A 227-acre waterfront oasis on a huge private lake in the suburbs of Houston is headed to auction in August with a reserve that’s a fraction of its current asking price.
The home in Magnolia—roughly an hour’s drive northwest from Houston—has been on the market for $19.8 million since June, and will be offered with a $7.49 million reserve when bidding opens online on Aug. 8 through Concierge Auctions. The sale, which will close on Aug. 22, is being handled in cooperation with Lisa Carswell of Carswell Real Estate.
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Emerald Lake Estate, as it’s known, has a laundry-list of outdoor features. From a 9-acre Japanese garden and a 7-acre botanical garden with over 5,000 azaleas, to the miles of walking trails and the sprawling lake that gives the property its name, which is stocked with bass and crisscrossed by 21 bridges that connect to its 10 different islands.
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“This is that rare property that brings with it a slice of natural paradise to enjoy far beyond the four walls of the home itself,” Carswell said. “Lakeside living is already so sought-after for the lifestyle it enables, but in this case, owners have a chance to own Emerald Lake and its beautifully sculpted grounds.”
Inside, the Mediterranean-style primary residence has high ceilings, walls of windows overlooking the picturesque surroundings, and an open-plan living, kitchen and dining area. Plus there are three bedrooms, a wine room and a game room, according to the listing.
There’s also a guest house, a covered boathouse and a private helipad.
Listing records show the home last changed hands in 2017. Texas is a non-disclosure state, so there’s no record of how much the owner—a limited liability company, according to PropertyShark—paid.
Nebraska Gov. Jim Pillen has announced a broad tax plan for an upcoming special legislative session billed to cut property taxes in half
LINCOLN, Neb. — Nebraska Gov. Jim Pillen has announced a broad tax plan for an upcoming special legislative session that would cut property taxes on average in half — including for his own home and family farm in eastern Nebraska valued at more than $6 million.
Pillen announced the plan Thursday with the backing of several fellow Republicans in the officially nonpartisan Nebraska Legislature. But not all Republicans are on board, and it remains to be seen if he can get the 33 votes needed to break a filibuster to get it passed.
The proposal, which could be debated after the special session begins July 25, would vastly expand the number of goods and services subject to the state’s 5.5% sales tax to items such as candy, soda and CBD products, and to services like pet grooming, veterinary care and auto repairs. Most groceries and medicine would remain exempt.
Another portion of the plan would see the state foot the estimated $2.6 billion cost of operating K-12 public schools, which are now largely funded through local property taxes. It would also cap the growth of property tax revenue.
Opponents say the plan would shift the tax burden from wealthy home and landowners to low-income residents who can least afford to pay more for the goods and services they need. Pillen countered that “they have choices on what they buy and how much they’ll pay for that.”
OpenSky Policy Institute, a Nebraska tax spending watchdog group, said it’s still trying to gather details but worried the proposal will amount to a disproportionate tax shift to the working class.
“The plan proposes a significant re-invention of the way we fund public schools, and we believe that should merit the time, deliberation and collaboration necessary to get it right,” said Dr. Rebecca Firestone, executive director of OpenSky. “We don’t believe that a special session is the appropriate vehicle for initiating such a fundamental change.”
But Pillen reiterated Thursday that annual revenue from property taxes has risen dramatically in the last 20 years — from about $2 billion in 2003 to more than $5 billion last year. The last five years alone saw a $1 billion jump in property tax revenue. For comparison, revenue collected last year from individual and corporate income taxes was $3.6 billion and from sales tax was $2.3 billion. Pillen said his shift to sales taxes would “better balance Nebraska’s three-legged tax stool.”
If not addressed soon, Pillen said the rapidly increasing property taxes could force elderly people who’ve already paid off their mortgage out of their homes.
“It’s running ranchers off the ranch and running people out of their homes,” he said.
The governor has been crisscrossing the state holding townhalls to try to bolster support. On Thursday, he announced an online dashboard that allows residents to type in their address and receive an estimate of how much their property tax bill would decrease under his plan.
