence is a 30,000 square foot, 8 bedroom home in Indiana. The house has a pool, 2 state of the art kitchens, 3 bars, an exercise room, home theater and about 20 TV's -- including 2 in the master bathroom's mirror.

Tim Durham has a major weakness for cars.  On any given day he can drive off in a Rolls-Royce, Ferrari, or Dusenberg.  Durham owns almost 70 cars...but sometimes loses count.

Durham is a member of what some call "The New Gilded Age."  Members are younger and far more plentiful than their 19th century predecessors.  Most are entrepreneurs, hedge fund managers, private equity partners, real estate developers and corporate executives.

JP Morgan and John D. Rockefeller were the founding members of the last gilded age. In the late 1800's a technological explosion --- the advent of the railroad, the telegraph, telephone and motion pictures ushered in an age of extravagance and conspicuous consumption.

The toys of the rich tend to change very little over time.  Super wealthy people, then and now, have large estates, beautiful art collections and gigantic yachts.

In the past the wealthy had private railroad cars....today they have jets. Tim Durham frequently uses his private jet to go where ever he'd like, even on very short notice.  Durham says "it's a nice convenience to have."

Durham keeps his 4-bedroom yacht (insert name) in Miami, Florida.   The 100-foot yacht sells for between $6 and $7 million. Durham spends $5,000 a month just for docking fees.  He stays on the boat about four times a year.

What's next for Tim Durham? For Durham and many like him, making money when you don't need any more, becomes a way to keep score in life.  "It's a challenge...and I think that's really what making money is about."

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