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NYC Named America's Richest City With Over 650,000 Millionaires

Filed under: Wealth

New York has been named America's richest city with a record 667,000 high-net worth individuals, or people with $1 million or more in investible assets, recorded as living there in 2009. The figure, 18.7% higher than in 2008, comes from the new Metro Wealth Index created by consulting firm Capgemini, the Wall St. Journal reports. New York not only topped the list but demolished the competition, with a sum greater than the total of the next three runners up combined – Los Angeles, Chicago and Washington. The number of millionaires in New York City – some of whom are of course billionaires – is now greater than the entire population of Boston. While growth is up across the board over 2008, only New York, D.C. (#4), Houston (#9) and San Jose (#10) are now above their 2007 or pre-recession levels, with the rest still languishing behind.

Smithsonian Offers Behind-The-Scenes Event

Filed under: Luxury Travel & Hotels, Events, Art


A rare chance to go behind the scenes at the Smithsonian will be offered October 20-23. Smithsonian Journeys has announced the "Celebrate Smithsonian" event in which participants will meet Smithsonian curators and staff, explore Smithsonian collections not on public view, attend private demonstrations and the newest exhibitions and enjoy exclusive dinners with Smithsonian staff in museum galleries.

The program begins with a private gala reception and dinner at the Smithsonian "Castle" building. Richard Kurin, Under Secretary for History, Art and Culture, will welcome participants and give an overview of the Smithsonian's colorful past and present. The next two days will focus on Smithsonian collections in storage and on display. Museum staff will lead tours through the Museum Support Center, a high-tech home to more than 54 million artifacts, where scholars work on the research and conservation of some of the nation's treasures. At the National Museum of American History, curator of musical instruments Kenneth Slowik will how priceless instruments from the collection and demonstrate their rich tones.

The Classicist: A Piece of Architectural History in Watch Hill, Yours for $19.5 Million

Filed under: Estates, The Classicist, Wealth


Last week The Classicist told you about a historic Hudson River estate being restored to its former glory. That posh property is being thoroughly enjoyed by its new owners, but there's another architectural gem of equally impressive provenance now available with the added bonus of oceanfront acreage – The Timbers in Watch Hill, Rhode Island. Set high above the ocean on a picturesque stretch of beach, the majestic eight-acre compound comprises one of the grandest historic oceanfront estates in New England that's still in private hands. The mansion was built in 1917 and designed by celebrated architect John Russell Pope, who created the Jefferson Memorial and the National Gallery of Art in Washington, D.C. The estate recently underwent a meticulous and historically accurate $10 million restoration, reflecting Pope's original vision. It's now been listed for sale by Christie's Great Estates affiliate Seaboard Properties for $19.5 million.

The opulent 10,500-sq.-ft. main residence was styled after a grand English Tudor manor and features baronial touches such as 15 elegant fireplaces, a magnificent grand staircase and a bell tower. In addition to panoramic ocean views it boasts wide-plank oak floors, wrought-iron chandeliers, archways, and light-filled, generously scaled rooms. The spectacular living room features 35-foot-high cathedral ceilings, exposed English oak beams, and a beautifully crafted wraparound balcony with a carved wooden balustrade. Large French doors on the east side of the living room open to a large covered veranda which features glorious views of the beach and the sounds of the surf as it rolls ashore. At the far end of the veranda, an octagonal dining area features an outdoor woodburning fireplace, wrought-iron chandelier, vaulted ceilings, and archways overlooking the ocean.

The Citadel, Estate of the Day

Filed under: Estates


Today's home is a two-bedroom fortress in the sky in Seattle. This one has pretty modest square footage (2658 sq. ft.) for the price but what it lacks in space it makes up for in views. The home has views from Puget Sound to the city skyline, port and beyond and wide windows capture the glorious spectacle. The greater part of the home is given over to a wide open space that incorporates the living room, kitchen, dining and lounge areas. This unit is on the top floor of an exclusive downtown high rise and an en suite stairway leads to a private terrace on the building's roof with a spa and grill. It is listed at $6.2 million and is available with or without the designer furnishings.