The dashboard showed Pillen’s home and farm in Columbus is valued at about $6.2 million and that his taxes on the property would drop from about $113,400 logged last year to $59,580.
Real estate taxes have skyrocketed across the country as U.S. home prices have jumped more than 50% in the past five years, leading a bevy of states to pass or propose measures to reign in property taxes.
Nebraska has one of the highest average property tax rates in the nation at 1.46% — tied with New York and behind Connecticut, Illinois and New Jersey, according to Bankrate.
A person’s property tax can vary greatly, even within the same county, based on local school and government subdivision tax levies. But in 2023, the average annual tax bill on a Nebraska home worth about $420,000 was more than $6,100.
All state lawmakers and most residents agree the state’s property taxes are too high, said state Sen. Ray Aguilar of Grand Island. Aguilar is a Republican who usually supports Pillen’s agenda, but not in this case.
“The governor is telling me he has the votes for this, but I don’t think so,” Aguilar said Thursday. “The people I’ve been talking to don’t think so, either.”
Aguilar’s main criticism is that the plan represents little more than a tax shift and doesn’t do enough to cut taxes.
“It’s a problem for working people and for manufacturers. I just don’t think this is the solution,” he said.
New Treasury rulemaking would expand the U.S. Committee on Foreign Investment in the United States’ jurisdiction to review land sales near 56 additional military sites, bringing the overall number to 227
WASHINGTON — The U.S. wants to expand a Treasury committee’s jurisdiction to review land sales near U.S. military sites where foreigners are the buyers.
New Treasury rulemaking would expand the U.S. Committee on Foreign Investment in the United States’ powers to review land sales near 56 additional military sites, bringing the overall number to 227 military sites.
A 2018 law granted the committee authority to review real estate transactions near sensitive sites across the U.S.
The U.S. Committee on Foreign Investment in the United States is a little-known but powerful government committee also known as CFIUS — tasked with investigating corporate deals for national security concerns that holds power to force companies to change ownership structures or divest completely from the U.S.
It is made up of members from the State, Justice, Energy and Commerce departments among others.
The Monday rulemaking announcement comes after President Joe Biden in May issued a divestment order blocking a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base, calling its proximity to the base a “national security risk.”
Treasury Secretary Janet Yellen said in a statement that the Biden administration is “committed to using our strong investment screening tool to defend America’s national security, including actions that protect military installations from external threats.”
In May 2023, rulemaking began to give CFIUS the power to review land sales near military bases after controversy arose over plans by the Fufeng Group to build a $700 million wet corn milling plant about 12 miles from the Grand Forks Air Force Base, which houses air and space operations.
The proposed rule will be open for public comment for 30 days.
The U.S. has already issued major new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China.
LOS ANGELES (AP) — The housing market shows few signs of busting out of its three-year funk after a disappointing spring season and amid a gloomy outlook for the summer and fall.
Home shoppers came into 2024 with optimism that mortgage rates would ease further after a decline late last year. But those hopes faded as stronger-than-expected data on inflation and the economy clouded the timing of a possible rate cut by the Federal Reserve.
By April, the average rate on a 30-year home loan moved above 7% for the first time since November. That, plus record-high home prices, forced many would-be homebuyers to put their house hunt on hold — some indefinitely.
Economists are projecting mortgage rates will ease modestly by the end of this year. But a small decline in rates may not be enough to entice home shoppers and persuade homeowners it’s a good time to sell.
Here is a look at the key trends behind the housing market’s trajectory so far this year and what homebuyers and sellers can expect in the second half of 2024:
The spring homebuying season was a bust — again.
On average, more than one-third of all homes sold in a given year are purchased between March and June. This is known as the spring homebuying season, and it’s been a downer in recent years.
Sales of previously occupied U.S. homes fell in the March-June period from a year earlier in 2022 and 2023. Sales declined in March, April and May of this year, and indications are that June saw a pullback as well.
