From MarketWatch:
An English-style, Alpine, N.J., residence with guest cottages, pool and tennis courts was the most expensive home sold in the United States in 2006, the Institute for Luxury Home Marketing said Monday.
The 63-acre estate, located five miles from Manhattan, sold for $58 million and was bought by Advanced Photonix CEO Richard Kurtz, according to a news release. Henry Clay Frick II was the seller. The property included a 10,000-square-foot mansion.
The price was substantially lower than 2005’s biggest sale, the record-setting $70 million sale of financier Ron Perelman’s Palm Beach, Fla., oceanfront estate, according to the institute.
That said, sales of homes priced at $5 million and greater were on the rise in 2006, the group reported. And at least 10 buyers throughout the country were willing to shell out $28 million or more for high-end residences last year.
“Strong corporate profits, good news on Wall Street and a global commodities boom helped grow fortunes and sparked a surge of demand for trophy homes in 2006,” said Waco Moore, vice president of The Institute for Luxury Home Marketing, in the release. The group trains real-estate sales agents who work in the luxury market.
While I’m sure that little place up in Alpine is nice.. In my opinion, it doesn’t hold a candle to this gem, which just hit the market:
Tiny North Sea tax haven for sale
former World War II fort in the North Sea off England, which was settled 40 years ago and declared a state with its own self-proclaimed royal family, is up for sale.
The Times newspaper reports the tiny Principality of Sealand, which began life as Roughs Tower in 1941, is a 550 square metre steel platform perched on two concrete towers 11 kilometres off the coast of Harwich in eastern England.
It is accessible only by helicopter and boat but according to its owners, who want offers of eight digits or more, boasts uninterrupted sea views, guarantees complete privacy and is a tax haven.
“We have owned the island for 40 years now and my father is 85,” Prince Michael of Sealand was quoted as saying.
“Perhaps it is time for some rejuvenation.
“Astronomical figures have been mentioned but we will just see what comes forward.”
Although its nation status is disputed, Sealand boasts a military past like any other country, defending its sovereignty from outside threats.
Is Mr. Kurtz a bagholder?
The G.19 is always exciting:
http://www.federalreserve.gov/releases/g19/current/default.htm
jb
I would not be to worried about mr.kurtz
From Reuters:
Cash burn may hurt US homebuilder ratings – Moody’s
A worse-than-expected housing slump has left homebuilders with less cash flow to cover debt interest, and some ratings could be cut if that trend continues, Moody’s Investors Service said in a report released on Monday.
Unless homebuilders wind down inventory levels dramatically to boost cash flow and pay down debt, some companies could also come close to tripping covenants in bank loan agreements, Moody’s said.
“Coming close to tripping a covenant, much less actually tripping the covenant, is not something that Moody’s takes lightly, and certainly investors and homebuilders themselves are concerned about this issue,” the rating agency said.
Bank loans typically include covenants, or creditor protections, that require borrowers to maintain a cash cushion to pay interest expense. Typical covenants for public homebuilders require that earnings before interest, taxes, depreciation and amortization, or EBITDA, be about 1.75 to 2.5 times interest expense, according to Moody’s data.
All,
And now that I have my dream home, I bid you all a fond farewll.
Rich (aka Richard Kurtz)
Jim, does the fort that owns itself (post# 1) have internet access?
What good is it if you can’t come back to this blog and check how big a bag holder I am? (assuming ofcourse I LIKE the place and buy it :-D) LOL
Congratulations Rich K!
Can you give more details on your experience?
Congrats Rich
How can people write an article like this and not have an accompanying photo?
Best of luck Rich! Stick around, though, if you still want.
Sprint to Cut 5,000 Jobs After Disclosing 4Q Loss of 300,000 Monthly Subscribers
http://biz.yahoo.com/ap/070108/sprint_outlook.html?.v=10
hmmm … 2006 4Q – 300K subscribers all of a sudden decide to sign off. Note : MEW in 3Q dropped by more than 50%.
For your information, Sprint added 233K customers in the previous quarter and the captains got apprx 1 mil in bonous.
Now that I think about it, I think the Record had an article about this property about a month ago. It actually spans more than one town, part is in Closter or Demarest I think. They were saying that a developer was trying to buy the property and get approval to separate in into ten or so lots and Dr. Frick would be able to live in his house until he died. Either that deal fell through or this was too good to pass up.
Um, thank you all but READ the article again.
Richard Kurtz…
$58 MILLION dollars…
Posting on a blog…?
MOT also warned couple of days back –
Motorola warning signals tough 2007 for industry
http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20070105:MTFH49971_2007-01-05_22-13-10_N05289448&type=comktNews&rpc=44
Probably get it cheap…seems they had a fire.
http://www.bobleroi.co.uk/ScrapBook/SealandFire_3/SealandFire_3a.html
That wasn’t Eddie Murphy’s home was it?
If Kurtz really had style he would have gone for this place:
Vlad the unique selling point
Say what you will about his personal habits, but when it comes to spinning gore into gold, Vlad the Impaler, enthusiastic champion of man’s inhumanity to man, can be said to have few rivals.
The 15th-century tyrant – the inspiration for Bram Stoker’s Count Dracula – is known to have resided at Bran Castle, near Brasov in Transylvania, as either pampered guest or shackled inmate, according to conflicting reports.
What is indisputable is that the imposing, 14th-century fortress-turned-museum has never baulked from cashing in on its association with bad lad Vlad, whose preferred mode of execution secured his place in history. Today, it is for sale at a spine-chilling £40 million.
If Kurtz really had style…
I prefer Mr. Kurtz, thank you very much.
nah i think Eddie Murphy’s place is in Englewood, and only goes for $25m
Just wanted to mention that this article is wrong. While there is a Richard Kurtz who is the CEO of Advanced Photonix (which has no offices in the area), the real Richard Kurtz is the founder of Kamson Corp, a company that owns 76 investment properties. Bio and photo here:
http://www.lapollaindustries.com/about_board_kurtz.html
This property will be chopped up into smaller parcels:
“For those seeking a home in Bergen County, Alpine will soon have stately houses along the Closter Dock Road. Over 60 acres of continuous meadows will soon comprise of homes for sale, if the Alpine planning board accepts the plans filed by developer Richard Kurtz. Richard purchased the land in January for $58 million and plans to construct homes in a 3-phase manner. The first phase of this ambitious project would comprise of constructing four homes. The smallest among these lots would be 3.765 acres while the largest would be 13.134 acres. In this large home Dr. Henry Clay Frick II (of Frick estate) would reside until he moves out or dies. The property would then revert to Kurtz. Most of the other Bergen County properties would range from 5 to ten acres as per plan. The land expanse is huge and comprises of huge meadows, lovely trees, plants and a brook. It would be a grand project and extremely top of the line. Markets have been receptive too and people are already enquiring about buying the property. However development in this land would be a challenging proposition as it comprises of over 12% of wetlands and lacks a septic system. “
Thanks for the update.
jb