Gallery: The Citadel

Washington Winery Gets Into The Beef Business

Filed under: Dining, Wine, Green

lostline cattle companyThe owners of the acclaimed Leonetti Cellar winery in Washington have announced plans to get into the cattle business. Although wine and beef may sound like completely opposite pursuits Chris Figgins, CEO and winemaker for Leonetti Cellar, says "The whole idea is contrary to modern beef production. We're taking the estate winery model and applying it to beef."

Figgins purchased a ranch in the Wallowa Valley with his father four years ago in order to raise Scottish Highland Cattle, which have longer hair and tend to be leaner than other breeds. The cattle are grass fed on certified organic fields without the use of hormones and will be harvested humanely. In another connection to the wine business, Figgins plans to feed the cattle pomace, which is the skin, pulp and other solid remains left after wine grapes are crushed. The meat will be available via mailing list beginning this fall through the Lostine Cattle Company website.

Zoka: Drink Your 'Cup of Excellence' All Afternoon

Filed under: Dining

Zoka is nominated for a Luxist Award for Best Coffee House
Zoka
is a Seattle-based coffee company with cafes in Washington and Japan, and is a nominee for a Readers' Choice Award for Best Coffee House.

At Zoka, you'll find coffees and teas from Africa, Central and South America, Asia and the Pacific Islands, as well as tasty homemade baked goods, some vegan, for soaking up all that caffeine (the chocolate truffle cookies are especially recommended). They pride themselves on their Cup of Excellence winning coffees, artisan-roasted beans and many single-origin coffees which they roast in small batches to preserve the uniqueness and pungence of the flavors.


For coffee house frequenters, Zoka provides a comfortable home. Rather than rushing you out the door, they lure you in with complimentary wifi and hope you'll stay all afternoon. And for the busier coffee geeks out there, you can join one of their three Coffee Clubs to have fresh, artisan-roasted coffee delivered to you monthly. Many of their coffees and teas are also available for purchase online.
Do yourself a favor and visit their website in advance of visiting a shop -- there are so many options and you don't want to miss your ideal cup of coffee or tea. You can browse by region or varietal for coffee, and by usual leaf category (green, black, oolong) for tea. We think the Organic Sumatra Permata Gayo Coffee sounds especially enticing: "Floral notes of orange peel up front, mellowing into blackberry jam and finishes with sassafras and sweet malt."

Yum.

Vote for the coffee house that you believe is the best of breed. The voting period runs through April 30 and winners will be announced on May 1.

Lavish Spec Yacht Ready For Launch

Filed under: Yachts & Sailing

northcoast yachts
With the return of luxury spending there seem to be glimmers of hope in the yacht business. That could be good news for Tacoma, Washington's Northcoast Yachts, a company that has created a lavish 125-foot spec yacht that is nearing completion. The yacht is the most luxurious boat the company has built. They started over two years ago looking toward selling it in Europe but have found U.S. interest as well. It has nine bathrooms and five staterooms. Details include Italian onyx, leather floors made from repurposed car seats, marble sinks, flat television screens that fold into the ceiling and a floating stainless steel spiral staircase. The Tacoma News Tribune reports that the yacht's main steering wheel is modeled after a 250 GT Ferrari and a white leather couch was hand built in Italy. The yacht will be launched Monday into Commencement Bay. It is for sale for $22.2 million.

NYC, LA Top List of Most Expensive U.S. Cities

Filed under: Luxury Travel & Hotels, Real Estate Developments

The list of the most expensive cities in the United States is now out, and unsurprisingly, New York has taken the top spot, with a cost of living that's double its closest follower. Of course, the financial crisis has put a bit of pressure on real estate prices and the cost of goods all over the country, but there are still some places that just cost a fortune.

New York: a two-bedroom luxury apartment (unfurnished) now costs a mere $4,300, off $200 from last year. And, there are other signs that the most expensive city is becoming less expensive, including the shuttering of Café des Artistes and the opening of our first J.C. Penney (ugh).

Los Angeles: this is where you go if you can afford only half the cost of living in New York. Unlike the most expensive city in the country, it makes sense to have a car out there, but get a nice one: you'll be spending a lot of time in it. LA has some of the longest commutes in the country.

Washington, D.C.: in this part of the country, take advantage of a 3.8 percent unemployment rate for the metro area. That's a hell of a lot better than the nationwide 9.8 percent (expected to break 10 percent early next year).