The weak spring sales are a reflection of the affordability challenges many home shoppers face: the average rate on a 30-year mortgage rate is moored near 7%; the supply of homes for sale is historically low; and home prices are at record highs.
High rates deter homebuyers
The average rate on a 30-year mortgage is at 6.95%, according to mortgage buyer Freddie Mac. That is more than double where it was in early July of 2021.
Mortgage rates are influenced by several factors, including how the bond market reacts to the Fed’s interest rate policy and the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans.
The 10-year yield, which topped 4.7% in late April, has been mostly falling recently following some economic data showing slower growth, which could help keep a lid on inflationary pressures and convince the Fed to begin lowering its main interest rate from its highest level in more than 20 years.
Fed officials said in June that inflation had moved closer to its target level of 2% in recent months and signaled that they expect to cut their benchmark interest rate once this year.
Even so, economists’ projections call for the average rate on a 30-year home loan to remain above 6%.
Not enough homes for sale
Another impediment for homebuyers is the historically low inventory of homes on the market.
The good news: The number of homes on the market at the end of May was the most since August 2022, a trend that bodes well for homebuyers this summer. The bad news: The supply of homes available for sale nationally remains well below its pre-pandemic levels.
The supply of homes for sale across the U.S. was tight before Covid hit due to more than a decade of below-average new home construction and demographic trends that led to homeowners hanging on to their properties longer.
The large gap between current mortgage rates and where they were just three years ago (3%) has also discouraged many homeowners who secured rock-bottom rates from selling, what real estate experts refer to as the “lock-in” effect.
The price isn’t right
The national median sales price of a previously occupied home rose 5.8% in May from a year earlier to $419,300, an all-time high on records going back to 1999, according to the National Association of Realtors. It’s also up 51% from just five years ago.
The price increases are slowing, however. CoreLogic’s home price index shows U.S. home prices rose 4.9% in May from a year earlier, the smallest increase since October. The real estate data tracker forecasts that national home price growth will slow to 3% by next May.
“The surge in mortgage rates this spring caused both slowing homebuyer demand and prices,” said Selma Hepp, CoreLogic’s chief economist.
Home prices are cooling as more homes sit on the market longer. Metro areas in Florida, Texas, Georgia and other states where home construction ramped up in recent years have also seen price growth ease.
Some economists worry that a slight decline in mortgage rates without a jump in the inventory of homes on the market could actually work against buyers struggling to afford a home by giving sellers an incentive to boost their asking price.
“It makes me a bit concerned for what will happen with home prices when rates do drop, because I think it would spur demand without really spurring supply, at least in the short run,” said Daryl Fairweather, chief economist at Redfin. “That could lead to some sharp rise in prices.”
Should anyone buy now?
Homebuyers who can afford to buy now should benefit from the wider selection of homes on the market.
Anyone who can afford to pay all cash may also want to buy in the near term.
“Prices have been going up, and they’re probably not going to come down, so there’s really no reason to wait if you’re not waiting for rates to come down,” Redfin’s Fairweather said.
Egypt and the European Union have begun an investment conference to advance the implementation of their strategic partnership agreement that includes a 7.4 billion-euro aid package for the cash-strapped Middle Eastern nation
CAIRO — Egypt and the European Union on Saturday opened a two-day investment conference to advance the implementation of their strategic partnership agreement that includes a 7.4 billion-euro ($8 billion) aid package for the cash-strapped Middle Eastern nation.
The March aid package includes both grants and loans over the next three years for the Arab world’s most populous country. Most of the funds — 5 billion euros ($5.4 billion) — are macro-financial assistance to help Egypt shore up its economy, which is hit by a staggering shortage of foreign currency and soaring inflation.
In his opening remarks, President Abdel Fattah el-Sissi said the conference “sends a powerful message of confidence and support from the European Union for the Egyptian economy and the economic reform measures implemented over the past 10 years.”
The EU, represented by Executive Vice-President Valdis Dombrovskis, and Egypt will sign a memorandum of understanding for the short-term macro-financial assistance of up to €1 billion ($1.07 billion) to support Egypt’s economic reform program, the EU mission in Cairo said.
