The six-time Grammy winner and her husband, Keirston"Keri" Lewis bought the home in Henderson, NV home in 2007 for $2.6 million. The home was listed as a foreclosure on Realtor.com for $1.15 million. Listing pictures show that the home has been completely cleaned out. The home in the Seven Hills area of Henderson Nevada has four bedrooms, a pool, three-car garage and views of the surrounding desert. Realtor.com shows that the home was sold on September 17 for $1.060 million.
Filed under: Auctions
The items being auctioned were in the couple's foreclosed home and seen on the show. A.J. Willner Auctions is running the auction which includes a Schaefer & Sons Grand Piano, a Wolf stainless steel range, a six-foot Satsuma temple urn, plenty of ornate furniture including both a pool table and a poker table, a suit of armor, chandeliers and sconces, framed paintings and a Sea-Doo Bombardier jet boat. The word "faux" appears frequently in the descriptions of furniture and decor.
Those interested in buying will need to have a 25 percent deposit in cash or certified funds ready at the time of successful bid and full payment is due on August 23rd. In order to attend this auction, interested bidders are required to present a $300 refundable deposit at time of registration to serve as the required deposit until a bidder's balance exceeds a $1,200 threshold. At this point bidders will be asked to increase their deposit in order to satisfy the 25 percent requirement. There is no buyer's premium.
Filed under: Luxury Travel & Hotels
No luck in Reno as the Siena Hotel Casino has filed for Chapter 11 bankruptcy. The hotel made the move so that it can stay open and reorganize its debt. The Siena has been months behind on paying its gaming taxes and was at risk of losing its gaming license. It has also been behind on other state taxes and fees. Casino's employees were also dropped from their health coverage because the Siena didn't pay its bills and it owes $400,000 to NV Energy.
Siena owner Barney Ng has invested about $100 million into the Siena since 2000 in both loans and his own capital and has a $50 million loan. In December the hotel and casino property had received a notice of default and threat of foreclosure from its lender and last month the casino closed its table games. The property has a 214-room hotel and employs around 300 people (down from 500 at its peak). It remains open.
Filed under: Sports
According to the Florida Times-Union, Brunell also invested in several other failed real estate projects in Michigan and Michigan-based Select Bank won a $1.1 million judgment against Brunell and his partners. Brunell has tried to keep up with the payments on his own but was no longer able to do so. "The timing of the group's real estate acquisitions at the height of the real estate market, in hindsight, clearly was not good," Brunell said in a statement e-mailed to the Times-Union. Brunell is currently a free agent and has not signed with another NFL team.
Brunell, who used to play for the Jaguars, has been active in the Jacksonville community, and created the Brunell Family Foundation in 1997 to raise funds for critically ill children and their families.The organization has raised nearly $800,000 to benefit charitable causes.
Professional athletes face a lot of choices when it comes to spending their money. Often real estate looks like a stable place to put one's money and see it grow rapidly but many athletes have faced trouble as the real estate market floundered and developments went belly-up.
Filed under: Real Estate Developments
Some Arizona land that was once to hold over 1,000 luxury homes and a luxury resort may be heading for a trustee's sale. The Arizona Republic reports that the Ellman Cos., doing business as Goldfield Preserve Development LLC, defaulted on a $177.1 million loan for the 2,450 acres of land in Maricopa County northeast of Scottsdale. The trustee sale is set for August 4.
The project known as the Preserve at Goldfield Ranch is part of the existing 5,000-acre Goldfield Ranch community. Ellman bought 2,200 acres for the development in 2006 for $133 million. The resort was to have a Canyon Ranch spa and resort and the single-family property lots were to be one to eight acres. In 2007 after the Maricopa County Board of Supervisors approved a master-plan amendment for the project it was predicting that groundbreaking could take place in as few as two years.
Don Kile, Ellman's president of master-planned communities is quoted in the article as saying that the company continues to work with their lenders to "resolve this issue and to maximize the property's value and marketability."
Filed under: Decor
Papers filed cite the economy and a downturn in furniture sales as a reason for the filing. Hancock Park bought Barcalounger in 2005 and purchased American of Martinsville from La-Z-Boy in 2006. The investment firm shut down Barcalounger's factory in Rocky Mount, N.C., about a year ago and moved production to the American of Martinsville plant. That factory was closed without warning on April 16. Barcalounge began making reclining chairs in 1940 and now also supplies chairs for home theaters.
Filed under: Luxury Travel & Hotels
The closure of the Four Seasons Nevis and the involuntary chapter 11 bankruptcy filed against it has been declared a "national emergency" by the government of the island of Nevis. The image on the right shows the devastation the hurricane wreaked on a beach at the resort.
Once considered one of the best hotels in the entire Caribbean, the Four Seasons Nevis was severely damaged by Hurricane Omar in October 2008 and has been closed ever since. The Four Seasons offered 196 spacious, luxurious guest rooms and suites in 12 two-story guest buildings just steps from the beach and exclusive two- to six- bedroom residence villas. The privately-owned self-sufficient estate home accommodations as well as a 18-hole golf course designed by Robert Trent Jones II, were not damaged by the hurricane and are fully operational.
