Tag: USA

Big Shorting Gatsby

Long Island mansion with links to ‘The Great Gatsby’ and ‘The Big Short’ for sale for £13.1 million (or 152% more than it sold for in 2011)

F. Scott Fitzgerald (1896 – 1940) set his ‘Roaring Twenties’ classic The Great Gatsby in the fictional locations of East Egg and West Egg on Long Island and now one of the homes that inspired him is available for sale.

Owned by Cornwall Capital founder James Mai – a man whose firm ironically made over 80 times its capital by buying credit default swaps on CDOs prior to the 2008 financial crisis – and his wife Chiara since 2011, 235 Middle Neck Road at Sands Point on Long Island’s Gold Coast was built in 1926 and home to the Rumsey-Harriman railroad dynasty from 1929.

Fitzgerald is said to have spent time at the residence learning about “the lifestyle of the moneyed aristocracy of Old Westport, Long Island, and their involvement in the movement of eugenics” from the Rumseys and ironically, James Mai, is also representative of a clash between ‘old’ and ‘new’ money. In 2008, he and his partner are said to have been the ones “screaming about [the coming crash] as loud as they could, but everyone turned a deaf ear.” The character Jamie Shipley, played by Finn Wittrock in the 2015 film The Big Short, is loosely based upon him.

Current owners Chiara and James Mai are said to have spent vast sums on the renovation of the estate

Featuring 11,955 square foot of renovated accommodation that includes formal and informal entertaining spaces, 13 bedrooms and 8 bathrooms. There is also a 6-car garage with a 3-bedroom caretaker’s cottage, a 4-bedroom beachside cottage and a boat house.

Outside, on a plot of some 5.3 acres, there is a 391-foot private beach, a tennis court and in spite of its seeming isolation, the property is situated just 29 miles from Downtown Manhattan and 25 minutes by boat.

235 Middle Neck Road is listed by Nava Mitnick of Daniel Gale Sotheby’s International. In December 2016, of it, she commented: “Obviously, it’s so imposing – you drive down and see the sweeping views. But when we entered the house, I described it as a ‘glorified cottage’, because it’s so homey.”

235 Middle Neck Road – The Numbers

August 2017 – Relisted for £13.1 million ($16.88 million, €14.2 million or درهم62 million).

December 2016 – Listed for sale for £15.4 million ($19.8 million, €16.6 million or درهم72.7 million).

June 2011 – Sold for £5.2 million ($6.675 million, €5.6 million or درهم24.5 million).

February 2011 – Listed for sale for £7.7 million ($9.9 million, €8.3 million or درهم36.4 million).

August 27, 2017
Flying a White Elephant

Orange County mega-estate sold last for £14 million on an original asking price of £67 million offered for sale again for £43 million after death of owner

The largest residential estate on the Newport Coast of California is back on the market. One Pelican Hill Road North in Newport Beach – alternatively known as ‘Villa Del Lago’ or ‘Villa of the Lake’ – is a property with an extraordinary past and though listed on construction for £67 million in 2009, eventually sold at a fire auction in 2012 for just £14 million. Its subsequent owner, a Japanese industrialist and publisher, death has now resulted in it being placed for sale again and this time £43 million is sought.

Situated on a plot of 12.47 acres and comprising 17,706 square foot of ‘Italianate-style’ accommodation, One Pelican Hill Road North was last marketed as having 8 bedrooms and 17 bathrooms. On a new, dedicated marketing page for it, it is now being promoted as having, amongst other things, 2 screening rooms, a china/silver room, an “indoor lap pool with fibre optic twinkling star ceiling”, a 14-car garage and a “wine cave”. Outside, there is a “cascading private lake”, stabling, a riding ring, a putting green, an “organic edible garden” and potential for a vineyard.

Jeffrey Janger and Linda Janger of Pace Properties have the listing currently but given another agent, Michael Gosselin of Surterre Properties, previously commented: “Newport Coast has yet to see any homes sell for more than $20 million (£15.5 million)”, it’ll be likely there’ll be a few price cuts yet.

One Pelican Hill Road North – The Extraordinary Numbers

2003 – Land purchased for $3.2 million by Monarch Estates. Subsequent construction loans total $27.3 million.