Other investment deals are scheduled to be signed with European companies as well as bilateral cooperation agreements with the EU to advance employment and skills, vaccines manufacturing, food security and sustainable development, it said.
“In just 100 days, we have already brought new energy into our partnership. And this is just the beginning,” European Commission President Ursula von der Leyen, who attended the conference, said.
El-Sissi’ government embarked on a massive reform program in 2016 in return for loans from the International Monetary Fund. The reform has centered on floating the local currency, substantial cuts in state subsidies on basic goods, reducing public investment and allowing the private sector to become the engine of growth.
Most recently, the government once again floated the pound and sharply increased the main interest rate in March. Commercial banks are now trading the U.S. currency at more than 47 pounds, up from about 31 pounds.
The measures are meant to combat ballooning inflation and attract foreign investment. They were also needed to meet IMF demands in order to increase its bailout loan from $3 billion to $8 billion.
The currency devaluation and subsidies cuts have inflicted further pain on Egyptians already struggling with skyrocketing prices over the past years. Nearly 30% of Egyptians live in poverty, according to official figures.
The EU deal, which has drawn criticism from rights groups over Egypt’s human rights record, came as concerns grow that economic pressure on Egypt and conflicts in neighboring countries could drive more migrants to European shores.
Wisconsin taxpayers will pay half of the $128,000 bill submitted by redistricting consultants hired by the state’s Supreme Court for the work they did reviewing proposed legislative maps, the liberal majority of the court ordered Monday.
Conservative justices dissented, sharply criticizing the majority for hiring the consultants and not divulging more information about the work they did and details of the charges. They called the court’s order a “brazen imposition of judicial will.”
The court hired a pair of redistricting consultants to review maps submitted by Republicans and Democrats after it tossed out Republican-drawn maps as unconstitutional. After the consultants determined that the Republican submissions were partisan gerrymanders, the GOP-controlled Legislature passed maps drawn by Democratic Gov. Tony Evers.
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He signed them into law in February, giving Democrats a path to possibly gaining majority control of the Legislature after more than a decade in the minority.
The Supreme Court in its order Monday ruled that the costs will be evenly shared by the parties in the case, which included six groups that submitted proposed maps. The parties on the hook for the money include Evers, Republican and Democratic legislators — all funded by taxpayers — as well as three groups of voters, which were represented by private attorneys.
The charges came out to $21,359 for each of the six parties, or just under $64,100 from taxpayers.
Justice Rebecca Dallet, writing for the liberal majority, commended the consultants for their work. She said they “performed their duties ethically, transparently, and substantially under budget.”
But Chief Justice Annette Ziegler, writing in a dissent, said that “transparency is glaringly absent.” She faulted the bill submitted by the consultants as being “woefully inadequate” and lacking detail. The dissenting justices also took aim at the hiring of the consultants in the first place, saying the liberal majority lacked the authority to enter into the contract.
“Legitimate questions remain unanswered, including the report’s language which shields from scrutiny whether and what might be undocumented hidden communications between members of this court or the Director’s office and these ‘consultants,’” Ziegler wrote.
Dallet said “there were no ex parte communications between the court and the Consultants concerning the contents of their report. Those who suggest otherwise are reading boilerplate language in the report about confidentiality out of context.”
The bulk of the charges come from the two main consultants hired at $450 an hour.
Jonathan Cervas, of Carnegie Mellon University in Pittsburgh, submitted a $62,721 bill for more than 139 hours of work. Cervas redrew New York’s congressional and state Senate maps after a court struck down ones adopted by the Democratic-led Legislature.
Bernard Grofman, of the University of California, Irvine, submitted a $39,762 bill for more than 88 hours of work. He helped redraw Virginia’s federal and state legislative districts after a bipartisan commission deadlocked.
Fees from three other research assistants came to just short of $26,000.
The contract had allowed for the consultants to be paid up to $100,000 each.
