albemarle house

Trump Bids on Patricia Kluge's Virginia Estate

Filed under: Estates, Auctions, Real Estate Developments, Wealth

trump bids on patricia kluge estate The latest wrinkle in Patricia Kluge's dispursal of fortune involves another famed billionaire: Donald Trump. This Wednesday, Trump had two lawyers representing him at the auction of Albemarle House, Kluge's luxe estate on 300 acres in tony Albemarle County, Va.

Shortly before the auction began, Steve Blaine and Les Goldman announced to the crowd of approximately 60 gathered in front of the Albemarle County Courthouse that they represented Donald Trump. What others might not have realized is that Trump had already purchased the adjacent 200 acres which, because of conditions outlined when Kluge gained the property in her divorce, would grant him right of first refusal on Albemare House.

"I think Mr. Trump wanted others to be aware that he was a bidder and he controlled the front yard of the house," said Baine, a Charlottesville, Va. lawyer. "He's a savvy business person but I think any other person with a serious interest in the house would have tried to figure out how to secure those 200 acres first."

Gallery: Patricia Kluge's Albemarle House

Tags: albemarle county, albemarle house, Charlottesville, Donald Trump, Luxury Real Estate, Patricia Kluge, Patricia Kluge Broke, virginia real estate

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Patricia Kluge: Billionaire's Ex-Wife Faces Foreclosure

by Carrie N. Culpepper (RSS feed) —

Filed under: Estates, Wine, Real Estate Developments, Wealth, Architecture & Design

Patricia Kluge photos, Patricia Kluge house photos

Patricia Kluge, the 1980s society queen and ex-wife of billionaire media mogul John Kluge, has fallen on some hard times. Kluge was famously awarded the largest divorce settlement in history (a reported $1.6 million a week) but she seems to have figured out a way to spend it – and then some.

She's allegedly in default of nearly $23 million on her gilded mansion in Virginia, which made headlines for its outlandish $100 million price tag when it first hit the market in October 2009. Sotheby's didn't get that asking price, nor the drastically reduced $24 million it was eventually priced at. Instead, on Feb. 16, the 23,538-square-foot home will be auctioned on the Albemarle County courthouse steps.

Kluge's house isn't the only possession she's losing: Her antiques and jewelry have already been auctioned through Sotheby's. Her winery was foreclosed on and its inventory also sold off at auction. On top of that, several lots in the Vineyard Estates subdivision she devised for her property were also auctioned.

The Hook reported that according to court records, Kluge borrowed a whopping $66 million for the house, winery and subdivision.

How could Kluge have blown through her fortune and now lost it all?

Tags: albemarle house, AlbemarleVirginia, Charlottesville, charlottesville virginia, kluge, kluge estates, kluge vineyards, kluge winery, KlugeEstates, patricia kluge, Patricia Kluge broke, vineyard estates, vineyard for sale, virginia real estate, William Moses

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11 Biggest Luxury Home Price Drops 2010

by Ann Brenoff (RSS feed) —

Filed under: Estates

Some believe that the Great Recession hasn't been an equal opportunity devastater. While we can all agree that it has shot a cannonball through what was once the middle class, not everyone thinks that the uber-rich have experienced their fair share of the misery. Here are some examples that might prove otherwise.

1) Albemarle House, an elegant mansion located in Virginia's Blud Ridge Mountains, came on the market in 2009 at $100 million. In a blink, the price was slashed to $48 million and now it sits listed at $24 million -- a $76 million or 76% price cut. Think that didn't hurt?

The home is near Thomas Jefferson's Monticello and James Monroe's Ash Lawn-Highland. The 25,000-square-foot main house has 45 rooms and includes a theater, card room, library, and Islamic gallery that features an antique Syrian fountain. There is a pool, pool house, log cabin, greenhouse and a number of staff cottages. The grounds are large enough to install an 18-hold golf course -- which Arnold Palmer has already conveniently designed.

Sotheby's has already auctioned off the artwork and furniture, bringing in $15.2 million and the owner's jewelry fetched another $5 million.

Who are the poor souls behind this financial disintegration?
Patricia Kluge and her husband Bill Moses opened the 907-acre Kluge Estate Winery and Vineyards in 1999. Expansion plans -- and the loans that came with them -- appear to have been their Achilles' Heel. That and the recession, of course. The bank that foreclosed on the business last fall wasn't interested in producing wines and instead sold off the pieces.

