Jan 11, 2009

Super-yacht for sale, one formerly carefree owner

A host of boats are on the market, offered by a select group of brokers whose clients can pay £50m or more for a yacht moored in Monaco or Monte Carlo. There they entertain corporate contacts and throw parties where Hollywood actors rub shoulders with politicians and sports stars.

They include the Ultima III, owned by US investor Ron Perelman, once the world's richest man, who made much of his estimated $11.5bn fortune taking cosmetics manufacturer Revlon private in 1985 and has since bought and sold stakes in comic book publisher Marvel Entertainment Group and film-maker Technicolour.

Yacht broker Edmiston is selling the 190ft boat, which boasts eight "staterooms", accommodation for 16 guests and a Jacuzzi. Perelman has entertained actress Gina Gershon, who played fashion designer Fable in TV series Ugly Betty, and director and producer Penny Marshall on the yacht's lengthy sun deck in recent years, but like many investors, he has seen his wealth fall as the US market plunged. The Dow Jones index of leading shares fell by 33.8% in 2008, its worst performance since 1931.

The Ultima 111 is priced at over €50m (£47.7m) by Edmiston, which is also one of several brokers advertising the Lady Christine, owned by Conservative party donor Irvine Laidlaw. Laidlaw sold his conference business IIR for $1.4bn, and put the 182ft yacht named after his wife on the market last summer with a price tag of €45m. Others on the market include the Phocea, the largest sailing yacht in the world until 2004, which was bought by Mouna Ayoub, a French socialite of Lebanese origin who made a fortune from real estate. Ayoub refitted the boat with opulent oak panelling and handmade furniture from Viscount Linley's London showroom. She bought it 12 years ago from disgraced French politician Bernard Tapie, reportedly funding the $17m (£11.7m) cost by selling a 112-carat diamond bought by her ex-husband following their divorce. The yacht is for sale for an undisclosed price.

Other boats on the market include the Enterprise V, a 167ft yacht with a diving pool and fitness room, which used to be the corporate yacht at marketing company Amway and now belongs to the company's co-founder Richard De Vos, who also owns the Orlando Magic basketball team. It is on the market for $22.5m.

The Maltese Falcon, owned by American venture capitalist Tom Perkins is also for sale. One of the largest privately owned sailing yachts in the world at nearly 290ft, it can be bought for €115m. It has been on the market for months.

The Excellence III, owned by American car dealer Herb Chambers, whose leading top managers at his eponymous chain of showrooms used to be invited on board to watch films in its private cinema, is also for sale though broker Moran Yacht & Shop for an undisclosed sum.

Not every owner is selling because of falling share prices or declining profits. De Vos also owns a smaller yacht, a 130-footer, and Chambers reportedly took possession of a larger boat in July. The Excellence III may simply be surplus to requirements, but like other parts of the luxury goods market, yachts are not immune to the economic slowdown. Last month British yacht-maker Fairline revealed 275 redundancies, a few months after introducing three-day weeks for employees at its manufacturing base in Oundle, Northamptonshire, saying: "The ongoing global financial and economic conditions continue to affect demand for luxury products across many industries and regrettably, Fairline's products are not immune from these effects." It had already shed 90 jobs in September, reducing its workforce to 1,000, but its chief executive Dereck Carter managed to remain upbeat.

Carter said: "The downturn in the market will pass and we anticipate that towards the end of 2009, increased levels of activity are likely to materialise as the market begins to recover and as we bring new models in development to market."

Donald Starkey, the designer behind "giga-yacht" Everest, currently under construction in Fort Lauderdale, Florida, will be hopeful Carter is right. At 656ft, Everest will be longer than two football fields and have five decks serviced by two lifts, a helipad, a submarine and 17 apartments. It is scheduled for completion in 2010, according to the sales prospectus. By that time, the world economy may finally be emerging from a long slump. If not, Everest may be on sale at a discount, although given its $500m price tag, even a 50% reduction would prevent all but the richest buyers making an offer.

