$15.4million Dance Lessons vs. My $70/hour Lessons August 3, 2006
I saw this article in today’s Wall Street Journal about an investment banker at HSBC Hong Kong who paid $15.4 million for eight years (half of the amount up front) to secure unlimited Latin dance lessons from 15-time world Latin dance champion Gaynor Fairweather of the UK and her Italian husband, dancer Mirko Saccani.
Mimi Wong, a 61-year old widow claimed she was “looking for the last bit of glory in life.” Her extravagances are nothing new to Hong Kong, where there is said to be no shortage of big spenders. However, an Argentine dance instructor offering lessons there at a more modest rate of $70 per hour commented, “It’s just ridiculous. No one could actually take enough lessons to make it worth it.” Never mind the costs, dancing is serious business in Hong Kong and Wong is known for seeking perfectionism at any cost. She is now in court suing her instructors for the return of her prepayment following an embarrassing and threatening incident she suffered at the hands of Saccani at a mock dance competition. According to court documents Saccani shouted at her to “move your arse” and called her a “lazy cow” in front of fellow dancers. After this incident Wong came to realize the money involved for her lessons was “stupid,” “crazy” and “completely out of hand,” leading to a further falling out between them. Soon thereafter, she won a court order to freeze her instructors’ bank accounts. Although the publicity surrounding her obviously isn’t good, HSBC is standing behind its top Asia banker. A judgment in the court case is expected later this summer and in the meantime Wong is paying a new instructor $21,000 per month.
I know people can do what they want with their money, but this seems to be a case of ‘out of touch with reality’. I’m sure this banker has the means and money, but that’s a lot of lessons for 8 years. And at 61 years old, she’d be 69 years old by the end of her ‘lessons’.
I also took dance lessons with my fiancee before getting married so we look like we know what we’re doing. It was another wedding expense that I hadn’t anticipated, but it was well worth it. We had a friend who knew an incredible dance teacher who has been in those Gap clothing commercials a few years ago and in movies such as “Mona Lisa Smile” with Julia Roberts. He gave us the friends rate at $70 an hour. We had 6 lessons which was perfect for our first dance preparation. It was one more thing I didn’t have to worry about on the day of our wedding. It was well worth it in our minds. But then again, maybe that’s the way the super rich, like Mimi Wong thinks when she agrees to a $15.4million dance lesson…until she realizes that she paid enough money to feed a starving country.