OCEANFRONT KLUGE ESTATE WITH MIZNER AND WYETH HOMES AND EXTENSIVE GARDENS IS UP FOR SALE

Columbia University will be the happy beneficiary from the sale of one of Palm Beach’s highest priced estates.  In 2007, philanthropist Kluge donated the ultra-private 4.3-acre compound, a magnificent trophy estate made up of five contingent parcels, to Columbia as part of a $400-MM pledge exclusively for student scholarships.   

His vision was to create a verdant park-like retreat with 150’ of oceanfront and a private beach parcel.  Ocean views are exceptional.  Gardens and outdoor art collections are extensive. 

Kluge came to the US as an immigrant from Germany in 1922, worked for his stepfather in Detroit when he was 10 and by age 37 he made his first million dollars.  In 1987 Forbes named him as the world’s richest man.  This pledge is the largest ever gift devoted exclusively to student aid at a single institution of higher education in the United States.  By the time of his death, Kluge had accumulated $6.5BB.

At the entrance to the house, a domed ceiling appears with artwork within.  To the right is the casino room with pool table and seats for socializing. There is a lush and beautiful arcade with rotunda on the grounds.

The piano sits on a tiger skin carpet in the piano room.  The second floor has bedrooms with French windows and doors overlooking the gardens.

Once ranked by Forbes as the world’s richest man, John Kluge, the late billionaire who died at age 95 in 2010, purchased the five residences in the heart of Palm Beach’s estate section over a 30-year period before gifting the estate to his alma mater.  Kluge was CEO of Metromedia.

Casa Sin Nombre has exotically landscaped grounds and 21,000 living sq ft of housing.   

The 12,000 sq ft Garden House, his main residence, was built in 1935 and designed by society architect Marion Sims Wyeth.  Addison MIzner designed the now-renovated  6000-sq ft Mediterranean-Revival style oceanfront house in 1921.  Three separate buildings are for staff and/or guests.  The property has frequently been used for charity events.  It is located near the world-famous Worth Avenue and between Ocean Boulevard and South County Road.  Kluge acquired the properties in 1995.  

Listed price tag is $59MM.  The property has been on the market advertised globally for nine months.

MILLION DOLLAR HOUSING MARKET SMALL BUT BRISK

The Realtors' Research Division of the National Association of Realtors reports that last year 68,200 residential transactions closed at $1MM or more, about 1.6% of all home sales in 2011.

The $500,000 and above market segment represented 10% of all home sales.

While luxury homes are a small niche, they are generally outperforming the market.

APRIL 1, 2012 WALKING TOUR OF 14 WEST PALM BEACH HISTORIC HOME

The Grandview Heights Historic District will be hosting their 15^th annual historic home tour on Sunday, April 01st,  between 3 – 7 pm. This home tour will mark the 100^th birthday of the oldest section of Grandview Heights. Located within walking distance to City Place and the downtown Clematis Street Historic District, the Grandview Heights Historic District has become one of the most desirable residential neighborhoods in West Palm Beach due to its superb location and eclectic, old south Florida atmosphere. Established in 1912 and listed on the National Register of Historic Places, this neighborhood has one of the highest concentrations of historically significant architecture, such as Spanish Mission, Mediterranean Revival, Florida Bungalow, Art Deco and Dutch Colonial Revival.

This year’s tour features 14 homes, the biggest ever, with various styles and in different stages of restoration.  11 of the homes have never been shown in the past, including one which dates back to 1912. Highlights of the tour this year include art exhibits by locally acclaimed artists at Grandview Gardens Bed & Breakfast and Casa Grandview Historic Luxury Inn, a complimentary street party including a full meal, wine, soft drinks and live entertainment by Samm, one of the areas most popular jazz singers.

Tickets can either be booked in advance for $ 25 (plus small booking fee) online at www.historichometours.com or by calling 659-6721. Tickets are $30 on the day of the tour and can be purchased in front of the Armory Art Center in Howard Park. Visit www.grandviewheights.net for more information.

MOODY’s ECONOMY.COM PREDICTIONS

… market will not rebound to previous highs until 2030 or later, particularly in south Florida, California, Nevada and Arizona

… Other regions are predicted to recover in 2020

LATEST NEWS

• The 258,000-square-foot Delray Marketplace retail center project has begun construction with Deerfield Beach-based SIKON Construction Company. The center, which is located at the northwest corner of West Atlantic Avenue and Lyons Road, will feature shopping, restaurants and entertainment, and is set for completion Nov. 15 of this year. 
  
• In Florida, the Federal Housing Finance Agency says it completed 119,113 loan modifications in 2010 and 2011. More than 56,550 short sales or deeds-in-lieu of foreclosure were also completed during the same time period
• Florida has more loans that are one year or more delinquent than any state in the U.S. but California, according to a new report by the Federal Home Finance Agency. There are a total of 166,000 Florida loans more than one year delinquent, out of 292,000 delinquent loans backed by Freddie Mac and Fannie Mae, the Palm Beach Post reported. California has 174,000 loans that are delinquent by a year or more.
• Miami-Dade County saw the greatest increase in the state when it came to the rate of mortgage delinquencies, with 23.5 percent more mortgages 90 or more days delinquent than in the previous quarter, according to data from the Federal Reserve Bank of New York. In the same period, the number of delinquent mortgages rose 19.3 percent in Broward County and 16.3 percent in Palm Beach County.  

FROM THE BREAKERS HOTEL

We are proud to share with you that The Breakers has been nominated as one of Florida's top 100 buildings by the Florida chapter of the American Institute of Architects. The "Florida Architecture: 100 Years, 100 Places" competition is one of many events planned to celebrate the organization's 100th anniversary and to recognize the most architecturally significant buildings in our state.

As you are a valued guest of The Breakers, we hope you will join us in voting for the resort as often as you can from now through April 6, 2012.  There is no limit to the number of times an individual can vote. The winner will be announced in early April and honored at the chapter's annual convention held at The Breakers in July 2012. It would be very exciting if The Breakers was named the #1 building in Florida! Vote Now>

We are honored to showcase the original 1926 building and its breathtaking public rooms, all hand painted by Italian artisans, to thousands of visitors to enjoy each year. The parallel path of preservation and modernization has allowed The Breakers to thrive in the luxury hotel sector and survive as the only large historic luxury resort in the country still in the hands of its original owners.  At 116 years old, this is an unusual feat.

Given the number of other buildings included in this survey, it would be an honor to rank at the top of the list. Thank you for your vote and, as always, for being our guest. We look forward to welcoming you back to the resort again in the near future.

Warmest Regards,

The Breakers Team 

PS: You can vote for more than one and The Colony Hotel is on the list as well.

HOUSING PREDICTIONS

Robert Schiller, Yale Professor of Economics and originator of Case-Shiller housing reports, says we may be at bottom, but has no indications of another boom any time soon.

Hear what he has to say.

Florida has one of the highest negative equity percentages nationwide, with 44 percent of its mortgaged properties reported as being underwater