Merijn de Waard, founder of website Superyachttimes.com, said: "There are more big boats for sale now. I think there will be a price correction. That is logical because there is less demand."

He added: "In the past, very large yachts have sold quickly because there were a lot of people who wanted a yacht instantly and had the cash to buy them. But many of the shipyards that build these boats have orders until 2012, so they can afford to survive without any new orders for a few years."

They are a luxury only the wealthy can afford, but as global recession looms, some of the world's wealthiest businessmen are offloading the multi-million-pound yachts that bestow super-rich status on their owners.

source:
http://www.guardian.co.uk/business/2009/jan/04/recession-super-yachts

Jan 9, 2009

Grand Intracoastal Estate - The Landings


































INTRACOASTAL ESTATE
THE LANDINGS

NE Point Lot Home - 265 Ft Waterfront
125 Ft Protected Dockage for the Mega-Yacht
Architect: Benedict Group
Builder: Rankin/Gravett Group
8400 Square Feet Living Area
11,000 Total Square Feet
The Ultimate in Materials and Craftsmanship

Travertine Marble with Granite Inlaid Floors
Travertine Marble with Granite Pool Deck and Dock
Lutron One Touch Complete Automation: Lighting - Sound - Security
Hurricane Impact Glass - Elevator
Three Fireplaces - Wine Cellar
Goldplated Fixtures in all Bathrooms
Solid Hand Carved Mahogany Entry Doors from Mexico
Elegant Faux and Plaster Finishes
Wrought Iron Staircase with Gold Leaf Medallions
Renaissance Great Room: Two Story Stone Fireplace - Overlook Balcony
Custom Wood Built-In Media Center in Family Room
Upstairs Living Area: Wet Bar and Vaulted Ceiling
Expansive Patio with Infinity Pool for Large Scale Entertaining
Two Laudry Rooms: One per Each Level
Staff Quarters with Seperate Staircase and Seperate Wing
Formal Dining Room: Water View - Butler's Pantry
Kitchen Area: Breakfast Nook - Family Media Room - Cabana Bath
Third Level: Wet Bar and Sun Terrace with Expansive Views

Yachtsmen:
125 Ft Protected Canal Dockage - Concrete Dock
Canal per Survey: 90 Ft Width allows 30 Ft Combined Dock and Beam
Concrete Dock Wraps Entire Property

Lower Level Master Suite:
Office or Gym - Fireplace - Sitting Room - Adjacent Library - Onyx Baths

Upper Level Master Suite:
Sitting Room - Fireplace - His and Her Baths - Covered Terrace - Onyx Bath


2008 Taxes: $82,000 with Homestead
6 Bedrooms - 8 Baths - 2 Powder Rooms - 3 Car Garage


3311 NE 57 COURT • FORT LAUDERDALE
MLS: F978980
PRICE: $6,950,000

OUR PROPERTIES
http://www.lasolaslifestyles.com

OUR FORT LAUDERDALE AND REAL ESTATE BLOG:
http://www.fortlauderdaleliving.net


Rory Vanucchi: 754-246-7758
Suzanne Wright: 954-328-0594
Jean Whitson: 954-494-4636
RoryScottVan@gmail.com

INTERCOASTAL REALTY
1500 East Las Olas Boulevard
Fort Lauderdale, FL 33301







Jan 3, 2009

325 Seven Isles Dr - Las Olas












Seven Isles Community:
24 Hour Patrol & Manned Guard House - One Entry
Optional Homeowners Association - $250 Quarterly
Walk or Bike to Beaches and Las Olas Merchants

Renovated Waterfront Home with a Tropical Charm
Living Area has a Fireplace and Wet Bar
Saturnia and Hardwood Floors

Seperate Master Wing overlooks Waterway
Guest Suite Wing has Private Staircase and Sitting Room
Eat-In Kitchen with Granite and Wood Appointments

Banks of Glass provide an Atrium Feel
Exotic Landscape For Privacy

Yachtsmen:
80 Ft Deepwater on a Deep and Wide Canal
20 Minute Boat Ride to Port Everglades Inlet

