Archive for May 18th, 2008

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Today’ estate in Miami Beach, Florida (thanks, designer) was once home to Cher and has also served as a temporary residence for Janet Jackson and Julio Iglesias. Cher purchased the property in 1993 for $1.5 million and rebuilt it. She sold in 1996 for $4.35 million to Barry Schwartz, former chairman and CEO of Calvin Klein who sold to real estate developer Todd Glaser and investment partner Armin Mattli, president of Clinique La Prairie, the Swiss spa/hotel/medical center ten years later. The property was totally redone and then rented to Janet Jackson last year for $85,000 a month, followed by Julio Iglesias and then Douglas Cramer, executive producer of the TV series Dynasty. The home which once featured in Architectural Digest, has six bedrooms, cabana and gym, two-car garage and dock.Details include a big inner courtyards, archways, rosette windows, keystone columns, a two-story living room, formal dining and massive media rooms and a lap pool. The kitchen has double sub-zero stainless steel refrigerators, Traulsen wine cooler, huge white marble island and Wolf gas stove, also opens to wide covered terrace. The master suite has a walk-in closet, private covered terrace overlooking pool and wide views, and a 3rd story living room with massive covered terrace overlooking water. This home is listed at $14.9 million which seems a bit ambitious for the current market although it is a beautiful home.

[via Miami Herald]
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Continue reading La Gorce Island, Estate of the Day

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No doubt, Barack Obama is an amazing speaker. Even his opponents grudgingly concur.

Yet he has misspoken on several occasions. His comment that mentioned “bitter” Americans took a toll on his campaign. And he’s being lampooned in the blogosphere and on talk shows for his slip that he had visited all “57 states.

Entrepreneurs can learn from his talents — and his slip-ups. In other words, when making a pitch — or a speech — you need to be very careful what you state. You need to think like a politician.

Of course, even top business leaders can make big-time blunders. Just look at Steve Schwarzman, the CEO of The Blackstone Group LP (NYSE: BX). At a private investor conference, he stated the following about his aborted $1.7 billion buyout of PHH Corp. (from a piece in the NY Post):

Trying to purchase a mortgage bank in the midst of the subprime crisis was the equivalent of being a noodle salesman in Nagasaki when the atomic bomb went off. Not a lot of noodles left or even a person — and that’s what happened to us on this deal.

It was certainly a puzzling and unsympathetic comment.

Schwarzman seemed to think that the speech would be private. But with the pervasiveness of social media, it’s assumed that anything you state will somehow windup becoming public and be used against you (here’s a blog post on it, for example).

Keep in mind that Blackstone is working hard to bolster its operations in Japan. Clearly, as businesses expand into global markets, it is becoming even more important to be watchful of what we state.

Here’s some additional advice when making public comments:

Don’t hype your company: Over the years, I’ve talked to lots of small companies. While many entrepreneurs have tremendous passion (which is critical to success), this can sometimes get out of hand. Often, they’ll hype things or even misrepresent their performance.

But it’s fairly obvious. For me, it usually means I won’t write about a company. For potential customers, it probably means they won’t do business with you.

Now, it’s certainly OK to emphasize your strong points. This is essential. However, there is a temptation to inflate stuff. And, if you are caught, it can be just as bad as the situation with Blackstone. That is, your comments may become a feeding frenzy for bloggers.

Be mindful of the blogosphere: Unfortunately, such gaffes will usually become top-page material for anyone searching Google (NASDAQ: GOOG) for your name or your company. In such cases, it’s tough to recover — since controversial material tends to be the most popular material.

So, before talking, consider it. Make sure your message is consistent and concise.

This sounds like basic advice. Yet, I’ve seen many entrepreneurs who don’t practice it. And, in the end, it could be harmful for the business.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

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Business & Finance : I Am a Small Business Owner, So I Don't Need … - Prudent Press Agency (press release)

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From the NY Post’s Gimme Shelter:
–Former speak show host Dick Cavett is selling 77 acres of oceanfront property in Montauk for $30 million. Cavett has owned the property for about 30 years.
–A full-floor co-op residence at 2 E. 67th St. has it the market for $34.9 million. The eight-bedroom unit in the Rosario Candela-designed building belongs to Greek shipping billionaire Michael Lemos. The listing is here.
–The former Bluhdorn estate in Bedford, NY first hit the market for $42 million a couple years ago. Now the property which has been trimmed to 25 acres and includes a 10-bedroom mansion is listed at $20 million. Check out the listing here.
–Movie producer Bob Weinstein, the older brother and partner of Harvey Weinstein has paid $1.05 million for a street-level co-op on West 67th Street between Central Park West and Broadway which he purchased as a personal investment.