Michael Rankin, Sotheby's International Realty, has the listing.

Gallery: Albemarle

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Albemarle House Gets Major Price Cut, Again

by Deidre Woollard (RSS feed) —

Filed under: Estates

Last month when I wrote about the Kluge winery's financial woes I had to wonder about the fate of Albemarle, Patricia Kluge's lavish home in Charlottesville, Virginia. The home first hit the market for $100 million last year but was reduced to $48 million back in February. Now, that number has been sliced neatly in half. Business Insider led me back to the listing and the new magic number of $24 million.

The estate is located in the Blue Ridge Mountains near Thomas Jefferson's Monticello and James Monroe's Ash Lawn-Highland. On the grounds there are three ponds, a pool as well as a pool house, log cabin, a greenhouse and several staff cottages. The main house was completed in 1985 and spans over 25,000 square feet with 45 rooms. The home was designed by architect David Easton and his team and includes a theater, library, recreation room with spa and sauna, a card room and an Islamic gallery featuring an antique Syrian fountain. Should you have some leftover cash after buying the home you can turn the front grounds into an 18-hole golf course. Arnold Palmer has already designed it. The home's antiques, art and furniture were sold off at Sotheby's earlier this year in a two-day buying bonanza that brought in $15.2 million. A sale of Patricia Kluge's jewelry brought in around $5 million.

Gallery: Albemarle

Tags: albemarle house, AlbemarleVirginia, Charlottesville Police, kluge winery, patricia kluge, virginia real estate

Kluge Vineyards Hit With Foreclosure

by Deidre Woollard (RSS feed) —

Filed under: Wine, Wealth

Patricia Kluge has thrown her heart, soul and no small amount of money into her Virginia wine business but that may not have been enough. C-Ville.com is reporting that Kluge Winery and Vineyard, the business that she and her husband Bill Moses opened in 1999, is in the hands of its lenders. Last month, Trevor Gibson, who had been the company's chief financial officer for five years, left Kluge Winery. Details of what happened aren't exactly clear but C-Ville.com has a statement from Bill Moses that says that the bankers have taken the first steps toward "dismantling the winery as an operating business as well as an auction of the property."

Kluge and Moses have Albemarle House, their 45-room English style manor, on the market for $48 million and earlier this year they sold off the contents at Sotheby's in a two-day buying bonanza that brought in $15.2 million. A sale of her jewelry brought in around $5 million.

TheHook.com says that a foreclosure notice list a total debt of $34,785,000. The assets of the Kluge Estate Winery and Vineyards include 907 acres in southern Albemarle County, 164 of which are vineyards. The sale would also include the Farm Shop and tasting room, as well as offices, production buildings, six employee houses, and a 34,000-square-foot former carriage museum. A sale scheduled for December 8 is set to take place at the vineyard office building on Grand Cru Drive in the southeastern part of the county while a second auction on December 11 in Madison would sell off 15,000 cases of Kluge Estate wine.

TheHook.com is also reporting that the lender Farm Credit filed a lawsuit against Kluge and Moses October 29 in Albemarle Circuit Court. According to that article, the couple also faced foreclosure on "Glen Love" a luxury spec house they developed at Vineyard Estates that was our estate of the day back in 2008 when it was listed at $6.8 million.

Kluge and Moses are still in negotiations with the lenders and may yet be able to save the winery before the auction.

Gallery: Kluge Estates Vineyard

Tags: albemarle house, AlbemarleVirginia, kluge vineyards, kluge winery, patricia kluge

Sotheby's Sale of the Collection of Patricia Kluge Totals $15.2 million

by Carrie Coolidge (RSS feed) —

Filed under: Auctions

Sotheby's sale of the collection of billionaire Patricia Kluge totals $15.2 million

Yesterday, Sotheby's, on behalf of billionaire Patricia Kluge, concluded the two-day auction of the contents of Kluge's home, Albemarle House. The sale, which totaled $15.1 million, exceeded pre-sale expectations of $9 million to $14 million.