The liberal majority of Wisconsin’s Supreme Court says taxpayers will pay half of the $128,000 bill for redistricting consultants hired by the court to review proposed legislative maps
MADISON, Wis. — Wisconsin taxpayers will pay half of the $128,000 bill submitted by redistricting consultants hired by the state’s Supreme Court for the work they did reviewing proposed legislative maps, the liberal majority of the court ordered Monday.
Conservative justices dissented, sharply criticizing the majority for hiring the consultants and not divulging more information about the work they did and details of the charges. They called the court’s order a “brazen imposition of judicial will.”
The court hired a pair of redistricting consultants to review maps submitted by Republicans and Democrats after it tossed out Republican-drawn maps as unconstitutional. After the consultants determined that the Republican submissions were partisan gerrymanders, the GOP-controlled Legislature passed maps drawn by Democratic Gov. Tony Evers.
He signed them into law in February, giving Democrats a path to possibly gaining majority control of the Legislature after more than a decade in the minority.
The Supreme Court in its order Monday ruled that the costs will be evenly shared by the parties in the case, which included six groups that submitted proposed maps. The parties on the hook for the money include Evers, Republican and Democratic legislators — all funded by taxpayers — as well as three groups of voters, which were represented by private attorneys.
The charges came out to $21,359 for each of the six parties, or just under $64,100 from taxpayers.
Justice Rebecca Dallet, writing for the liberal majority, commended the consultants for their work. She said they “performed their duties ethically, transparently, and substantially under budget.”
But Chief Justice Annette Ziegler, writing in a dissent, said that “transparency is glaringly absent.” She faulted the bill submitted by the consultants as being “woefully inadequate” and lacking detail. The dissenting justices also took aim at the hiring of the consultants in the first place, saying the liberal majority lacked the authority to enter into the contract.
“Legitimate questions remain unanswered, including the report’s language which shields from scrutiny whether and what might be undocumented hidden communications between members of this court or the Director’s office and these ‘consultants,’” Ziegler wrote.
Dallet said “ there were no ex parte communications between the court and the Consultants concerning the contents of their report. Those who suggest otherwise are reading boilerplate language in the report about confidentiality out of context.”
The bulk of the charges come from the two main consultants hired at $450 an hour.
Jonathan Cervas, of Carnegie Mellon University in Pittsburgh, submitted a $62,721 bill for more than 139 hours of work. Cervas redrew New York’s congressional and state Senate maps after a court struck down ones adopted by the Democratic-led Legislature.
Bernard Grofman, of the University of California, Irvine, submitted a $39,762 bill for more than 88 hours of work. He helped redraw Virginia’s federal and state legislative districts after a bipartisan commission deadlocked.
Fees from three other research assistants came to just short of $26,000.
The contract had allowed for the consultants to be paid up to $100,000 each.
In New Jersey’s Bergen County community of Alpine, the population is small (around 1,700), but the estates are grand.
Only 15 miles from New York City, the residential enclave is perfectly positioned geographically for those who desire big-city amenities and small-town advantages.
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Upscale Alpine offers a “refined” yet “friendly and welcoming ambience,” said Dennis McCormack, a real estate agent at Prominent Properties Sotheby’s International Realty.
With its casual vibe, Alpine makes itself right at home: It’s the kind of place where people walk their dogs or ride their bikes.
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“While residents do value their privacy,” said Taryn Byron, an agent at Corcoran Infinity Properties, “of course, it is a friendly neighborhood.”
Boundaries
Alpine is across the Hudson River from the Bronx and Westchester County’s Yonkers and Hastings-on-Hudson. It borders the New Jersey boroughs of Closter, Cresskill, Demarest, Norwood, Rockleigh and Tenafly.
The most exclusive section of Alpine is Rio Vista, the four streets just off Sylvan Avenue (Route 9W): the Esplanade, Rio Vista Drive, Stone Tower Drive and Tulip Tree Lane.
