About 12 years ago a friend of mine and his wife were gifted a house and a few acres by his parents' mother, when she finally moved into a nursing home.
The house and land was worth about 700K, and their combined net worth before receiving the house was a modest 200K. He was working, his wife was looking after the household. His salary was about 65K at the time.
The house and land was in the countryside, in an area that was... not exactly in decline but whose viability largely hinged on a few concentrated industries.
Furthermore, his suddenly-highly-concentrated portfolio came with a lot of baggage. People saying "how dare you! It's an historical homestead!" whenever he discussed selling the place for something more downscale or renting it out.
Anyway, he ended up selling the house in 2006, buying gold, then when Lehman Bros went bankrupt in 2008 he bought into the stock market and has since retired a multi millionaire.
Just kidding.
He is fine now, but he had a few years where it was quite dicey, and the property and his difficulty selling it caused a lot of his problems. I have been thinking about it a lot lately and how he could have done things differently, so I thought I'd open it up to the Mustachians and see if you have some opinions: what to do if you are gifted an illiquid, highly-concentrated asset that then takes up 80% of your portfolio?