February 2009 – Completed house placed for sale for sale for $87 million by a realtor named John McMonigle, the managing member of a partnership developing the project.

May 2010 – Price reduced to $57 million.

January 2011 – Three offers received, all were below $37 million and not accepted.

April 2012 – Offered at a court-sanctioned auction with “no opening bid sought”. Sold for $18.5 million to Toshiaki Ogasawara, an industrialist and publisher of the Japan Times.

January 2017 – Placed on the market after Ogasawara’s death in December 2016 for $55 million.

August 18, 2017
Parked in Pacific Heights

A rare thing – A Pacific Heights, San Francisco house with a 9-car garage that has been dramatically reduced in price by £1 million

Extending to 7,580 square feet in total and on a corner plot, 2190 Vallejo Street in San Francisco is a detached 5-storey residence with a private garage with space for seven to nine cars.

Built in 1912, the year the Titanic sank, to the designs of Edgar Mathews (1866 – 1946) – an architect responsible for a number of Arts and Crafts style houses in the sought after Pacific Heights area of the city – the property includes 4 reception rooms, 7 bedrooms, 7 bathrooms and a wine cellar. It also has three areas of outdoor decking and a small front garden planted with English roses.

Not many single family residences in any city come with garaging for 9 cars

Presented in good but shell condition and including many period features, 2190 Vallejo Street is effectively a blank canvas. It is listed by Michael King Estates and has recently been reduced in price from £7.5 million to £6.5 million.

Editor of The Steeple Times Matthew Steeples remarked: “At a time when the San Francisco market continues to boom and median house values are currently listed at £928,000 ($1.2 million) – up 7.2% on last year – in the Bay Area according to Zillow.com, this dramatic reduction is definitely indicative of initial overpricing. Just as in London, buyers at this level are extremely choosy but maybe, just maybe now a seriously rich car lover will choose 2190 Vallejo as the location to house their collection.”

The Numbers – 2190 Vallejo Street

June 2017 – Reduced in price by £963,000 ($1.25 million, €1.06 million or درهم4.59 million) to £6.5 million ($8.5 million, €7.2 million or درهم31.2 million).

May 2017 – Listed for sale for £7.51 million ($9.75 million, €8.23 million or درهم35.81 million).

August 8, 2017
A Con and A Cabriolet

One-off 1971 Rolls-Royce Phantom VI cabriolet to be auctioned; originally commissioned by a British playboy turned jailbird with connections to Princess Margaret but only actually completed in 1993

A 1971 Rolls-Royce Phantom VI all-weather cabriolet with bodywork by the renowned Italian automotive stylist Frua is to be auctioned this month.

Offered with an estimate of £308,000 to £462,000 ($400,000 to $600,000, €340,000 to €511,000 or درهم1.5 million to درهم2.2 million), this truly unique, one-of-one design was amazingly the final Rolls-Royce Phantom VI completed in spite of the model remaining in production until 1991. This mammoth beast of a car, surprisingly, however, has just 72 miles on its clock and is thus described as “as brand new.”

The car’s first owner, Robert ‘Bobby’ Buchanan-Michaelson, was a bit of a playboy but sadly he never got to actually drive or be driven in it. A “member of Princess Margaret’s inner circle of friends,” this Cambridge graduate was a member of the “Mayfair mammas’ lists of the season’s most eligible bachelors” until “exchanging his Edwardian hacking jacket for prison grey” in 1954 after being jailed for 12 months for an import/export fraud according to a report in Sydney’s World’s News in August that year.

Some years after being freed, ex-con Buchanan-Michaelson took part in the 10,000 mile 1968 London to Sydney Marathon in a Mercedes-Benz 280SE. In a book about the adventure he was described as both a “successful and wealthy businessman, employing a cook, a butler, a maid and a chauffeur” and as an “accomplished sportsman.” Also listed as a lavish spender, Buchannan-Michaelson was later bankrupted in November 1977 – though at the time he lived in grandeur at both at Churchbury Manor at Fairford, Gloucestershire and 26 The Vale, in Chelsea, London, SW3.