Price Range
While the average sale price of a single-family home from June 2023 to June 2024 in the borough stands at $4.7 million, Byron noted that current listings range from $2.4 million to $24.5 million.
“Luxury homes in Alpine start at around $5 million,” she said, adding that that’s typically for a 7,500-square-foot house on 2 acres with a pool, a basketball or tennis court and a three- to four-car garage. “Prices can go well into the $20 millions and even up to $30 million.”
In 2023, a house on the Esplanade sold for $11.5 million, the highest sale price in Bergen County for the year, McCormack said.
Housing Stock
The estates in Alpine have custom houses in a variety of architectural styles ranging from contemporary and modern mansions to French chateaus, Neoclassical manors and English Country homes. Generally, they are 20 to 30 years old and are on 2-acre plots.
What Makes It Unique
McCormack said that “Rio Vista Drive stands out for its breathtaking beauty, lush landscapes and prestigious reputation.”
“Food, proximity to New York City, airports both international and private—you can really have it all living here and still maintain a nice balance of a small town with the excitement of the big city so close, and most importantly, privacy,” Byron said.
Luxury Amenities
The exclusively residential community is surrounded by neighboring towns that offer stellar dining and nightlife.
Fine-dining restaurants include the River Palm Terrace, a steakhouse in Edgewater; Sofia, a farm-to-table Italian steakhouse and lounge in Englewood; and Lefkes Estiatorio in Englewood Cliffs, which serves Mediterranean fare with a modern twist using local ingredients.
In addition to access to all the luxury-brand boutiques in New York City across the river, residents shop at several luxury malls that are close to Alpine. The Shops at Riverside is a shopping, dining and entertainment destination in Hackensack whose brand-name boutiques include Tory Burch and Tiffany & Co. Westfield Garden State Plaza in Paramus is anchored by Macy’s and Nordstrom. Closter Plaza, in Closter, has upscale shops and restaurants.
With more than 450 stores, American Dream Meadowlands, a retail and entertainment complex in the Meadowlands Sports Complex in East Rutherford, is the second-largest shopping mall in the country.
The Alpine Country Club offers dining, tennis and golf. The Alpine Marina, a full-service venue on the Hudson River, offers charters and tours and boat, ship and kayak rentals.
Montammy Golf Club, in Alpine, offers not only golf but also tennis and a 45,000-square-foot clubhouse.
The Rockleigh Equestrian Center, which offers boarding and riding lessons, is another nearby amenity.
For outdoor activities, residents go to the Palisades Interstate Park in Alpine, the Tenafly Nature Center and the Overpeck County Park in Leonia.
Residents have the choice of several nearby private schools. The Dwight-Englewood School, an independent co-ed college-preparatory day school in Englewood, enrolls students from pre-kindergarten through 12th grade. The Elisabeth Morrow School, a co-ed day school in Englewood, is for students from nursery school through eighth grade.
Bergen Catholic High School in Oradell is for boys in ninth through 12th grades. The Academy of the Holy Angels in Demarest educates young women in grades six through 12.
Who Lives There
Noting that Alpine is a “melting pot,” Byron said that the borough is home to native New Jerseyans as well as “a multitude of residents from other cultures and countries from all over the world.”
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McCormack added that “the neighborhood appeals to those seeking a luxurious and tranquil lifestyle, including affluent families, executives and professionals.”
Notable Residents
Comedian Chris Rock is a longtime resident of Alpine, according to published reports. Singer/songwriter Stevie Wonder, rapper Lil’ Kim and comedian Tracy Morgan are among the many other celebrities who live there, according to published reports.
Outlook
In Rio Vista Drive, “it’s a strong seller’s market, with high demand for luxury properties driving up prices,” McCormack said.
He noted that houses sell quickly, often within days of listing, and “bidding wars are common.”
Prices, he said, have risen by an average of 5% annually over the past five years. “The real estate market in Rio Vista Drive is expected to remain robust, with continued appreciation in property values. The neighborhood’s exclusive appeal and limited inventory contribute to its long-term investment potential.”