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New Luxury Shopping Center Opens In Washington

the bravernThis may not be the ideal time to open a luxury mall but that isn't stopping Puget Sound's first new shopping center to open in several years. The Shops at The Bravern in Bellevue, Washington opens today, September 12. The 305,000-square-foot retail center is home to a Neiman Marcus, Hermes, Jimmy Choo, Louis Vuitton and an Elizabeth Arden Red Door Spa which is offering an opening special the Red Door Warm Welcome Package, a Signature Massage or Signature Facial, Warm Cream Manicure or Shampoo, Blowdry & Finish and Makeup Refresher for $120 ($141 - $161 value). Restaurants include John Howie Steak, Artisanal Brasserie & Winebar and Trophy Cupcakes. The center also offers concierge service.

Small Splurge: More Delicious Summer Wines

Filed under: Wine

Click Wines
Click Wine Group, a privately held, Seattle-based company that owns and imports wine from around the world, features a great selection of recession-friendly vintages with average prices of between $10 - $13. Their Global Wine Collection consists of signature varietals from world-class appellations with easy to pronounce (and sometimes amusing) names and appealing, consumer friendly packaging aimed at taking the intimidation out of wine. They have something for virtually every palate and summertime occasion.

Fat Bastard Chardonnay:

To craft Fat Bastard Chardonnay, grapes are sourced from all over France's Languedoc-Roussillon region. The golden yellow wine with pale-green tints has expressive stone-fruit aromas with soft floral undertones and well-balanced citrus and acacia notes. Soft oak gives warmth and balance to the palate. Serve with fresh crab or shrimp, or with a roasted pork tenderloin and vegetables. Try also: Rosé.

2 Up Shiraz:

Named for a popular game of chance in Australia, 2 Up is an elegant, intense and exceptional quality Shiraz that is hand-crafted from a blend of grapes carefully selected from highly prized local vineyards. According to Robert Parker of the Wine Advocate, 2 Up represents "the type of wine value that simply can't be found in California." Goes well with Italian dishes, ribs, and grilled meats such as aged beef and lamb.

Root: 1 Cabernet Sauvignon:

Chile is one of the very few grape growing regions in the world where original European rootstocks have survived, producing the intense fruit flavor and authentic varietal character of Root: 1 wines. Rich ruby color with aromas of ripe berries and soft plum are followed by tastes of black cherry, soft vanilla and dark chocolate characterize their Cabernet. Artfully accompanies grilled meats, ripe cheeses, Italian and Mediterranean cuisine and chocolate. Try also: Chardonnay.

Tacoma, Washington Condo Project Facing Foreclosure

Filed under: Real Estate Developments


The headline on the website for the Tacoma Esplenade condo project says "navigate a new life" but that life may be snagged up in foreclosure. The Tacoma News Tribune reports that the $80 million Tacoma, Washington waterfront condominium project is facing foreclosure by late August unless the developer can find new sources of funding. The project is a nine-story building with 162 units, just ten of which have been sold.None of the retail spaces have been rented. The project was part of a larger plan to revitalize the formerly industrial area with new housing and a hotel. The hotel never broke ground and that land is now for sale. The owners of the Esplenade have until August 21 to escape from foreclosure but it will be a challenge, partially because of the building's low occupancy rate which makes it hard to get funding.

Westinghouse-Lindbergh Estate, Estate of the Day

Filed under: Estates


Today's classic red and white mansion on Washington's Bainbridge Island has an interesting history that involves two famous American families, the Westinghouses and the Lindberghs. An article from last year's Kitsap Sun reveal that the original home was built in the early 1900s. Around the late 1920s or early 1930s, someone who was a descendant of electrical titan George Westinghouse purchased the home and updated it in the grand style it remains in today.

The Lindbergh part of the story begins in the mid-1960s when Charles Lindbergh's son, Jon, purchased the home and lived here with wife, Barbara, and their six children for a couple of decades. The rambling seven-bedroom home includes a butler's pantry and upstairs maids' quarters. Many of the original fixtures and the arched woodwork and bead-boarding remain. The property has 270 feet of waterfront on Manzanita Bay and there is a matching boat house and dock. The home was listed at $6.95 million last year and is now listed at $5.95 million.