In 1970, in the period between the international car race and his bankruptcy, Buchanan-Michaelson commissioned Rolls-Royce to build him a Phantom VI. After delivery to Jack Barclay Ltd. In June 1971, the vehicle’s chassis was sent to Frua of Torino, Italy to have bodywork fitted but for some reason work stopped and it was not until 1977 – and by now with a new American owner, James Leake, and new drawings of its eventual form – that the project continued.

With Pietro Frua (1913 – 1983) retiring soon thereafter and Mr Leake’s death in 1983, the chassis passed to new ownership and it was only eventually completed as a finished motor vehicle in 1993.

That year, the four-door ‘state cabriolet’ was displayed at the Geneva Motor Show and its boxy look must have surely either have wowed or horrified visitors. It is described as having “an elaborate multi-position convertible top allows the car to be configured as a sedanca de ville, landaulet or fully open convertible.” The interior is trimmed in burled walnut with sterling silver inlays and amongst other luxuries are front and rear heating, air-conditioning, fresh-air ventilation systems, a television, a video player, a radio and a cocktail cabinet. Underneath the seats is a portable Davidoff cigar humidor and even a matching silk-lined ladies’ vanity case. What more could anyone ever need?

RM Sotheby’s will sell the Frua Phantom VI at their Monterey sale in California on 19^th August and term it: “The last word in modern opulence.”

August 8, 2017
Diana’s Drive

Up-armoured Rolls-Royce used by the late Diana, Princess of Wales to be auctioned in Auburn, Indiana

A 1987 Rolls-Royce Silver Spur I commissioned by the British Foreign Office as part of the British Embassy vehicle pool in Washington D.C. that was used by Diana, Princess of Wales on two occasions is to be sold with an estimate of £35,000 to £42,000 ($45,000 to $55,000, €38,000 to €47,000 or درهم165,000 to درهم202,000).

Just as questions about the late royal’s safety in the Mercedes-Benz in which she made her tragic final journey in Paris in 1997 are again raised, the up-armoured car to be offered is to be sold by Auctions America at their 31^st August to 3^rd September sale in Auburn, Indiana.

The Balmoral Green with tan hide vehicle features laminated polycarbonate in place of glass windows, Kevlar and steel plate in the body, two Motorola mobile telephones and an exterior telecom (as the windows do not roll down). It has 60,300 miles on the clock and also has air conditioning and a working sunroof.

Used first by the then Princess of Wales on 4^th October 1990, the car took her first to a Royal Gala to benefit the London City Ballet at the Department of Commerce in Washington, D.C. and then also to a home for HIV positive children, TERRIFIC, Inc.’s Grandma’s House^®, in what was termed an “historic visit.”

August 6, 2017
Moron of the Moment – Milo Yiannopoulos

‘Trumpsexual’ paedophile apologist Milo Yiannopoulos stands on a radiator as Simon & Schuster reject his £7.6 million lawsuit

On Saturday, Milo Yiannopoulos shared a picture of himself standing on top of a radiator on Facebook. Whether he simply wanted to warm his shoes or actually believed such a move would create awareness about his recently released rant, a book named Dangerous, he again made himself appear as nothing but an idiot.

Yiannopoulos – a self-confessed “coalburner” due to his liking for “black guys for my love life, straight white males as employees, and girls as drinking buddies” – had received news Friday that his former publisher, Simon & Schuster, were “firing back at his £7.6 million ($10 million, €8.5 million or درهم36.7 million) lawsuit” for dropping publication of his work and urging a court to “throw out his meritless publicity stunt.”

In documents submitted to a court in New York, Simon & Schuster argued: “A publisher shall not be obligated to accept or publish the Work if it is in sole good faith judgment the Work is not acceptable to it.” They added:

“Yiannopoulos accepted [an advance] payment without protest, thereby sealing the accord and satisfaction and barring this lawsuit as a matter of centuries-old law… That should have been the end of this contractual matter. Instead, Yiannopoulos waited approximately five months to file this lawsuit, in a naked attempt to drum up publicity for the publication of his book, released days earlier, amidst baseless public statements that Defendant attempted to censor and silence him.”

