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Old Short Hills New Jersey, Estate of the Day

Filed under: Estates

There are a lot of great old houses on the market lately. This one, a seven-bedroom Victorian sits on a hill on 2.4 acres in Old Short Hills, New Jersey. It has been restored and renovated which in this case means new marble bathrooms with separate showers.The woodwork in this home is gorgeous. It has wood coffered ceilings, wood panels and wainscoting but the large wide windows keep it being too heavy and dark. Crystal chandeliers and ornate marble fireplace surrounds add to the feel of Victorian charm. The home was built circa 1900 but gets a little modern in the lower level which has been recently renovated but still has the original brick archways. The grounds include a tennis court, pool with pool house and a matching stone four-car garage. It is listed at $11.9 million.

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Gallery: Old Short Hills Victorian

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Navesink River Road, Estate of the Day

by Deidre Woollard (RSS feed) —

Filed under: Estates

Today's home occupies an enviable swath of land on the Navesink river on the New Jersey shore. The residence measures 6,232 square feet and sits on 13.09 acres of land that includes over 650 feet of Navesink riverfront beach with a dock. The sense of privacy and calm is a major draw here on a property that is a ferry ride away from New York City and located near the popular Red Bank area. In recent years, Red Bank has drawn luxury retailers to the area including Tiffany & Co

The land includes the original estate gates and the home is down a long tree-lined drive. Across the street there are over 100 acres of riding trails which were part of the original estate but are now preserved land. The home has graceful lines including Ionic columns and framing huge windows that showcase the views. The home has seven fireplaces, each with a distinctive style, and ten bedrooms total. Part of the lot can be subdivided into a single waterfront building lot of 3.89 acres. The property is priced at $14.999 million down from $16.75 million.

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Gallery: Navesink River Road

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Aspen Comeback? Now Most Expensive Zip Code in U.S.

by Jared Paul Stern (RSS feed) —

Filed under: Estates, Wealth

The real estate market in Aspen, CO has recovered somewhat and its priciest zip code is now the most expensive neighborhood in the U.S., according to a new ranking by Forbes. Back in February we reported on the dire straits of Aspen real estate, when Sotheby's International Realty shuttered its Aspen office in the wake of plummeting sales. Now Aspen's south end 81611 zip code, home to ultra-luxe ski lodges, is top of the field with an impressive $6.5 million median home sale price, the magazine reports. However the seasonal nature of the Aspen market gives it a yearly boost which might well mean its triumph is temporary; and indeed the big picture is still pretty glum. "In 2007, the market in our valley was $2 billion in sales," top Aspen broker Steve Walker tells Forbes, "this year it'll be between $500 million and $1 billion. In volume and dollars, it's been a 50% drop."

We predict that Beverly Hills, which is currently in 3rd place, will quickly eclipse Aspen especially since a mansion was just sold there for $31.5 million, the most expensive property sold in California so far this year, while a second recently changed hands for $22 million. The former, a 27,000-sq.-ft. Norman-style estate on 2 acres with 10 bedrooms, 14 baths and seven fireplaces, had originally been listed at $45 million and was on the market for almost nine months. Aspen's neighboring Snowmass Village has also experienced a resurgence. Other neighborhoods that have clocked recent gains include the Hollywood Hills and Chappaqua, NY, while the second most expensive zip belongs to Alpine, NJ, a luxurious New York suburb home to Wall Street execs and rap moguls like Sean Combs and Damon Dash.

Want to live in the country's priciest zip? There are several choice Aspen properties available including this $60 million estate, this $58 million spread and this cozy $43.8 million ski lodge. Here's the new list of the top five most expensive zip codes in the U.S. as determined by median prices (which are quite high overall right now at the top end):

1. Aspen, CO, 81611: $6.5 million
2. Alpine, NJ, 07620: $4.7 million
3. Beverly Hills, CA, 90210: $4.04 million
4. Snowmass Village, CO, 81654: $3.99 million
5. Newport, CA, 92661: $3.9 million

Tags: Alpine, Aspen, Beverly Hills, BeverlyHills, Colorado, Forbes, Hollywood Hills, HollywoodHills, New Jersey, NewJersey, real estate, RealEstate, Sean Combs, SeanCombs, Snowmass, Sothebys, zip code, ZipCode

New Jersey Museum Plans To Deaccession Pollock Piece

by Deidre Woollard (RSS feed) —

The economy seems to have prompted another museum to consider a major deaccessioning. According to the Wall Street Journal, the Montclair Art Museum in Montclair, New Jersey will sell 50 works from the museum's permanent collection. Christie's has prepared a prospectus for the pieces and predicts that the sale could bring in between $2.9 million and $4.3 million for the museum. Among the pieces for sale is a Jackson Pollock drawing valued at $300,000 to $500,000. The museum has said it will use the funds for future art purchases.