Collectors, interior designers, and dealers from all over the world participated in the two-day auction. The auction followed the week-long exhibition at Albemarle House, Kluge's 45-room English country manor. The sale was 88.5% sold by lot with 61.5% of the sold lots achieving prices above their high estimates. The $15.2 million achieved brought Sotheby's overall total for sales of property from Kluge's collection (including sixteen pieces of jewelry sold on April 20, 2010) to $20.2 million.

The highlight of the historic sale---the first on-site house sale conducted by Sotheby's in North America in over 20 years--was a magnificent Chinese Imperial Clock (lot 345). The clock, seen above, sold for a jaw-dropping $3.8 million. Created by the Guangzhou Workshops during the Qing Dynasty (Quianlong Period), it sold for more than three times the high estimate of $1 million. It was the third highest price achieved for a clock of its type. Competition was fierce for the Imperial treasure, with five different clients battling over the telephones. Sotheby's auctioneer Lisa Hubbard opened the bidding at $350,000 and four clients quickly entered the fray. A new bidder jumped into the competition with a bid of $1.2 million, and it was that client who, more than six minutes later, cast the winning bid. Extended applause erupted from the packed salesroom when the hammer was finally brought down. The purchaser was a Chinese private collector.

Gallery: The Collection of Patricia Kluge

Pair of George III Giltwood Four-Light Wall Lights

The Powder Room: A Fine and Rare George III Polychrome-Japanned and Mahogany Domed Tester Bedstead

George III Satinwood-Crossbanded Mahogany Serpentine Brass-Mounted Dressing Commode attributed to Thomas Chippendale

An Important George III Giltwood Frame with Chinese Export Reverse-Painted Mirror Painting.

Magnificent Imperial Tribute Gilt-Brass, Enamel and Paste-Set Quarter Striking Automaton Table Clock

Tags: albemarle house, AlbemarleVirginia, Kluge, Patricia Kluge, sothebys

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Billionaire Patricia Kluge Sells Jewels at Sotheby's

by Carrie Coolidge (RSS feed) —

Filed under: Jewelry, Timepieces / Watches, Auctions

Patricia Kluge's Diamond and Sapphire Watch by Cartier that was sold by Sotheby's
When a woman who was once married to a billionaire decides it is time to part with the jewels he gave her over the course of their marriage, you can rest assured that you are going to be dazzled by the magnificence of a collection comparable to one that might belong to royalty.

The collection that belonged to philanthropist and vintner Patricia Kluge certainly lives up to that image. This week, her jewelry was sold by Sotheby's during its Magnificent Jewels sale, with many pieces selling for above pre-sale estimates. The collection well-represented Kluge's sophisticated appreciation of workmanship and her refined taste.

Ms. Kluge is the former wife of mogul John Kluge, who's Metromedia Inc. pioneered independent TV stations operations through the 1960's and 1970's. Kluge became one of the richest Americans after he sold his company to Rupert Murdoch during the mid-1980's for nearly $2 billion. Kluge made a second fortune in telecommunications and he was also a major owner of Orion Pictures. The Kluge's divorced nearly 20 years ago.

Gallery: Patricia Kluge's Magnificent Jewels

SAPPHIRE AND DIAMOND 'PANTHERE' WRISTWATCH BY CARTIER

PAIR OF DIAMOND AND ONYX 'PANTHERE' EARCLIPS, CARTIER

PAIR OF PLATINUM AND DIAMOND PENDANT-EARCLIPS

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Sotheby's First Home Auction in 20 Years

by Carrie N. Culpepper (RSS feed) —

Filed under: Estates, Auctions

On May 31 antiques lovers and voyeurs can step inside Virginia billionaire-cum-winemaker Patricia Kluge's 45-room estate in Albermarle County, Va., for a peek at what could be theirs. Kluge's grand estate, Albermarle House, is on the market and she plans to sell off its contents during a two-day auction conducted by Sotheby's on June 8 and 9. Those who buy an auction catalog are welcome to the preview the auction items on-site in May.

"Albemarle House, [Kluge's] collaboration with designer David Easton, rejuvenated high-style country living in the United States in the English tradition, which had declined since the early 20th century," says Sotheby's Worldwide head of French, Continental and English furniture, Alistair Clarke.