In response, Yiannopoulos – whose suggestion that abuse of 13 year olds is not paedophilia caused outrage earlier this year – told The Hollywood Reporter:

“[Here in Simon & Schuster is] a client doomed to failure… I’ve hired Jeffrey Weingart and Stephen Meister. Stephen has represented Daddy himself – that’s my pet name for the president, in case you didn’t know – and we all know daddy picks winners.”

As with Trump and his ever-revolving set of staff, we’ll see about that but separately Saturday, this self-obsessed bore shared news by email of a “quick meet and great” in Florida. Yiannopoulos announced: “I will be in a makeshift swimming pool in the back of a pick up truck on a beach chair with my squad.” Charming.

July 30, 2017
Palming Off Il Palmetto

Billionaire founder of Netscape has failed to sell his Palm Beach mansion in a year; it remains on the market for £105 million (or 754% more than he paid for it in 1999)

Four times married, a father of four and a collector of rather large gin palaces, Texan James H. Clark founded Netscape in 1994 and earnt $2 billion (the equivalent of $3 billion, £2.3 billion, €2.6 billion or درهم11 billion today) from that project when it was sold to AOL in 1998.

Clark paid just $11 million for a Palm Beach mansion named ‘Il Palmetto’ in 1999 (the equivalent of $16.2 million, £12.3 million €13.8 million or درهم59.5 million today) and spent four years renovating the 5.46-acre property. He placed it for sale for $137 million (£105 million, €117 million or درهم503 million) last August but has plainly failed to attract a buyer.

Built to the designs of the Swiss architect Maurice Fatio (1897 – 1943) as an “Italian Renaissance-style palazzo” in 1930, the house – which is also known as 1500 South Ocean Boulevard – is described by selling agents Sotheby’s International Realty as “without peer in Palm Beach.” The building was subjected to a four year renovation by Mr Clark, reportedly extends to around 44,200 square foot and aside from including 10 bedrooms, 14 full-bathrooms and 12 partial-bathrooms, also comes with a 20,000 bottle wine cellar and a second cellar for an additional 1,000 crates.

Architecturally “a series of pavilions connected by cloisters,” the main house is dominated by formal entertaining areas with 16^th century carved ceilings and accessed from a private tunnel underneath the road is a 2-bedroom beach house with an infinity pool that “blends into the turquoise waters of the Atlantic Ocean.” To the other boundary, on Lake Worth, is a boathouse with motorised launches for two vessels and a 2-bedroom apartment above.

July 30, 2017
A Peaceful Reduction

Designer Reed Krakoff slashes the price of his Hamptons mansion; Jackie Kennedy Onassis spent her childhood summers there

A Hamptons mansion named Lasata – meaning: “Place of Peace” in Native American – where Jacqueline Bouvier (later Kennedy and later Kennedy Onassis) spent her childhood summers has recently been reduced in price from £41.5 million to £36.1 million.

121 Further Lane, East Hampton, New York, NY 11937, United States of America

Jacqueline Kennedy Onassis (1929 – 1994)

Reed and Delphine Krakoff – Mr Krakoff was at one time tipped as “the next Tom Ford” but reportedly “walked away” from his eponymous brand after supposed differences of vision for it with investors

Alternatively and more simply known as 121 Further Lane, the property concerned is situated in East Hampton and currently owned by the fashion designer Reed Krakoff and his wife Delphine. It extends to 8,500 square foot and includes 10 bedrooms and 10 bathrooms and stands on a plot of 11.54 acres.

Two blocks from the Atlantic Ocean and three blocks from the Maidstone Club, Lasata was built in 1917 to the designs of Arthur Jackson and bought by Jackie Bouvier’s paternal grandfather, John Vernou Bouvier Jr. (AKA ‘The Major’), in 1935. The future President’s wife is said to have learnt to ride there and aged ten, wrote a poem about her time at the estate:

When I go down to the sandy shore

I can think of nothing I want more

Than to live by the booming blue sea

As the seagulls flutter around about me

I can run about when the tide is out

With the wind and the sea all about

And the seagulls are swirling and diving for fish

Oh-to live by the sea is my only wish

The Arts and Crafts style property was subsequently sold and most recently bought by Mr and Mrs Krakoff for £15.3 million in 2007. The pair – whose other homes have variously included residences in Paris, New York’s Upper East Side and the former New Canaan, Connecticut residence of the eccentric recluse Huguette Clark – carried out extensive renovations and are said to be selling in order to move to a more contemporary beachfront Hamptons property.