According to the Journal article the museum has been selling things off for a while. And last January, it shipped off its 6,000-volume art library as a gift to Montclair State University . The museum may sell its costume and rug collections next and the Native American artworks could also be in peril.

The Association of Art Museum Directors forbids museums from using the sale of art in their permanent collections to pay for general operating expenses or to underwrite loans but deaccessioning can be a way to refine a museum's focus, selling things that don't fit the vision to acquire things that do. But lately the continued paring down has the public, and potential donors, concerned. James Panero's article in the Journal seems to indicate that there are a variety of factors to consider in the Montclair Art Museum sale and that the reasons for this particular deaccessioning are far from cut and dried. Collections carefully put together over years and time represent a particular mission to both the museum and the community it serves and so care must be taken to make sure that the art itself just doesn't become any emergency bailout package.

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Tags: art, deaccessioned art, DeaccessionedArt, musuem, new jersey, NewJersey

Marc Ecko Facing Financial Woes

by Deidre Woollard (RSS feed) —

Filed under: Apparel, Wealth

Earlier this month the NY Post reported that fashion designer Marc Ecko had listed a colonial home he owns in New Jersey for $1.299 million in order to help satisfy more than $2.1 million in construction liens for his New Jersey castle, Stronghold. Now the Post reveals that Ecko has more problems than just his castle, which he reportedly has spent nearly $22 million fixing up.

The Post says that Ecko has hired investment bank Peter J. Solomon to help refinance at least $170 million in debt. The debts are owed to a couple of important business partners. If he can't find a willing lender, Ecko may have to sell off some assets. Like many fashion outfits, the Marc Ecko brand took a hit during the past retail season. The Post's sources say the company owes more than $100 million to Li & Fung, a global trading company that helps manufacture Marc Ecko products. He also also defaulted on a term loan of more than $70 million from a syndicate led by commercial-lending giant CIT and although he won forbearance on the loan, CIT will have to be paid by summer.

Michael Golden, chief marketing officer at Marc Ecko Enterprises, shrugged off concerns to the Post saying that the company is still strong. Rumors persist that the company is trying to lease out part of its new York City headquarters. A few years ago, Ecko contemplated offers from Jones Apparel Group and Tommy Hilfiger in the $500 million range but would be hard-pressed to find a similar deal now.

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Tags: designer, fashion, marc ecko, MarcEcko, new jersey, NewJersey, stronghold

Cigar Shop Cop Looks out for Troops

by Tom Johansmeyer (RSS feed) —

Filed under: Cigars

cigars

Shawn Carmody, of Phillipsburg, NJ, has made a habit of sending care packages to soldiers. Currently a police officer and owner of the Riverside Cigar Shoppe, he has been keeping New Jersey National Guard soldiers equipped with the accoutrements of tobacconic enjoyment. Thanks to Carmody, citizen-soldiers serving with C/102nd Cavalry have been receiving cigars, cutters and other related items from his store.

Carmody's friend, 1SG Tom Decker, is the top enlisted man in this unit (i.e. Charlie Company) and the benefactor's point of contact for the donations that ultimately wind up in the hands of many military personnel. This isn't Carmody's first care package ... that was a shipment of Tastykakes sent to Jimmy Polacari in Honduras in the late 1980s.

C/102nd Cav is expected to come home to Hackettstown, NJ in June, but Decker couldn't wait that long to express his thanks. So, he sent Carmody an American flag that had flown over Camp Syverson, Iraq – a substantial gesture that has no direct translation in the civilian world.

If you're inspired by Carmody's act of generosity, you can take action. Check out Cigars for Soldiers, an organization that has already sent more than 7,000 to U.S. military personnel overseas. (Many thanks to Don Pepin Garcia for his recent donation of five boxes.)

