Friday, January 15, 2010

Pizza Magnate Schnatter Pays $23 Million in Utah

If the market (in the broad sense) is so efficient that there are no opportunities to take advantage of, I would like efficient market theorists to explain how a man making pizza can end up affording a $23 million complex in Utah. Pizza!!

Papa John's pizza-chain founder John Schnatter has bought three units in a new condominium-and-residence complex in Utah's Deer Valley for about $23 million.

Schnatter, 48 years old, bought two penthouse residences with five bedrooms each in the St. Regis Deer Crest Resort, plus a unit on the floor below with four bedrooms.

In total, it's about 16,000 square feet and has an extensive heated deck.

According to WSJ, Schnatter started his pizza business in 1983 out of a former broom closet.

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