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Bankrupt By Beanies
When Chris Robinson’s father started collecting Beanie Babies, he thought he could use the eventual profits to pay for five college tuitions. Instead, he ended up spending upwards of $100,000 (Robinson’s estimate, based on average cost for each) for a collection of 20,000 stuffed animals that still sit in his garage.
It’s been 20 years since the initial Beanie Baby craze, when the palm-sized plushies were found in McDonalds and Hallmark stores across the globe. Touted as collectibles, the toys saw a meteoric rise and dismal drop in pricing that has drawn comparisons to Dutch tulip mania, the very first recorded economic bubble . The success of the craze is evident in Beanie Baby inventor Ty Warner, whose net worth is $2.5 billion.
Source: http://qz.com/114753/meet-the-family-who-lost-100000-when-the-beanie-baby-bubble-burst/
When Chris Robinson’s father started collecting Beanie Babies, he thought he could use the eventual profits to pay for five college tuitions. Instead, he ended up spending upwards of $100,000 (Robinson’s estimate, based on average cost for each) for a collection of 20,000 stuffed animals that still sit in his garage.
It’s been 20 years since the initial Beanie Baby craze, when the palm-sized plushies were found in McDonalds and Hallmark stores across the globe. Touted as collectibles, the toys saw a meteoric rise and dismal drop in pricing that has drawn comparisons to Dutch tulip mania, the very first recorded economic bubble . The success of the craze is evident in Beanie Baby inventor Ty Warner, whose net worth is $2.5 billion.
Source: http://qz.com/114753/meet-the-family-who-lost-100000-when-the-beanie-baby-bubble-burst/