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Tags: cigar, cigars, cigarshop, iraq, iraq war, IraqWar, military, national guard, NationalGuard, new jersey, NewJersey, smoke, smoker, smokers, smoking, soldier, soldiers, tobacco, troops

Pretty Brook Road, Estate of the Day

by Deidre Woollard (RSS feed) —

Filed under: Estates

For a while Tusculum was the most expensive property listed in Princeton, New Jersey. It's lingered on the market for two years and is now down to $9.75 million from a high of $12 million when it was our estate of the day. On top now is this charming Georgian manor house on 22 acres. The brick home and matching outbuildings share a classic style. The gracious older home is decorated in a formal style that makes you want to sit up a little straighter. It includes a breakfast room, conservatory and six bedrooms including a master suite. Things get a little more laid back on the third floor which is where you find the home theater, a wet bar and exercise room. The property also has a pool, tennis courts, six-car garage, backup garage, separate office with mahogany paneling and a billiard room, a caretaker's apartment and a greenhouse. It is listed at $14.5 million.

Experience more lush living in luxury homes and mansions or see the stars living large with celebrity homes galleries at AOL Real Estate.

Gallery: Pretty Brook Road

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Eileen Ford in New Jersey, Estate of the Day

by Deidre Woollard (RSS feed) —

Filed under: Estates

Today's estate belongs to one of the icons of the modeling world, Ford Models founder, Eileen Ford. Ford, who is now 86, lost her husband and business partner Jerry Ford earlier this year. The Wall Street Journal's Private Properties reports that Ford has had her New Jersey mansion on the market for two years for $8 million. The colonial estate is on a hill with views of the countryside. The 20 acre property includes a main house which was built in 1995, restored after the first house the Fords built there burned nearly to the ground. The home has seven bedrooms and the exquisite interior design includes antique Dutch tiles, and antique German pine paneling in the study in addition to fireplace mantels and lighting fixtures from around the world. It has been reduced to $6.5 million.

Experience more lush living in luxury homes and mansions or see the stars living large with celebrity homes galleries at AOL Real Estate.

Gallery: Eileen Ford in New Jersey

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The Borgata's Big Layoffs

by Deidre Woollard (RSS feed) —

Just yesterday I wrote about the troubles facing the Las Vegas Sands and now here comes news about another big casino company, this one in Atlantic City. Businessweek reports that the Borgata Hotel Casino and Spa, the most lavish and successful casino resort in New Jersey's gambling oasis, has just laid off 400 workers due to the worsening economy. The cuts represent five percent of the Borgata's work force, leaving around 7,000 employees. Spokesman Rob Stillwell says these were the first layoffs the Borgata had made. The company expanded recently, opening The Water Club i a $400 million, 800-room hotel this summer.

Times are tough for casino workers in Atlantic City. The four Atlantic City casinos operated by Harrah's Entertainment Inc. have also laid off employees in recent months Over the past year revenues have been slowly falling and September saw the worst-ever monthly drop in revenues, a decline of 15.1 percent. A bunch of ambitious building projects are slated for the area but some may not make it to fruition if the overall economic picture doesn't improve.

Gallery: Atlantic City

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Tags: atlantic city, AtlanticCity, borgata, new jersey, NewJersey

Swanhurst Serenity, Estate of the Day

by Deidre Woollard (RSS feed) —

Filed under: Estates

Today's estate, Swanhurst Serenity is a vintage grand dame in Spring Lake, New Jersey. Located overlooking the lake, this early 1900s beauty is also within walking distance of both the beach and town. The seven-bedroom estate could use a bit of updating but it has plenty of historic details to treasure like the columned wraparound porch. The one-acre property also includes a guest house in need of an update. This estate is listed at $7.999 million.

Experience more lush living in luxury homes and mansions or see the stars living large with celebrity homes galleries at AOL Real Estate.

Gallery: Swanhurst Serenity

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More New Hotels For Atlantic City

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

Like Las Vegas, Atlantic City is steadily trying to move from being strictly a gambling destination into turning into more of an overall vacation spot. Two new hotels go a long way toward furthering that aim. The Water Club is a a $400 million, 800-room hotel built by the Borgata Hotel Casino & Spa which opened earlier this summer. It was quickly followed by the 330-room Chelsea, a retro-modern hotel which has a 1950s/60s theme and is a $110 million makeover of two older hotels.

Both hotels feature lavish rooms, concierge services, spa treatments and fine dining without a roulette wheel or a slot machine in sight. Both are located near casinos, The Water Club is next to the Borgata and the Chelsea is next to the Tropicana Casino, but the focus is on the vacation not the gambling. Atlantic City also has one major advantage over Las Vegas, attractive beaches and ocean views.