2008 Taxes: $34,000 with Homestead
Lot: 80 Ft x 130 Ft
Square Footage: 4000 Living Space (Approx)
4 Bedroom - 4 Bath - Powder Rm - 2 Car Garage

325 Seven Isles Drive - Las Olas Islands
Fort Lauderdale, FL, 33301
$2,095,000 - MLS: F975269

OUR PROPERTIES
http://www.lasolaslifestyles.com

OUR FORT LAUDERDALE AND REAL ESTATE BLOG:
http://www.fortlauderdaleliving.net

SEVEN ISLES ASSOCIATION:
http://www.geocities.com/sevenisles2001/index.html

LAS OLAS MERCHANTS & EVENTS:
www.LasOlasBoulevard.com

Rory Vanucchi: 754-246-7758
Suzanne Wright: 954-328-0594
Jean Whitson: 954-494-4636
RoryScottVan@gmail.com

INTERCOASTAL REALTY
1500 East Las Olas Boulevard
Fort Lauderdale, FL 33301

2424 Barcelona Drive - Fort Lauderdale










Seven Isles Community:
24 Hour Patrol & Manned Guard House
Optional Homeowners Association - $250 Quarterly
Walk or Bike to Beaches and Las Olas Merchants


Mini Great Room:
Neutral Tile Floors - Media Center
Flowing Entertainment Area Overlooks Water


Kitchen:
Granite Tops - Gas Cooking
Stainless Steel Appliances
Eat-In Breakfast Bar


Bedroom Wing Overlooks Pool
Updated Baths
S-Tile Roof
Deep Lot means Lots of Yard for Play, Privacy Pets
Charming Home Renovated circa 2000

Yachtsmen:
75 Ft Seawall with Dock
Just off Intracoastal Waterway on Deepwater Canal

Lot: 75 Ft x 195 Ft (Approx)
Year Built per Records: 1978

3 Bedrooms – 3 Baths
2 Car Garage
2008 Taxes: $9,800 with Homestead


2424 Barcelona Drive - Fort Lauderdale, FL 33301
Price: $1,349,000 - MLS: F900980


Public Schools:
Harbordale Elem- Sunrise Middle- Fort Laud High


VIRTUAL TOUR:


OUR PROPERTIES:
http://www.lasolaslifestyles.com/


OUR BLOG - FORT LAUDERDALE LIVING:
http://www.fortlauderdaleliving.net/


SEVEN ISLES ASSOCIATION:
http://www.geocities.com/sevenisles2001/index.html


LAS OLAS MERCHANTS & EVENTS:
http://www.lasolasboulevard.com/


Suzanne Wright: 954-328-0594
Rory Vanucchi: 754-246-7758
Jean Whitson: 954-494-4636
RoryScottVan@gmail.com


INTERCOASTAL REALTY
1500 East Las Olas Boulevard
Fort Lauderdale, FL 33301

Dec 28, 2008

Double dipping rises despite outrage

TALLAHASSEE — This year some of Florida's public officials are giving a whole new meaning to the phrase "home for the holidays.''

It's a new crop of double dippers, taking advantage of a loophole in state law that allows them to "retire'' by taking 30 days off and return to work in their old jobs with a salary and a pension. Many also collect a lump-sum "retirement'' payment that can reach hundreds of thousands of dollars.

At least 25 of those spending December at home were re-elected in November — sheriffs, property appraisers, court clerks and tax collectors, six circuit judges and one state attorney.

None announced their "retirement'' plans before voters cast their ballots, and most have not made any public announcement of the resignation letters they have written to Gov. Charlie Crist.

Earlier this year when the St. Petersburg Times began looking at double- and even triple-dippers, the state retirement system had about 8,000 members collecting paychecks and pensions at the same time. By June that number had risen to 9,397, and it's still growing.

The double-dippers include at least 220 elected officials, an increase of about 40 since last year. An additional 175 are in high-paid senior management positions, up from 146 last year.