From Berg Properties Huge Time Listings:
–via the NY Post, you can be a Clinton neighbor in Chappaqua for $1.7 million. Be warned though, the home’s history has put off some buyers The home was recently rented by Carlos Perez-Olivo who rented the home with his wife, Peggy. He’s now accused of having murdered Peggy in order to be with his mistress. The listing is here.
—-A five-bedroom house in Beverly Hills, Calif. where Dean Martin lived during the 1980s has been listed for $5.495 million. The listing is here.
–Actress Teri Garr has listed her home in Brentwood for $3.995 million. The listing for the cottage-style home is here.
–Actress Dedee Pfeiffer has sold her ranch-style home in Brentwood for $1.15 million.
–via the Miami Herald, a waterfront residence on La Gorce Island in Miami Beach that was once home to Cher and rented to Janet Jackson and Julio Iglesias is back on the market. It’s our estate of the day later this day.
–Jerry Seinfeld’s former Los Angeles home has hit the market for $7.9 million. The listing is here.
–Sharon Stone has dropped the price again on a Beverly Hills home she’s been trying to sell off and on since 2006. The home which was once listed at $12.5 million is now listed at an even $10 million. The listing is here.

From the Real Estalker:
–Danny DeVito and Rhea Perlman have listed a two-bedroom condo unit in Encino for $750,000. The listing is here.
–Frankie Muniz has relisted his Hollywood Hills home for $3.695 million. It was our estate of the day back in December.
–The price on Kathleen Turner’s Amagansett, N.Y. home has been reduced to $5.9 million, down from $6.995 million. The listing is here.

From the LA Times Hot Property:
–Turns out that the home that I profiled as the most high-priced in zip code 90210 belongs to producer Mike Medavoy.
—-Aaron Kamin of the band The Calling has put a three-bedroom home in Studio City on the market for $1,199,999. The listing is here.
–Terence Michael, the executive producer of Showtime’s “I Can’t Believe I’m Still Single” show, is selling his bungalow in Playa del Rey for $981,000. The listing is here.
–Erik Nelson, a producer of more than 75 TV specials and series, is selling his Los Feliz home and relocating to Vancouver, Canada, where most of his TV production is. His home on Observatory Drive, shown above, once belonged to Cecil B. DeMille. Check out the virtual tour here.
About a year ago I profiled Belle Epoque, the Montecito mansion of Norm Waitt Jr., co-founder of Gateway PCs, as an estate of the day. He’s been trying to sell the home for a while now, dropping the price all the way to $19.7 million with no results. Now he’s auctioning it off through Sheldon Good & Co. via sealed bid. All sealed bids must be submitted by 3 p.m. on June 25 and Waitt has the right to accept, reject or negotiate with any and all bidders.

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The lush oases pictured in Luxury Private Gardens, the newest title in teNeues’ brilliant Luxury Books series, veer between the pleasantly inspirational and oppressively beautiful. In other words, while looking at it made us want to rush outside and begin planting things, it also made us despair of ever creating anything one tenth as attractive as the private paradises portrayed between its covers. Much superior, we feel, to simply sit back, mix a drink, read the damned book and let someone else do the digging, pruning, weeding and whatnot. But we digress.

Even the most lavish gardens in these pages displaying “the highest standards of horticultural excellence” are founded on simplicity, the book assures us: “Stripped down to their bare essentials, they are like a well-cut couturier’s gown - nothing but an utterly simple response to the unadorned landscape or the naked human body they are designed to fit.” The astounding Villa d’Este in Lake Como, Italy (where part of Casino Royale was filmed) pictured on the cover, with its elegant, elaborate parterres doesn’t exactly scream simplicity to us, but we could stare at it all day. See the gallery for a luxe garden tour.

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My husband is turning 62 this fall. (Bill Clinton turns 62 in August, by the way.)billclinton_nc.jpg

And it looks like the flood of Baby Boomers signing up for Social Security has begun, with 10,000 a day turning 62 this year. And the Social Security Administration is understaffed, so be prepared to stand in line or go online.

My husband and I’ve been speaking about whether he should sign up for Social Security now, or wait. The earnings limit is what’s stopping us. If he makes more than $36,000, his Social Security gets cut.

Many of us have tried to figure out whether the lower amount you get at 62 is better than waiting until “full retirement age” for the “full” benefit.

Any thoughts on this? Has anyone out there done the calculation?

And who is betting that Bill Clinton will be standing in line to collect his Social Security check?

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