Buyer of Copper Beech revealed, sort of

Mr. Floyd Merriweather, principal, Conservation Institute LLC

Mr. Floyd Mayweather, principal, Conservation Institute LLC

In the comments section of the first posting on this sale, below,  ace reporter Michael Dinan – not to be confused with ace real estate agent Michael Dinneen) reports that the property was sold to The Conservation Institute LLC . That doesn’t really tell us much: the parties on record with the Secretary of State’s office are all lawyers, who act in these circumstances on behalf of undisclosed clients to preserve the privacy of those clients, but it would appear that this was a real purchase by a real buyer. The mind boggles. On the other hand, commission of 5% on $120 million is $6,000,000, which David Ogilvy richly deserves for finding someone to pay so much for so (relatively) little.

UPDATE: Barbara Heins has more on this story, over at Patch.

48 Comments

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48 responses to “Buyer of Copper Beech revealed, sort of

  1. Cos Cobber

    Probably an oil sheik.

  2. anon

    Either BunnyT and The Wizard or a Ruski parking some cash.

  3. Anonymous

    is Bacon back in Town?

  4. Anonymous

    No way the buyer is local. Not that it will matter, but what’s the real estate tax on a property assessed at $120MM? And does the mill rate go down for everyone else as a result of the town’s windfall?

    • Don’t forget the “forest” designation, which keeps tax on the property low – a friend has suggested that the made-up name of the purchasing LLC, “Conservation Institute” probably indicates their intention to try to keep the dodge going. That same friend points out that, if you’re a Russian trying to get money out of the country, overpaying for land is less of an issue than it might be for an American. We’ll see.

      • Anonymous

        Grossly overpaying for a property of this magnitude seems like a very inefficient way to get your money out of any country, even with reduced RE taxes. Could this sale have any impact on other town property values? I realize this is one of a kind property, but does seller psychology change when folks see this kind of a number?

        • Anon

          Once one Russian pays $120 mil for it, he can probably sell it to another Russian for the same amount, then to a Chinese guy, etc. Kind of like the Contemporary art market right now. It’s a great shell game for the super rich that works until it doesn’t.

        • I doubt it, but i suppose it might for out-of-town buyers.

  5. If the purchaser is a foreign entity, do they still have to pay the new federal transfer tax that is supposed to go directly to Obamacare?

  6. Walt

    Dude –
    I have a few questions about this, if may be so bold. OK THAN!!

    Firstly, I don’t understand how it is legal or ethical for a “Professional” dirt seller to be on both sides of a transaction. It is clearly a conflict of interest on the brokers part, and brings into real question that they are working in the best interests of the client, which I think is a real problem and should be stopped.

    Secondly, if it was the creditor who got it, is a commission paid on that? I would think it shouldn’t be, but I don’t know. The broker didn’t really do anything, and the seller got no money. So what is the answer, Weasel Boy?

    Fourthly, WHO CARES WHO BOUGHT IT? SOMEONE WITH MORE MONEY THAN US, IF IT IS A SALE!! Stevie Cohen could certainly afford it, but why would he want it? He pays more for a scribble painting, for Pete’s sake.

    Personally, I think it one of those commie Ruskie Oligarchs. Or Maybe Trump, who plans to build a 50 story high rise, with high speed ferry service to Manhattan. Or a casino!!
    Your Pal,
    Walt

    • anon2

      Trump is way too smart to pay that kind of money. He’s a deal maker. Plus, he’s already been there done that living on Greenwich waterfront with Wife 1. Wife 3 likes the city.

  7. Anon

    Barbara Heins at the Patch writes a real news story with interviews and taxes paid:

    http://greenwich.patch.com/groups/real-estate/p/copper-beech-farm-sells-for-120-million

  8. Anon

    Maggie Gordon at the Greenwich Time back peddles for her woefully inadequate news story this morning which didn’t include interviews, basic public information, or the who what when or why of journalism 101. GT is still behind the Patch:

    http://blog.ctnews.com/propertyrounds/2014/04/11/more-details-on-copper-beech-sale/#16190101=0

    Blown opportunity to break one of the few international stories coming out of Greenwich, and owning it. Too busy throwing Rowland into the Bush dinner story where it has no relevance at all. Pathetic.

  9. AJ

    Payable in gold bullion?

  10. Anonymous

    how can i bid on the snow plowing contract for that 1800 foot long driveway? that’ll make my year. i’d finally be able to afford the down payment on the range rover lease.

  11. anonypoor

    I fell off my chair watching the video tour of the home in Barbara Heims story. The place is magnificent. Anyone else notice early on in the video a window air conditioning unit? Upper left. That was the deal breaker for me. 🙂

  12. Anonymous

    I can’t believe someone would pay 120mm to send their kids to Jullian Curtis.

  13. housecat

    We’re talking le Rosey-level boarding schools, or private tutors all the way. What were you thinking?

    • housecat

      That was for the Julian Curtiss comment. Where did it go, btw?

      • housecat

        Now I see it again. Okay – apologies, everyone. My phone is apparently possessed.

      • I took it down because its the same reader who has a bug up his ass about Julian Curtiss school and he’s getting boring, but I just restored it, seeing how you and Richard both replied to it – I didn’t want to leave your comments dangling without a reference.
        But really, don’t waste your time with this guy, on this issue.

        • housecat

          Yeah, I figured it was the same guy who made similar comments on the Patterson posting. I don’t get the JC animus, either. Everyone I know who sends their kids there (Millbrook residents and the like) just loves it. Go figure.

        • Anonymous

          The buyer of Patterson cares as much about Jullian Curtis as the buyer of Copper Beach. Welcome to 2014 Greenwich. Wake up.

  14. Anonymous

    that property is pretty darned spectacular, no matter how you slice it.

  15. Batting Cleanup

    Who says the buyer has kids?

  16. Batting Cleanup

    Maybe Brant wants to fish?

    Maybe Stevie needs to park his Blackhawk submarine. (For his getaway)

    Maybe OG needs to relocate its underwater residents.

    Maybe Bunnytee needs a new place to bounce around on her…

  17. towny

    Whom ever purchased it, no longer wants to hold 120M of fed scrip.

  18. Anonymous

    Agree with anonymous that you can attempt to work out the numbers all you want, but the video further confirms that this is one rare, superfine piece of real estate (David also does a nice, low-key job with the narration, imho). If the elite are trading paintings for nine figures I can understand why someone would consider this as art of a different but equal kind. The history of this property alone adds huge value (2 owners in the last 100+ years) and the fact that it’s been maintained in it’s original state complete with the outbuildings (no one f’d it up like Leon did with Dunnellen Hall). If it goes through, the sale will be a huge feather in the cap for Greenwich.

  19. Harry Reid’s son financed by Chinese bought it for a solar generation spot.
    With no cattle to round up it was a real common sense play.
    Windmills too?

  20. Anonymous

    The selling agent fee was 1.75%, probably the same for listing side