Friday, July 27, 2007

Andre Agassi and Steffi Graf are now real estate developers!

clipped from www.bloomberg.com

The couple, whose career tennis winnings alone exceeded $50
million, not counting lucrative endorsements, bought a house at
a new ski resort called Tamarack in Long Valley. For decades, it was
a secluded playground for the gentry in Boise, 100 miles (161
kilometers) downriver. Idahoans came to fish and boat on Big
Payette Lake, below mountain ridges that hold snow long into summer.

Now, Agassi and Graf plan to build a Fairmont hotel there. If
all goes as planned, it'll be the first Fairmont in the world
with a rock-climbing wall and a machine that simulates kayaking.
There will be a bowling alley, too.

The place will be a condominium hotel, meaning that people
will buy the rooms, use them when they want and let the hotel
rent them when they're not. Selling the 224 rooms and 69
penthouses -- plus 50 private homes on the mountain -- will bring
in $600 million for Agassi Graf Development LLC and its partner,
Bayview Financial LP in Coral Gables, Florida.

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