Either I blew it or the buyer did, but boy, was I wrong

 

Copper Beech

Copper Beech

Copper Beech has sold for $120 million – I’d guessed $30 -$50 million, tops. I can’t imagine how someone made that number work, but congratulations to David Ogilvy.

UPDATE: We (this blogger and readers) are all guessing it’s a creditor, not a bona fide buyer – see comments)

UPDATE II: It has now been reported to the Board, with Ogilvy shown as having represented both sides of the transaction.

 

68 Comments

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68 responses to “Either I blew it or the buyer did, but boy, was I wrong

  1. TM

    Was it Michelle Marie or did their financing fall through?

  2. housecat

    Who bought it?

  3. Publius

    It would appear that Comrade Putin has bought himself a dacha in Greenwich on LIS

  4. Brit

    do you think they will keep the estate intact or subdivide?

    • D

      subdivide – gotta recoup some land basis.

      • The numbers don’t work as a subdivision. It’s either a creditor who’s taken the land in lieu of repayment or an out-of-towner with far more money than sense or local knowledge, is my guess. But as has just been demonstrated, I was way off on this property, so ….
        I do like the reader’s theory that it’s Michelle-Marie Heinemann.

  5. Anon

    Dumb Greenwich Time article talks about everything except the one lead question people want to know: who bought it?

  6. Cos Cobber

    The Greenwich dept of Recreation bought it.

  7. Anonymous

    This is an outrageous sum….perhaps, its Bridgewater wanting to buid their new headquarters here and discontinue the Stamford Boat docks idea.

  8. Anon

    Creditor, or Ogilvy would have trumpeted the sale, not burried it in a town clerk transaction. Not announced anywhere else according to Google news search.

  9. Mickster

    I’m betting it’s a REAL DEAL

  10. Cos Cobber

    If its Dalio, does that cement Exit 4 as the new center of “power.” Will Belle Haven become passé?

  11. Flash

    If GTimes is breaking news why didn’t they name names? Seems like that is the job of a reporter. What would cause them to deliberately omit the name but swear to the number? Would someone please go to town hall and see if it’s Slavin?, Kaye?, Ward?

  12. Anonymous

    Why would a broker not present every solid offer to their client? In your industry, are you allowed to hold back credible offers or prevent them from being offered?

  13. AJ

    Could it be that the dollar is about to collapse and at the time of closing $120 million will be chump change? Will you need a trillion dollar Zimbabwe style note to buy a two pound can of coffee?

  14. Anon

    Wonder if action could be taken against Ogilvy by the numerous lenders on the property for not doing diligence in obtaining best offer, particularly if the debt exceeds the purchase price.

  15. Anonymous

    Justin Timberlake.

  16. AJ

    I think you’re over comlexicating. An agent has no fiduciary responsibility to the seller’s creditors, only an obligation to present offers. His only due diligence obligation is to himself as to not waste his own time. Beyond that it’s up to buyer’s and seller’s attorneys to sort things out.

  17. AJ

    Do the Sinoway have any claims? Sacred burial grounds? Magical, powerful medicine rocks that shan’t be disturbed? Home to the rare, thought to be extinct, paisley, polkadot salamander?

  18. Where Did I Go Wrong?

    How many people ARE there who shop in this “price range”? I’d think, over X$, it’s not a range, it’s a lifestyle, with price an mere nuisance to finding what you want. Must be nice.

    I’m hoping the buyer to this, if its real, is the whole Robertson clan, they of Duck Dynasty. Wouldn’t they be just perfect for Greenwich elite!

  19. question

    why would creditor buy it

  20. mike284

    Hi Chris, your old pal Mike Dinan here. I run a local news site for New Canaan, NewCanaanite.com … here’s the info on the buyer: http://newcanaanite.com/real-estate/new-canaan-part-of-historic-120-million-greenwich-estate-sale/

    • Flash

      BRAVO, a reporter with news we want to know.
      I am putting The New Canaanite on my ipad.

    • pulled up in OG

      Big deal. How many properties does Tom Ward “own” in town?

    • Riverside

      I know Jon Whitcomb and he did NOT buy this property. Before he moved to New Caanan he used to live in Cos Cob off of Orchard Street, and his father was headmaster of St. Luke’s School in New Caanan.

      He is a lawyer, so my guess is Diserio Martin represents the buyer.

  21. Anonymous

    i bet he’s an attorney representing someone who doesn’t want to be found out, that’s all. nothing surprising there.

  22. Anonymous

    Conservation Institute……hhhmmmm, I wonder if the future plans live up to the name….

    Great reporting NewCanaanite and CF……mainstream media prove once again how pointless they are for substantive, factual news.

    • pulled up in OG

      FF @ 11:33am:
      sez who?

      Chris Fountain @ 11:48am:
      Says Greenwich Time, although it hasn’t been reported to the MLS . . .

  23. Anun

    My money is on either:
    1. Ray D (hedgie)
    2. Stevie C (hedgie)
    3. Bill B (insure)

  24. Anonymous

    I’d say Obama.

    Kids enrolled in GCD or Brunswick, with part time weekend work at Chicken Joe’s so as to be, “with the people.”

    You read it here first.

  25. Anonymous

    Conservation Institute LLC

  26. pulled up in OG

    $120M x 0.7 = $84M

    $84M @ 11.311 = $950,124 per year

    Does the Double Irish Dutch Forest scam automatically transfer w/the property or is that Jon Whitcomb’s first order of business?

  27. Anun

    It’s official – Kim Kardashian & Kanye West – check out NY Post

  28. anon2

    head scratching why any buyer would pay top dollar. A hedgie would come in low and negotiate hard. Especially locals like Dalio and Cohen. They are eliminated in my mind. That it sold for such a high price says to me only one thing, it’s a foreign buyer.

    • It’s a one-of-a-kind property, and that’s surely worth a premium, but I find it hard to believe someone who knew Greenwich real estate values would pay this much of a premium. Regardless, someone did. At a certain level of worth, I suppose an extra $75 million to make sure you get what you want is small potatoes.

  29. Anonymous

    Chris just call your buddy David and get the answer!!!!

  30. Cos Cobber

    Could be Colbert and Fallon – on a JV – spending their signing bonuses.

  31. Anon

    Conservation Institute LLC. Some $750 and hour lawyer is laughing his ass off over that cynical naming job. Keep the land in the fake conservation forest zone? Sure. You bet.

  32. Anonymous

    hope it’s someone who’s gonna piss off the neighbor somethin’ mighty and make for great headlines.

    • A good Russian can do that – ask the neighbors up on Simmons Lane

    • housecat

      Never underestimate the ability your neighbours have to take a big, fat wrecking ball to the 20 bathroom Princess Palace you planned to build. Welcome to Greentown!

    • Riverside

      Interesting but the neighbor most impacted by future development on the “open space” portion of the land is Greenwich’s Bruce Park (the other side is the water). Not many neighbors of this one!

  33. Anonymous

    I say Dalio bought it and donates it to the town.

  34. Anonymous

    How about: Cohen bought it as part of the settlement announced today and will donate it (all while taking the tax writeoff) in order to establish the Cohen Institute for Business Ethics.

    Ain’t America great?!? A gub’mint shakedown AND the local citizenry benefit. Win-win.

    By the way, funniest thing I saw the other day: a waitress at a local diner wearing an SAC fleece.

  35. pulled up in OG

    Viktor Yanukovych, and Greenwich gets its second private zoo.