The remaining 9,022 are regular employees who work for state or local government. Their salaries are substantially lower.

The newcomers include the state's longest serving sheriff, David Harvey of Wakulla County; North Florida State Attorney Willie Meggs; Broward Circuit Judge Melvin B. Grossman; and Lee County Property Appraiser Kenneth Wilkinson, who worked hard to pass Save Our Homes, a constitutional amendment that limits the property taxes Floridians pay.

A candidate who lost to Wilkinson is considering a court challenge that would question the legality of resigning and returning to office in the face of a constitutional provision that declares the office vacant when an official resigns.

In Broward County, teacher union officials are calling for an investigation of school superintendent Jim Notter for authorizing the rehire of 36 highly paid administrators who will return as double-dippers.

Notter said he allowed administrators to return after retiring only in critical situations when the safety and security of students is at stake. He said 14 of the 36 administrators who have been allowed to double-dip were administrators who returned to the classroom as teachers.

Meggs said he simply changed his mind about plans to retire. "It's my cotton-picking money,'' he said of deciding to collect a lump sum benefit of $519,995, his $153,139 annual salary and a monthly pension of $7,749.

Meggs says he tried to work as a volunteer without pay for 30 days, but state retirement officials said he could not be in the office. He is spending December clearing land and starting work on a new house.

Baker County Sheriff Joey Dobson is getting $311,173 in a lump sum payment and will collect an annual salary of $128,000 and a monthly pension of $5,699. He said he searched for alternatives to taking December off and returning in January, but he said state retirement officials told him it was his only option.

"I have worked for 35 years, but I'm not a wealthy man,'' Dobson said. "I sure didn't want to do it, I hate to be out of the office.''

Meggs and Wakulla Sheriff Harvey both note that the state isn't out any money when it comes to elected officials because taxpayers would have to pay the salary of replacements if they retired. They said the 30-day vacation is required by the state's retirement law.

The 30-day hiatus is also required by federal tax laws.

"You do what you have to do, you would be stupid not to do it,'' Harvey said.

Meggs was unopposed when he sought re-election this year. Harvey won by 57 votes.

"Just call me landslide,'' Harvey joked.

Not everyone is laughing. When the Times first reported on the number of public officials collecting both a salary and a pension, hundreds of outraged citizens called and wrote the newspaper and their legislators demanding changes.

No solution yet, but lawmakers looking

Bills to ban or limit double-dipping were introduced during last year's legislative session but none won approval. Lawmakers promise to try again this year.

"I understand while it may be legal now, it might not be legal after next session,'' Gov. Crist said when asked about the increasing numbers of officials taking advantage of the law.

Some elected officials who submitted resignations for the last 30 days of the year asked the governor to appoint their top lieutenants to their positions for the month of December. Crist refused.

"The governor is not going to participate in this because he opposes the practice,'' said Jason Gonzalez, the governor's general counsel.

Instead, some who submitted temporary resignations got local judges to appoint a temporary replacement, relying on obscure state laws that allow temporary appointments.

Crist wants to help legislators change the law, noting the largesse is conspicuous in these hard times, when public and private employees face pay cuts and layoffs and the state's unemployment rates are spiraling upward.

Sen. Mike Fasano, R-Port Richey, and Rep. Robert Schenck, R-Spring Hill, plan to introduce bills that would limit the number of state officials who can take advantage of the law.

"At a minimum we have to stop the elected and appointed officials,'' Fasano said. "We have to stop it, it's out of control.''

He said the answer may be eliminating state pensions and shifting to a defined compensation program similar to the way private businesses operate.

The state created the Deferred Retirement Option Program in 1998 to encourage highly paid, long-term employees to retire and make way for others who would make less.

Under DROP, public employees who are 62 or have at least 30 years of service retire but continue working for up to five years while their retirement benefits are deposited in a special account. The state pays all of the employee's retirement benefit and guarantees 6.5 percent interest on the DROP accounts plus a 3 percent cost-of-living increase.