This week, the Sovereign Government of the Island Nation of Nevis filed a motion asking the Delaware bankruptcy court to abstain from hearing the bankruptcy case filed against the hotel's owner, Hotel Equity Fund V, LLC. The Nevis government believes the resort's continuing closure, and the potential impediment to the resort's reopening resulting from the bankruptcy filing, constitutes a "national emergency" for the island, as the Four Seasons resort is the island's largest employer.
Gallery: Four Seasons Nevis
Filed under: Timepieces / Watches
Unpaid bills. Literally millions of them. BNB Concept has no cash. Problems arise not only in account payables, but account recieveables. While BNB Concept was doing great on paper. No one was paying them. With dozens on customers who haven't paid, BNB Concept has an utterly insufficient cash flow. It looks as it is another victim of the hurting luxury watch world. Because BNB Concept's customers could not pay it, BNB Concept itself had not enough cash to stay in business. Reports all suggest an extremely expensive overhead. With lots of highly trained labor, high-tech facilities, and not to mention lots of expensive machinery, BNB Concept was underwater before it knew what hit it.
The official announcement of their bankruptcy is expected to come soon. This will likely mean that the company will be closing, as no one wants to buy them and end up trying to collect from customers or paying all the bills. Though to be honest it isn't 100% clear what they will do. Hopefully the "talent" will be transferred elsewhere. While the news is sad for lovers of high-end complex independent watch brands, it is sadder for the watch industry as a whole. Consider it a major step back in giving independents a chance to assert their innovative designs without having to spend years themselves designing and making movements.
Via Business Montres.
Ariel Adams publishes the luxury watch review site aBlogtoRead.com.
My colleague Deirdre Woollard has been entertainingly chronicling former baseball star Lenny Dykstra's travails in bankruptcy court. Now it seems the hard-charging athlete-turned-entrepreneur is trying to raise a little ready money by selling off some of his prized possessions. Among the lots at Patrizzi & Co.'s Dec. 14th Exceptional Watchmaking Masterpieces auction in NYC is Dykstra's 18K white gold Patek Philippe (above) made in 2004. The fine and rare annual calendar timepiece shows the phases of the moon and has a power reserve indication. Estimated at $28,000 - $ 35,000, it comes accompanied by a photograph of Dykstra playing with the New York Mets. Also included in the sale are two major pieces of Dykstra sporting memorabilia: a 1986 New York Mets World Series trophy and plaque, estimated at $18,000 - $25,000; and a Silver Slugger Award from 1993 with a Louisville Slugger bat and National League Player of the Week 1990 plaque, estimated at $12,000 - $16,000.
UPDATE: Dykstra's Patek sold for $28,000, on the low end of the estimate.
Filed under: Jewelry
Gallery: Henry Dunay Designs
The company has said that increased competition and the ongoing recession are to blame for the company's woes. The two casinos and hotel along Lake Michigan in Gary, a casino-hotel in Tunica County, Mississipi, and a casino in Black Hawk, Colorado are all still open for business.
The company operates two casino boats on Lake Michigan in Gary, Indiana and has been working on getting a land-based casino in Gary. Last summer, Indiana lawmakers voted down a measure to allow this. The Majestic Star owes the city of Gary $7.4 million but the mayor of Gary, Rudy Clay has said he still plans to work with casino owner Don Barden to change Indiana law to allow a land-based casino in the city.
Filed under: Crimes and Misdemeanors
After the jump, check out a video of Francis on the television show "Life of Luxury." It showcases his extravagant spending on yachts, homes, exotic cars, jets, and of course, entertaining beautiful young women.
Filed under: Apparel
The economy is being blamed for the financial situation. Japan's luxury market appears to be less robust lately, especially in light of the recent announcement by Versace that it is closing its Japan boutiques. But Yamamoto's popularity extends beyond Japan. The minimalist line, which offers easy-to-wear clothing with unique cuts, has a small but devoted following. Other nIche brands like Escada and Christian Lacroix has faced similar financial woes. As in other industries smaller fashion businesses often don't have the resources or name recognition to compete once overall spending goes down. Another determining factor for many of the smaller brands has also been the decrease in orders from department stores. As stores and boutiques trim their orders many of the less well-known brands are being left behind.
UPDATE:Yohji Yamamoto Inc. has found a new investor. Integral Corp., a Japanese private equity fund, will finance the company's restructure. WWD says that pending court approval, Integral plans to create a separate company to acquire the Yamamoto business and assets which will become the new Yohji Yamamoto Inc. with Yamamoto himself retaining a minority stake.
The Copia building is a two-story, 78,632-square-foot building that includes a teaching kitchen and rooms for exhibits and the grounds include expansive gardens. The Napa nonprofit was the dream of wine great Robert Mondavi who envisioned it as a centerpiece for the wine tourism industry in Napa Valley. No sale price has been listed and it's not clear if it will be used again as a tourist destination although the size and design of the facility doesn't lend it to many other purposes.