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Calling the luxury residential market in Alpine “stable,” Byron said that prices have increased over the last five years, with the average sold price rising from $2.5 million to $4.5 million since pre-pandemic days.
“The $2.5 million is now entry-level pricing for a home in need of work,” she said. “New homes are coming on the market at an average of $6 million and are selling, in an average of four to five months, for 93% of their asking price. This shows the strength of the New Jersey real estate market, even at the higher end.”
The pink house where Muhammad Ali grew up dreaming of boxing fame is for sale
LOUISVILLE, Ky. — The pink house where Muhammad Ali grew up dreaming of boxing fame — and where hundreds of fans gathered for an emotional send-off as his funeral procession passed by decades later — is up for sale.
The two-bedroom, one-bathroom house in Louisville was converted into a museum that offered a glimpse into the formative years of the boxing champion and humanitarian known worldwide as The Greatest. The house went on the market Tuesday along with two neighboring homes — one was turned into a welcome center-gift shop and the other was meant to become a short-term rental.
The owners are asking $1.5 million for the three properties. Finding a buyer willing to maintain Ali’s childhood home as a museum would be “the best possible result,” co-owner George Bochetto said.
“This is a part of Americana,” said Bochetto, a Philadelphia attorney and former Pennsylvania state boxing commissioner. “This is part of our history. And it needs to be treated and respected as such.”
The museum opened for tours shortly before Ali’s death in 2016. Bochetto and his business partner at the time renovated the frame house to how it looked when Ali — known then as Cassius Clay — lived there with his parents and younger brother.
“You walk into this house … you’re going back to 1955, and you’re going to be in the middle of the Clay family home,” Bochetto told The Associated Press during a 2016 interview.
Using old photos, the developers replicated the home’s furnishings, appliances, artwork and even its pink exterior from Ali’s days living there. The museum featured videos focused on the story of Ali’s upbringing, not his storied boxing career.
“To me, that’s the bigger story and the more important story,” Bochetto said in an interview last week.
Ali got his start in boxing after his bicycle was stolen. Wanting to report the crime, the 12-year-old Ali was introduced to Joe Martin, a police officer who doubled as a boxing coach at a local gym. Ali told Martin he wanted to whip the culprit. The thief was never found, nor was the bike, but Ali became a regular in Martin’s gym.
Ali lived in the home when he left for the 1960 Olympics. He returned as a gold medal winner, launching a career that made him one of the world’s most recognizable figures as a three-time heavyweight boxing champion and globetrotting humanitarian.
The home became a worldwide focal point on the day of Ali’s burial, when hundreds of people lined the street in front of the house as his hearse and funeral procession slowly passed by.
Despite its high-profile debut, the museum ran into financial troubles and closed less than two years after opening. The museum is situated in a western Louisville neighborhood several miles from downtown, where the Muhammad Ali Center preserves his humanitarian and boxing legacies.
As efforts to reopen the childhood museum languished, offers to move the 1,200-square-foot (111-square-meter) house to Las Vegas, Philadelphia and even Saudi Arabia were turned down, Bochetto said.
“I wouldn’t do that because it’s an important piece of Louisville history, Kentucky history and I think it needs to stay right where it is,” he said.
Las Vegas real estate investor Jared Weiss bought the Ali childhood house — then rundown and vacant — in 2012 for $70,000 with plans to restore it. Three years later, Weiss formed a partnership with Bochetto, who acquired a half interest in the project. Both were avid fans of Ali, and they spent hundreds of thousands of dollars on the restoration project. They also purchased the two neighboring homes, financed a documentary, subsidized museum operations and incurred expenses for all three properties. Weiss has since died and his wife is the project’s co-owner, Bochetto said.
Now, Bochetto said he’s hoping they’ll find a buyer with the “marketing and operational know-how” to make the museum a success.
“I want to make sure that it continues in that fashion and never goes back to where it’s abandoned or dilapidated,” he said. “That should never have happened.”