Available as a whole or in two lots, Lasata is offered by Knight Frank.

121 Further Lane – The Numbers

April 2007 – Sold for £15.3 million ($20 million, €17.2 million or درهم73.5 million).

September 2016 – Listed for £41.47 million ($53.99 million, €46.44 million or درهم198.32 million).

May 2017 – Relisted for £39.9 million ($51.99 million, €44.72 million or درهم190.97 million).

June 2017 – Reduced to £36.1 million ($47 million, €40.4 million or درهم172.6 million).

July 26, 2017
Great Minus Garden

San Francisco landmark mock Tudor house with stunning ‘Great Room’ for sale for £12.2 million – in spite of no longer having its garden

Built in 1909 as a wedding gift from Morris Meyerfeld, a partner in San Francisco’s Orepheum Theatre, to his then 19-year old daughter, Elizabeth, and her husband Leon Roos – of Roos Brothers Men’s Clothing – 3500 Jackson Street in the city’s Presidio Heights district has been placed on the market for £12.2 million ($16 million million, €14 million or درهم58.8 million).

Consisting of 10,313 square foot of accommodation and constructed in half-timbered, mock Tudor style, Roos House at 3500 Jackson Street is a listed architectural curiosity that includes 6 reception rooms, 7 bedrooms and 7 bathrooms. It centres around a ‘Great Room’ with 20-foot ceiling heights and also has 2 terraces, a wine cellar, a double garage and off-street parking.

The house, which was designed by Bernard Maybeck (1862 – 1957) – an Arts and Crafts architect responsible for the domed Palace of Fine Arts, a “vision of how Roman style could fit in a California context” – is being sold by Dr. Jane Schaefer Roos, the widow of Leslie Roos, son of Leon Roos. It sadly lacks a rear garden as this was sold off “after the 1989 Loma Prieta earthquake to raise funds for repairing the rest of the house” according to the Curbed San Francisco blog.

In 1992, in her book Bernard Maybeck: Visionary Architect, Sally Woodbridge described the interior of Roos House. She remarked:

“Panels of mauve plush edged with gold gimp harmonize with redwood walls. Redwood battens and moldings have Gothic profiles. Indirect lighting and diffused light from wall fixtures softly illuminate surfaces and details, while hanging chandeliers sparkle against the dark heights of the roof timbering. Tables of dark oak and chairs cushioned with rose velvet supplement the furnishings selected from the owner’s collection of medieval pieces. Wall coverings, light fixtures, and furniture – even the heraldic crest of the owner’s initial ornamenting the entrance door – were fashioned from designs by Maybeck.”

Launched to the market last week, Nina Hatvany has the listing.

July 18, 2017
Expensive Shit

‘SHIT’ to be sold at Christie’s in South Kensington; it comes at quite a price

A painting which simply depicts the word ‘SHIT’ is to be sold at Christie’s in South Kensington, London this month.

Offered with an estimate of £2,000 to £4,000 ($2,590 to $5,180, €2,260 to €4,520 or درهم9,470 to درهم18,940) in spite of having been painted with household gloss, the work by Kent born, New York based artist and filmmaker Sarah Morris (born 1967) is 153 centimetres by 244 centimetres and simply reads: ‘SHIT’ in capital letters.

Other works by Morris are displayed at Gloucester Road tube station, the V&A and the Tate Modern in London, the Hamburger Bahnholf in Berlin, the Solomon R. Guggenheim Museum in New York and the Palais de Tokyo in Paris.

Christie’s will auction the work, which is dated 1996 on the reverse, on 19^th July. It was acquired by the current owner from Jay Jopling in London.

Sarah Morris with another of her works; she is described as having a style that uses bright color fields and graphic line work, often referencing elements of architecture and taking titles from bureaucratic institutions.

July 9, 2017