Showing posts with label Mansion. Show all posts
Showing posts with label Mansion. Show all posts

Saturday, August 8, 2015

OHIO: College Lays Off Hundreds, Blows $900k On President’s Mansion

The University of Akron, a public college in Ohio, is attracting ridicule over the revelation that it has spent lavishly to renovate its president’s house while also trying to plug a $60 million budget hole.
In an emergency effort to rapidly cut its expenses by $40 million, Akron has announced that it is eliminating 215 positions at the school. Victims of the cuts include the school’s non-profit publishing company, a big chunk of its theater staff, and its baseball team.
Scrutiny over the deep, rapid cuts has led to local press discovering that one reason for the school’s big financial hole is a massive splurge last year on the university president’s house.
According to documents obtained by the Northeast Ohio Media Group, the school spent about $950,000 renovating a house for current president Scott Scarborough, who arrived at the school late last year. The house already belonged to the school, but had received no significant work in 15 years under Scarborough’s predecessor.
While several hundred thousand dollars were spent on renovations to the heating, plumbing, and other essential parts of the house, this price tag also included a host of lavish improvements.
For example, an invoice published by The Akron Beacon-Journal found over $150,000 in spending on furnishings and decorations for the house. Purchases include several thousand-dollar chairs, five thousand-dollar kitchen stools, and an $1,800 bedroom mirror.
Most notoriously, though, the purchases include a $556 decorative olive jar, which has been swiftly singled out for ridicule by those critical of Akron’s excess. The olive jar already has its own Facebook and Twitter pages, with its “comments” including statements along the lines of “Holy shit! I cost that much?”
Akron is a public college, but has tried to defend the house spending by saying it was paid for exclusively from private donations rather than public funds. But the school also assigned a substantial number of school staff to spend hundreds of hours working on the renovation, and those staff were state employees.
Akron has had to suppress a great deal of bad publicity stemming from the layoffs, even creating a special page entitled “Just the Facts” to counter claims such “The University’s academics wallow in mediocrity” and “The University’s graduation rates are awful.”


Tuesday, May 26, 2015

California Dreaming: Record $500 Million Tag on L.A. Home

Bel Air Mansion
Bel Air MansionOne of the biggest homes in U.S. history is rising on a Los Angeles hilltop, and the developer hopes to sell it for a record $500 million.

Nile Niami, a film producer and speculative residential developer, is pouring concrete in L.A.’s Bel Air neighborhood for a compound with a 74,000-square-foot (6,900-square-meter) main residence and three smaller homes, according to city records. The project, which will take at least 20 more months to complete, will exceed 100,000 square feet,including a 5,000-square-foot master bedroom, a 30-car garage and a “Monaco-style casino,” Niami said.

“The house will have almost every amenity available in the world,” he wrote in an e-mail. “The asking price will be $500 million.”
Estates with views of the Los Angeles basin are the California counterpart to Manhattan’spenthouses or London’s Mayfair manors, drawing a global cast of financiers, technology tycoons and celebrities who collect trophy homes like works of art. Around the world, five properties sold for $100 million or more last year, and at least 20 others have nine-figure asking prices, Christie’s International Real Estate reported last month.
The priciest home ever sold was a $221 million London penthouse purchased in 2011, according to Christie’s. The most expensive properties on the market include a $425 million estate in France’s Cote d’Azur, a $400 million penthouse in Monaco and a $365 million London manor.
Whether Niami can get more than double the previous record for his mansion remains to be seen.

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