Filed under: Estates

Sadly, a $65 million home in the Hamptons barely has the power to shock anymore. The Wall Street Journal recently reported that a Southampton, N.Y., estate formerly owned by Martin “Marty” Richards, who produced the Oscar-winning 2002 film “Chicago” and many Broadway plays, has gone on the market for $65 million.

We’ve covered Richards before. His riverfront duplex was first listed at $29 million and then went down to $22.7 million. The current owner purchased the home from Richards for $23 million in 2003 and is said to have spent $25 million overhauling the property with the help of interior designer Robert Couturier.

This home is located on the very popular Gin Lane and has more than 400 feet of beach frontage. There is an eight-bedroom main house as well as a 7,500-square-foot guest home. The grounds include a tennis court, pool, spa and a lily pond. The main home is one of the oldest summer cottages in the Hamptons. The main manor home is totally flawless and the almost six acres are exquisitely done. As the listing states, it is a “true Southampton estate.” Is it worth $65 million? I’ve learned to turn off my inner skeptic when looking at Hamptons listings, there’s probably some deep-pocketed person willing to pay exactly that. Yes, even in this uncertain real estate market.

%Gallery-12634%

Continue reading Gin Lane Estate, Estate of the Day

Read

Share This

Share This

Filed under: Estates, Celebrity Shopping

From the NY Post’s Gimme Shelter:
–As was first reported by Bob at Massive Time Listings, Howard Stern has paid $15.1 million for the apartment directly below his West Side condo in order to create a massive over 8,400-square-foot penthouse. Stern’s buy is a combination of three separate units. He first purchased in the building in 1998 when he combined two penthouse apartments.
–Baseball player Alex Rodriguez has been spotted checking out a home at the San Remo co-op. The five-bedroom home is listed at $6.975 million, a little mdoest by A-Rod standards.
–Rachael Ray has finally shut on her Southampton home. The home on 6.2 acres had a list price of $2.9 million.

From the NY Observer’s Manhattan Transfers:
–Model Isabeli Fontana just spent $3.37 million on a three-bedroom apartment in the Trump Place development on Riverside Boulevard. She already has a penthouse in a Trump condo a few doors down. Fontana, who currently fronts the H&M lingerie campaign, already has two kids so perhaps she needs the extra room.
–Model Jessica Stam, who is just 21, has already bought her third New York apartment .She first sold a co-op on East 16th Street, for $510,000 in August 2004 and bought an $800,000 condo four blocks down. She sold that place for $935,000 and now has paid $1.4 million for a loft at the Petersfield on Fourth Avenue.
–DJ AM has paid $1.995 million for a 1,147-square-foot apartment at One Kenmare Square, Andr

Share This

Share This

INTERVIEW-Taiwan’s Evergreen Marine sees US traffic up despite
Forbes - Wang stated the company also hopes to invest in container terminals in China, as most of the world’s leading shipping companies have already done for reasons of cost-efficiency. But this too will depend on a relaxation of rules imposed by the Taiwan

When 3rd place on the rich list just isn’t enough
International Herald Tribune - LAS VEGAS : Sheldon Adelson, the casino mogul, has seen his personal net worth plummet by more than $15 billion in recent months as Wall Street investors have grown more bearish about the casino companies that are pushing aggressively into Asia. That

Two-Year Treasuries Drop as Stock Advances Damp Risk Aversion
Bloomberg - Contracts on the Markit iTraxx Crossover Index of 50 companies with mainly high-risk, high- yield credit ratings declined 9 basis points today, according to JPMorgan Chase & Co. Two-year securities yielded 1.20 percentage points less than

Convicted Appraiser Exposes Toxic Debt Tie to Inflated Values
Bloomberg - New York-based Lehman sued 14 people and five companies including Passarelli & Potts Appraisal Service and appraiser Fred Passarelli in U.S. District Court in Tampa, Florida, alleging “grossly inaccurate” appraisals that valued residences in the

FDA: Cold medicines too risky for tots
MSNBC - Drug companies last October quit selling dozens of versions of nonprescription cold remedies targeted specifically to babies and toddlers. That month, the FDA’s scientific advisers also voted that the drugs don’t work in small kids and shouldn’t

Enterprise Inns Profit Is Unchanged on Smoking Ban (Update1)
Bloomberg - U.K. companies have been free since the begin of 2007 to separate their operating businesses from their real estate, which can trade separately as tax-advantaged REITs. Enterprise wants to become a REIT without such a split. Chief Executive Officer

Quality of Life, As Important As Life Itself
Forbes - HIV patients are living longer and we remain focused on saving lives,” states Dr. Greeson. “But we’re increasingly aware that quality of life issues taken into consideration during drug development serve not only patients but companies as well.” For

Novartis profit plummets, pressures shares
Boston Globe - Pharmaceuticals companies also face government resistance to mounting healthcare costs and tougher regulatory hurdles. Novartis’s problems with Galvus — once touted as a potential blockbuster — are a case in point, with U.S. regulators requiring

EU raids major drug companies
Daily Telegraph - The European Union launched a series of dawn raids on UK and Continental European drug companies in a competition crackdown on the sector. Drug giants including GlaxoSmithKline in the UK and Novartis in Switzerland had material examined by EU

Caisse des Depots Head Seeks State Funds’ Investment in France
Bloomberg - Jan. 17 (Bloomberg) — Augustin de Romanet, head of French say lender Caisse des Depots et Consignations, said he wants sovereign wealth funds such as Singapore’s Temasek Holdings Pte. to invest in France. “We must present to French companies long

Share This

Share This

I love Warren Buffet! The man is the third wealthiest man in the world and he still drives his own automobile around and lives in a three-bedroom home in Omaha. He’s upset that he pays less tax than his secretary, and he doesn’t own a cell phone. Envision that!

This post from FortuneWatch had a bunch of great Buffet quotes. My favorite: “Never invest in a company you don’t comprehend.”  Investing without understanding sounds more like gambling.   

This axiom works well in all kinds of areas:

• Never start a business you don’t comprehend.
• Never write about something you don’t understand.
• Never marry someone you don’t understand

Do you’ve any more?

Share This

Share This

Share This

From one of my favorite comics, Boy on a Stick and Slither 

Share This

Share This

Share This