Gallery: Atlantic City

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Tags: atlantic city, AtlanticCity, new jersey, the chelsea, the water club, TheChelsea, TheWaterClub, travel, vacation

New in Alpine, Estate of the Day

by Deidre Woollard (RSS feed) —

Filed under: Estates

As we mentioned during our most expensive zip code series, Alpine, New Jersey is one of the priciest places around with a median price of $2,420,000 and several properties in the $40+ million range.

Today's home isn't that quite that high up but it is a hugely extravagant new build, a seven-bedroom home on two acres. The home is styled like a nouveau castle complete with a graduated slate roof. Details include an elevator, integrated audio, lighting and security systems, and ten foot ceilings on all three floors. The grounds also include a pool and spa. You can't get much newer than this one and the construction shots do indicated a rather grand home. Still, in a market like this is there still room for a new $15.975 million home?

For more prime properties and lush locations, see Luxury Homes and Mansions.

Gallery: New in Alpine

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Fine French Restaurant Up For Foreclosure

by Deidre Woollard (RSS feed) —

Filed under: Dining

We've seen the foreclosure market hit a wide variety of homes, now it's set to take out a one-time four-star restaurant in New Jersey. The Ryland Inn in Readington, New Jersey is famous for French cuisine and has been called one of the best restaurants in New Jersey. Unfortunately a renovation project gone bad, a downturn in the economy and other problems led financial trouble that caused the restaurant to be closed for the past year. Chef and owner Craig Shelton owes $3.9 million in loans to Valley National Bank. The inn and property which is assessed at $2.8 million is slated to be sold by the Hunterdon County Sheriff's office on June 25th unless a buyer comes forward before then. The foreclosure pertains to the real estate including the 200-year-old farmhouse but not the contents or the liquor license but some potential buyers are hoping to work out a deal and reopen the restaurant. The restaurant was opened around 1935 and been the site of many weddings and events including a fundraiser attended by President Ronald Reagan.

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Grand Cascades Lodge, Second Homes For Low Prices In New Jersey

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

New Jersey isn't one of the spots that most people think of as a second home destination but it's proximity to New York makes it a desirable destination. The Grand Cascades Lodge at Crystal Springs is offering lodge vacation homes in Sussex County, New Jersey. You aren't close to the beach here but it is located about an hour from New York City and offers golf, hiking, mountain biking, horseback riding and winter sports. The resort community offers single family homes, townhomes and condominiums. Grand Cascades Lodge is a 212-suite condominium hotel and at Balmoral Estates there are custom homes available. The Grand Cascades Lodge has full hotel services and condos that feature a a gourmet kitchen, bathroom with Jacuzzi tub, gas fireplace with cultured stone hearth and a balcony. The Lodge amenities include the Biosphere, a 10,000 square foot atrium with two heated pools surrounded by tropical gardens, Reflections Spa, an exclusive Owner's Lounge, The Springs Bistro, a fully-equipped fitness center, a meditation garden, natural turf putting course, chef's garden and an outdoor fire pavilion for special functions or private dining. The lodge vacation homes start at just under $200,000 and prices for pre-owned condo-hotel suites at the older Minerals Hotel in the same community are even lower, under $100,000 in some cases. Crystal Springs also has a rental program so your condo can be rented out when you are not in it.

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Tags: crystal springs resort, CrystalSpringsResort, grand cascades lodge, GrandCascadesLodge, new jersey, sussex country

Most Expensive Zip Codes: 07620, Estate of the Day

by Deidre Woollard (RSS feed) —

Filed under: Estates

For the next couple of weeks we will be checking out some homes in the most expensive zip codes in the United States, up today, 07620. This zip code in Alpine, New Jersey has a median price of $2,420,000 and an appreciation rate of 318% since 1990. Alpine is consistently on lists of the best places to live in New Jersey. Famous residents of Alpine have included Damon Dash, Patrick Ewing, Jay-Z, Lil Kim, Chris Rock and Sean "Diddy" Combs. Here at Luxist we've covered this area multiple times for houses ranging up to $40 million. Right now the MLS for this zip code reveals a listing for $59 million and one for $40 million, both without pictures unfortunately.

Today's home is in the desirable Rio Vista neighborhood. This brick home sits high on a hill and has over 19,000 square feet of space including seven bedrooms. The style is over-the-top lavish and has everything you could possibly need including two lane bowling alley, movie theatre, squash court billiards room. a swimming pool with full service cabana, five car garage and lift for sixth car. With all the marble and chandeliers it's basically Tony Soprano's dream home. This home is listed at $17 million.

Gallery: Most Expensive Zip Codes, 07620, Alpine, NJ