Sotheby's will auction Kluge's entire collection within the house, much of which came from top dealers in the U.K. and private collections around the world, including Chinese paintings and works of art, books, sporting guns, jewels, lighting and decorative objects as well as designer gowns by Christian Lacroix and Givenchy. The Kluges' gilded life will be on the auction block.

The home itself is for sale, too. Kluge hasn't had any luck selling the 300-acre estate, which she originally listed for $100 million in October 2009. It's a wonder why she hasn't been more patient with the mansion and its 23,538-square-feet, eight-bedrooms and 13 baths. She recently reduced the price to $48 million after less than a year.

Gallery: Patricia Kluge's Albemarle House

Tags: albemarle house, albemarle virginia, AlbemarleHouse, AlbemarleVirginia, antiques, kluge estates, KlugeEstates, luxury real estate, luxury real estate auction, LuxuryRealEstate, LuxuryRealEstateAuction, patricia kluge, sothebys, Sothebys International Realty, SothebysInternationalRealty

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$100 Million Estate Gets A Major Price Chop

by Deidre Woollard (RSS feed) —

Filed under: Estates

It's been a hard time for the big estates in the country. Candy Spelling can't sell her $150 million Los Angeles home. Leona Helmsley's Dunellen Hall in Greenwich Connecticut has fallen in price from $125 million to $60 million. Now Patricia Kluge has dropped the price on her home, Albemarle in Charlottesville, Virginia. The 300-acre English country estate hit the market at $100 million last October but has had one hell of a price chop, down by 52 percent. The Wall Street Journal's Hot Properties column reports that the property is now listed at just $48 million.

The estate is located in the Blue Ridge Mountains near Thomas Jefferson's Monticello and James Monroe's Ash Lawn-Highland. On the grounds there are three ponds, a pool as well as a pool house, log cabin, a greenhouse and several staff cottages. The main house was completed in 1985 and spans over 25,000 square feet with 45 rooms. The home was designed by architect David Easton and his team and includes a theater, library, recreation room with spa and sauna, a card room and an Islamic gallery featuring an antique Syrian fountain. Should you have some leftover cash after buying the home you can turn the front grounds into an 18-hole golf course. Arnold Palmer has already designed it or you can buy some of the furnishings. Antiques, art and furniture will go on sale at Sotheby's in June.

For more on Patricia Kluge, check out Carrie Culpepper's interview with her on her winery.

Gallery: Albemarle

Tags: albemarle house, AlbemarleHouse, biggest price drops, BiggestPriceDrops, Charlottesville, patricia kluge, PatriciaKluge, Virginia

Albemarle, The $100 Million Listing

by Deidre Woollard (RSS feed) —

Filed under: Estates

Earlier a bunch of you lamented that we didn't have the $100 million listing in Charlottesville, Virginia up yet. Thanks to a kind gentleman for directing me toward the listing which has now gone live. The Wall Street Journal broke the story that Virginia winemaker and philanthropist Patricia Kluge has put Albemarle House, her 300-acre English country estate up for sale for $100 million,making it one of just a handful of listings in the nine-figure range. Kluge is the former wife of John Kluge, a billionaire who founded the Metromedia. She has been living in the area for a while making wine and working on a development called Vineyard Estates which is selling multi-million homes in the area.

Her estate is located in the Blue Ridge Mountains near Thomas Jefferson's Monticello and James Monroe's Ash Lawn-Highland on over 300 acres. On the grounds there are three ponds, a pool as well as a pool house, log cabin, a greenhouse and several staff cottages. The main house was completed in 1985 and spans over 25,000 square feet with 45 rooms. The home was designed by architect David Easton and his team and includes a theater, library, recreation room with spa and sauna, a card room and an Islamic gallery featuring an antique Syrian fountain. It's a bit of a pastiche, gilded Versailles-like rooms contrast with simpler spaces that have a more Early American style. Should you have some leftover cash after buying the home you can turn the front grounds into an 18-hole golf course. Arnold Palmer has already designed it.

Any guesses on a final sale price?

Gallery: Albemarle

Source

Tags: 100 million house, 100MillionHouse, albemarle house, AlbemarleHouse, charlottesville, estate of the day, EstateOfTheDay, luxury real estate, LuxuryRealEstate, patricia kluge, PatriciaKluge