Daily Archives: December 22, 2008
More sad news – Christmas on Mustique may be cancelled
The invitations were out, the private jet arranged, and now friends of Corina Noel and her hubby can’t reach them to confirm that the party’s still on. They’re worried, naturally, that something may have happened. FRIENDS of Andrés Piedrahita and Corina … Continue reading
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The best use for $25 oil I can think of
Bankrupting Chavez and his Venezuelan collectivist society. Although news that he’s expropriating a shopping mall and converting it into some kind of people’s hospital will no doubt further endear him to the Joseph Kennedys of this country. It’s estimated that … Continue reading
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Uh oh This doesn’t look good for Peter Madoff
Can you spell “fraudulent conveyance”? Transferred house to wife two years ago and she promptly filed for Florida’s “homestead exemption” which protects her from creditors. Could it be that Peter knew what was going on before last week?
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The Madoffs go shopping
He’s making a list And checking it twice; Gonna find out Who’s naughty and nice Santa Claus is coming to town He sees you when you’re sleeping He knows when you’re awake He knows if you’ve been bad or good … Continue reading
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For sale: 57 Tomac Lane?
Turns out that Andrew Madoff, Bernie’s son, was served with divorce papers the day Dad was arrested. This sad news is mitigated, perhaps, by the suspicion that the couple may yet get back together – after the dust settles: One somewhat … Continue reading
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Zounds! Another price cut!
187 Stanwich Road was listed for $2,750,000 October 21, 2008. I thought this might be a bit aggressive for a house that had been purchased for $2,615,000 just 14 months before (with no improvements made during that brief ownership) but what … Continue reading
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If I read this right
Money market funds are going to start producing a negative yield, after fees. My investment advice for today: buy stock in mattress companies.
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A shoe drops in Greenwich
The first class action suit has been filed against Walter Noel’s Fairfield Greenwich Group. A reader suggests that when a lis pendens is filed against the Round Hill cottage, we’ll know Noel’s creditors are serious. Has one been filed? I … Continue reading
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How does this make sense?
We’ve discussed this spec house at 601 Lake Avenue before – land purchased for $2.350 million in June, 2007, huge brick Georgian erected and put on for sale this spring at $7 million plus, builder’s own house on Parsonage hit with … Continue reading
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Maybe some people can’t afford to own a house
Mortgage defaults continue to rise even after loan modification.
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Well gosh darn it!
Accordning to Variety, Ira Rennert, junk bond king and builder of the 100,000 sf cottage in Southhampton, depicted above, lost an “undisclosed amount” of his $500 milion fortune with Bernie Madoff. I hope it wasn’t too large a portion so … Continue reading
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Yet it still sold
I stumbled across an old promotional brochure for one of my firm’s listings this morning and was impressed by the effort the copywriter put into trying to describe a plain vanilla builders “colonial” as a mansion fit for a Wall … Continue reading
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A world where mansions are cottages and Greenwich Academy is a public school
Thanks to reader CEA, we have this wonderful link to a story on the family that keeps on giving, the Noels: FAIRFIELD Greenwich Group founder Walter Noel lost $7.5 billion with alleged Ponzi scheme scammer Bernard Madoff [actually, his investors … Continue reading
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King Merritt blues
The listing for 20 South Stonehedge Driveexpired today, apparently the victim of market indifference. This is a 50′s cape on a full acre that was last purchased for $980,000 in December 2003. The buyers put it back on the market … Continue reading
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Step away from the car and put your hands in the air
California’s Supreme Court has ruled that a would-be rescuer is liable for any injuries caused by that attempt. What happens in California, alas, does not stay in California so my advice to you, should you witness an accident, is to emulate … Continue reading
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Must this family lose their house?
The town values Walter Noel’s manse at 175 Round Hill Road at $6 million which, judging from the tax card and this picture of the spread seems a bit conservative, even in today’s market. Eighteen rooms within 8,590 sf, 8 … Continue reading
Filed under Fraud, Wall Street
Inventory clearance
In addition to 54 Highview Avenue, discussed below, another long time denizen of our multiple listing service, 18 Sandy Lane has gone to contract. I liked this house, off of Round Hill Road on four acres but with some exposure … Continue reading
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Filed under Back Country, Contracts, current market conditions
More trouble for Greenwich’s Walter Noel
Nothing we haven’t pointed out here before, but burned investors in Noel’s Fairfield Greenwich Group’s Sentry Fund are beginning to ask some hard questions about what, exactly, Noel did to earn his fees. Nothing at all, it turns out. In a … Continue reading
Filed under Fraud, Wall Street
Antares and UST Building
“For rent: former hedge fund space” After driving Manhattan office rents to nearly $200 a square foot, hedge funds are struggling with stingier lenders, investor redemptions and, in many cases, poor returns. As a result, in East Coast hedge fund … Continue reading
Filed under Builders and Banks, Developers