Until the law was changed, members of the Florida Retirement System who signed up for DROP were required to leave the state payroll at the end of five years or forfeit the lump-sum benefit.

Lawmakers wrote the loophole into the law in 2001 to help a fellow legislator who, on top of his legislative salary, wanted to collect his lump-sum retirement benefit and his school board pension. Sponsors say they never intended to extend the practice to allow elected officials to "retire'' and return to the same jobs collecting both a pension and a salary.

But lawmakers trying to fix the loophole have run into problems because many fellow lawmakers are among the double- and triple-dippers.

"It's kind of sad because DROP was never intended to help all these people making high salaries stick around,'' Fasano said.

Last year, when law­makers began considering bills that would have banned double-dipping, Circuit Judge Hugh D. Hayes of Naples suggested that they first appoint a committee to study the issue and wait until 2009 before taking action.Re-elected without opposition in November, Hayes collected $349,723 in a lump sum and will return to the bench in January collecting a $9,259 monthly pension along with his annual salary of $145,080.

Hayes did not return a call; a spokesman said the judge decided to double-dip because it is legal.

Actual cost becomes hard to determine

It's difficult to determine how much double-dipping costs taxpayers.

The $13-million in salaries for elected officials would be spent on others making the same salary, but the $16-million spent on salaries for renewed members of the state pension fund would be substantially lower if veteran senior management employees were replaced by younger, lower-paid employees.

Police unions have vehemently opposed double-dipping, saying it's generally approved for top management and stops rank-and-file members of an organization from being promoted.

The practice has become so widespread that the double-dippers include school board members in 44 of Florida's 67 counties, 14 sheriffs, 11 circuit clerks, three state attorneys, four public defenders, 24 judges, county commissioners from 21 counties, eight property appraisers, seven tax collectors, two elections supervisors and officials from 26 towns and cities.

The chancellor of the community college system, Willis N. Holcombe, and several community college presidents are among the double-dippers.

Holcombe collected $189,370 in a lump sum in 2007 and began collecting a pension of $8,500 a month to go with his annual salary of $190,000.

Miami Dade Community College president Eduardo Padron collected $893,286 in a lump-sum retirement benefit in 2006 and began collecting $14,631 a month in retirement pay in addition to his annual salary of $441,538.

Other double-dipping college presidents include Edwin R. Massey at Indian River State College in Fort Pierce and James R. Richburg at Northwest Florida State College.

Massey collected more than $585,000 in a lump sum last June and now collects a monthly pension of $9,823 plus his annual salary of $286,470.

Richburg, who has been in the news for his controversial dealings with House Speaker Ray Sansom, got a lump sum of $553,228 in 2007 and started collecting a monthly pension of $8,803 in addition to his $228,000 annual salary.

Double-dipping has sparked controversy at the University of Florida's Medical School. In a letter to the university's board of trustees, Dr. Bruce Kone says his objection to double-dipping among highly paid medical school employees is among the reasons he was fired as dean last May.

Kone says the university made deals with some faculty members to pay them during the mandatory 30-day hiatus and had allowed its three highest-paid doctors to start double-dipping.

"This rehiring culture prevented any succession planning in senior positions and led to a dysfunctional, inbred and top-heavy administration and faculty,'' Kone said in his Oct. 22 letter to the trustees.

University officials would not comment on Kone's accusations but released a copy of a 2005 letter saying faculty members who want to return after retiring have to apply for the positions like anyone else.

Double dipping on the rise


2003 2007 2008
Regular employees 3,544 6,605 9,022
Senior management 34 146 175
Elected officials 91 180 220


Most of the governmental employees who are "renewed members'' of the state retirement system get a pension and a salary. The figures include employees at state agencies and at cities and counties that are members of the state retirement system. Numbers are as of June of each year except for elected officials in 2008, which includes 21 who "retired'' in December.

Times researchers Connie Humburg and Caryn Baird contributed to this report. Lucy Morgan can be reached at lmorgan@sptimes.com or (850) 224-7263.

source:
http://www.tampabay.com/news/politics/article950391.ece