Soutine Collectors Beef Over Beef

Filed under: Art

When art collectors beef, there are no dis' records. Instead, there's just beef. Canadian art collector Jolles Shefner picked up one of Chaim Soutine's paintings from the Le boeuf (Piece of Beef) series for a mere $68,000 in 1981. She went home and hung it in her living room for the next 23 years. Then, she sold it for $1 million. Half a year after that, Soutine's beef wound up in Washington, D.C.'s National Gallery of Art, which paid $2 million for it. Now, all the people in this chain of transactions have beef. When someone makes a great deal, it's usually at the expense of the person on the other side.

Shefner's heirs sued the middlemen from Jolles' sale and the National Art Gallery – essentially for fraud. Though the truth is still struggling to the surface, Soutine experts Maurice Tuchman and Esti Dunow appear to be involved in both the Shefner sale and the later sale to the National Gallery of Art. Shefner's estate seems to have accused Tuchman and Dunow of market manipulation, using their Soutine savvy to maximize their earnings.

In the lawsuit filings, Shefner's heirs claim that Tuchman and Dunow left "at least half a dozen" comparable Soutine sales from the list they provided to the Jolles to support the 2004 valuation and sale. And, these folks are saying the National Gallery of Art didn't investigate the source of the painting sufficiently. Of course, the family wants the painting back.

Tuchman and Dunow deny any impropriety and have indicated that Jolles' daughter received an independent valuation from an auction house that put the value of the painting at $1 million. But, the dynamic duo of Soutine wanted to restore order to the world. So, they agreed to pay $210,000 to the National Art Gallery in a settlement deal so complicated, you'd think it would be intended to end in the death of James Bond. They will authenticate the painting and maintain a provenance listing. The painting itself will go back to the Shefner family. The National Art Gallery will pick up $1,325,000 in cash from the Shefner heirs and a seven-year promisorry note for $650,000. All three payments come to $2,185,000. The museum walks away with a small profit – and it holds onto the painting until the promissory note is paid.

Call It a Trend: Cigar Stores Reclaiming Rights

Filed under: Cigars

Maybe, society has had enough. In Spokane, Washington, even non-smokers came to the defense of the cigar community when public golf courses tried to implement a ban. Other places are relying on creativity, such as tobacconist De La Concha's cigar dinners. In New Hampshire, the legislature is getting involved – a bill may legalize the sale of liquor in cigar bars.

In most places, it's tough to find a social setting where you can enjoy a cocktail and a cigar at the same time. The "live free or die" folks are looking to change that. If tobacconists are able to receive liquor licenses, the resulting store traffic could offset much of the damage being done by the financial crisis.

For Two Guys Smoke Shop in Salem, New Hampshire – where I used to go when I lived in northern Massachusetts – sales have fallen since the state banned smoking in restaurants two years ago, with particular effect in the winter. The ability to sell drinks would make the venue more enticing to customers, keep them in seats longer and likely result in an increase in sales.

There aren't many cigar venues left in New England or elsewhere in the country where you can smoke and drink at the same time. In Manhattan, we have a few spots, and Boston has Cigar Masters. Many cities have their hidden gems, but you have to find them. For the cigar smokers of New Hampshire, however, this could change. And, if you believe that Dixville Notch chooses the president every four years, expect to see similar laws pop up in other states.

Ichiro Suzuki in Issaquah, Estate of the Day

Filed under: Estates, Sports

Celebrity sports real estate falls into a few basic categories. Usually players are either moving because they have been traded to another city or because they have traded up. Seattle Mariners outfielder Ichiro Suzuki is one who has done the latter. The Wall Street Journal's Private Properties reports that he recently built a new, larger home on Washington's Lake Sammamish. His former home, which also has lake views, is now on the market.

Suzuki's old house is a five-bedroom contemporary in Issaquah, about 15 miles from Seattle. The 5,000 square foot home was built in 1997 and was remodeled in 2003. The master suite has a two-sided fireplace and a private viewing deck over the lake. The grounds include a lighted sport court and gardens with two ponds. The listing says it was formerly listed as high as $3.2 million but it is now listed at $1.75 million.

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