Tag: wealth

Martin Gets Madder

Convicted former pharmaceuticals executive Martin Shkreli offers a bounty for Hillary Clinton’s hair and threatens to smash up a £1.5 million work by the Wu-Tang Clan

Martin Shkreli is getting madder and madder. Convicted of securities fraud in August and awaiting sentencing, the troubled former drug company executive took to Facebook on 4^th September to offer a bounty of £3,800 ($5,000, €4,200 or درهم18,400) per lock of Hillary Clinton’s hair obtained and is also attempting to auction or destroy the one and only copy of a Wu-Tang Clan album on eBay for £1.5 million ($2 million, €1.7 million or درهم7.3 million).

After 324 bids, the Wu-Tang Clan’s Once Upon A Time In Shaolin album – which Shkreli purchased, he claims, “as a gift to the Wu-Tang Clan for their tremendous musical output. Instead I received scorn from at least one of their (least-intelligent) members, and the world at large failed to see my purpose of putting a serious value behind music” – has already reached a price of just over £759,000 ($1 million, €832,000 or درهم3.7 million).

Accompanying the eBay listing, Shkreli brashly adds:

“At any time I may cancel this sale and I may even break this album in frustration. I will donate half of the sale proceeds to medical research. I am not selling to raise cash–my companies and I have record amounts of cash on hand. I hope someone with a bigger heart for music can be found for this one-of-a-kind piece and makes it available for the world to hear.”

Both the Wu-Tang Clan and Hillary Clinton stunts may backfire. Last Thursday, prosecutors told a court in New York: “[Shkreli is engaged in a] pattern of threats and harassment” and sought for his bail to be revoked. In response, Benjamin Brafman for Shkreli, commented:

“We take the matter seriously and intend to address the issue responsibly… However inappropriate some of Mr Shkreli’s postings may have been, we do not believe that he intended harm and do not believe that he poses a danger to the community.”

Other assets in the multi-millionaire’s possession are said to include a Picasso and an original ‘Enigma’ machine from the Second World War. We jolly well hope he doesn’t threaten to smash them up too.

September 10, 2017
Gaining a Lambo (or five)

Convoy of five yellow Lamborghinis spotted cruising around Kensington and Chelsea

Someone once said: “Work until you feel a Lamborghini is cheap” and plainly the owner of a convoy currently in London has exactly that attitude.

Pictured here on Brompton Road opposite the former premises of La Brasserie, a fleet of five yellow examples of these supercars has been seen driving around Kensington and Chelsea in recent days. Plainly, if indeed the vehicles belong to one owner, here is a man living by the opposite mantra of Oscar Wilde’s: “To lose one parent may be regarded as a misfortune; to lose both looks like carelessness.”

Truly, however, most people would argue such a noticeable convoy to be nothing other than ostentatious. Get them parked!

September 9, 2017
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
Moron of the Moment – Sir Philip Green

‘Sir Shifty’ filmed in debauched incident in Mykonos; he would do better to sip rather than spray his beverages

Sir Philip Green will forever be remembered as a man whose former company, BHS, collapsed with the loss of 11,000 jobs. At that time, in The Steeple Times, the actor and producer Steven Berkoff compared him to both Shylock and Al Capone, but now ‘Badly Behaved Boozy Brit Abroad’ can add be added to this slug-like individual’s roster after he was spotted dousing fellow diners with champagne in Greece.

Filmed by someone named Sarah Nazari and shared on her Instagram page, the minute long clip shows Sir Philip at a beach bar-restaurant named Nammos Mykonos. Alongside other revelers, the business tycoon was pictured hosing other guests down with £109 ($141, €120 or درهم517) per bottle “spraying champagne.” He didn’t look like he had a care in the world and perhaps, just maybe, his daughter’s new jailbird boyfriend, Jeremy Meeks, had provided him with inspiration to behave like a reprobate.

Of antics more befitting of a 20-year old than a 65-year old, an unnamed source told The Times: “You couldn’t be in this club if you aren’t rich, so he wasn’t impressing anyone. He just looked like a sad old man trying to play with the pretty people.” Spot on: ‘Sir Shifty’, at his age, would do well to sip rather than spray.

https://www.youtube.com/watch?v=-ep_PrxAZE4

August 15, 2017
A Sugar Palace

Lord Sugar puts his gin palace up for sale for £12.7 million after owning it for just two years; it was originally built for the controversial tycoon Alan Bond

On Monday, the Daily Mail’s Sebastian Shakespeare revealed that Lord Sugar – of The Apprentice fame, in case you didn’t already know – is trying to sell his motor yacht, the ‘Lady A’, for £12.7 million ($16.5 million, €14 million or درهم60.6 million).

The 181-foot long gin palace accommodates 12 guests in 6 cabins and has a crew of 15. Built in Japan in 1986 for the subsequently disgraced and now dead Australian tycoon Alan Bond (1938 – 2015), the vessel passed through various other hands before being bought by Lord Sugar in 2015. Originally known as ‘Southern Cross III’, the boat was renamed ‘Indian Princess’ during supposed ownership by the brewing tycoon and ‘King of Good Times’ Vijay Mallya and ‘Emihar Chios’ whilst owned by the Greek shipping tycoon Harry N. Vafias.

Lord and Lady Sugar

Former owners Harry Vafias, Vijay Mallya and Alan Bond

Totally refitted over 10 months in 2016 by Burgess Marine and then renamed in honour of Lord Sugar’s wife since 1968, Lady Sugar (originally Ann), the ‘Lady A’ is described as a “unique market opportunity” and “one of the most distinctive yachts on the water” by brokers Edmiston.

August 8, 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
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
Removing Ralph

Ralph Lauren are latest to board-up shop in Fulham Road, London

In April, Ralph Lauren shut their flagship Polo store in Fifth Avenue and now they’ve closed one of their two stores on London’s Fulham Road too.

Whilst the reasoning for closing the Chelsea outlet of Ralph Lauren Kids is unknown, the firm has joined many other retailers on the stretch opposite Pelham Crescent to board-up shop.

Matthew Steeples, editor-in-chief of The Steeple Times, observes:

“With an ever-declining number of residents in the Royal Borough, ever increasing commercial rents at the behest of greedy landlords and the prospect of the uncertainty of Brexit, sadly, this won’t be the last closure in the locality.”

July 17, 2017