Boy Scouts mortgage vast New Mexico ranch as collateral

The Boy Scouts of America has mortgaged one of the most spectacular properties it owns, the vast Philmont Scout Ranch in New Mexico, to help secure a line of credit as the financially strapped organization faces a growing wave of new sex-abuse lawsuits.

The BSA said Friday that it has no plans to sell the property, and that the land is being used as collateral to help meet financial needs that include rising insurance costs related to sex-abuse litigation.


However, the move dismayed a member of Philmont’s oversight committee, who says it violates agreements made when the land was donated in 1938. The BSA disputed his assertion.

Top BSA officials signed the document in March, but members of the Philmont Ranch Committee only recently learned of the development, according to committee member Mark Stinnett.

In a memo sent to his fellow members, Stinnett — a Colorado-based lawyer — decried the financial maneuver and the lack of consultation with the committee.

“I cannot begin to tell you how sorry I am to be the one to break this news to you,” Stinnett wrote. “The first point of the Scout Law is ‘A Scout is trustworthy.’ I am distressed beyond words at learning that our leaders apparently have not been.”

“But I am even more distressed to learn that Waite Phillips’ magnificent gift has now been put at risk,” Stinnett added.

Phillips was a successful oilman who used some of his fortune to develop a huge ranch in northeastern New Mexico. In 1938, and again in 1941, he donated two large tracts of the ranch to the Boy Scouts.

Since the first Boy Scout camp opened there in 1939, more than 1 million Scouts and other adventurers have camped and hiked on the property, which now covers more than 140,000 acres (56,650 hectares). One of its many trails leads to the 12,441-foot (3,793-meter) summit of Baldy Mountain.

In a statement provided to The Associated Press, the Boy Scouts said programming and operations at Philmont “continue uninterrupted, and we are committed to ensuring that the property will continue to serve and benefit the Scouting community for years to come. “

“In the face of rising insurance costs, it was necessary for the BSA to take some actions earlier this year to address our current financial situation,” the BSA said. “This included identifying certain properties, including Philmont Scout Ranch, that could be used as collateral …. in order to keep in place an existing line of credit for insurance.”


Disclosure of the mortgage comes at a challenging time for the BSA, which for years has been entangled in costly litigation with plaintiffs who said they were abused by scout leaders in their youth. Hundreds of new lawsuits loom after New York, New Jersey, Arizona and California enacted laws making it easier for victims of long-ago abuse to seek damages.

The BSA, headquartered in Irving, Texas, says it’s exploring “all available options” to maintain its programs and has not ruled out the possibility of filing for bankruptcy.

Seeking to ease some of the financial pressure, the BSA announced in October that the annual membership fee for its 2.2. million youth members will rise from $33 to $60, while the fee for adult volunteers will rise from $33 to $36. The news dismayed numerous local scout leaders, who had already started registering youths for the coming year.

According to Stinnett, the BSA used the ranch as collateral to secure $446 million of debt with J.P. Morgan Chase.

Stinnett wrote that ranch committee member Julie Puckett — a granddaughter of Waite Phillips — had urged BSA officials in recent weeks to recognize Philmont as a restricted asset based on the understandings of all parties when Phillips donated the land.

“BSA management has instead stated its position that Philmont and its endowment are free and clear of restrictions and are thus theirs to take or encumber as they wish,” Stinnett wrote, depicting that stance as a “betrayal” of agreements made with the Phillips family.

The Boy Scouts disputed Stinnett’s assertion, saying nothing in the agreements with the Phillips family prevented the ranch from being used as collateral.

Philmont has been one of scouting’s most popular destinations for decades. At many times of the year, Philmont can’t accommodate all those who want to trek there; it offers an online lottery, held about 18 months in advance, to give everyone an equal shot.

Most activities take place during the summer, but Philmont also has autumn and winter programs. In addition to backpacking treks, it offers horseback riding, burrow packing, gold panning, chuckwagon dinners, rock climbing, mountain biking and sport shooting.

It’s also home to the National Scouting Museum.


Last year, a wildfire ripped through the heart of the ranch. Campsites and several miles of trails were wiped out, leaving behind a scar that will take years and millions of dollars to restore.

source: newsinfo.inquirer.net

Mom selling Kurt Cobain’s childhood home in Washington

ABERDEEN, Washington — This month marks the 20th anniversary of Nirvana’s final studio album, and fans aren’t just able to buy a new “super deluxe” box set to celebrate the occasion. They can also buy the childhood home of late frontman Kurt Cobain, complete with his mattress.


Cobain’s mother, Wendy O’Connor, is putting the tired, 1.5-story bungalow two hours southwest of Seattle on the market this week.

To help sell it, the family is offering a glimpse into the early life of its tortured and talented son through photos shot at the house, including one of a chocolate-frosted birthday cake for Kurt and a shot of a teenage Cobain smiling, guitar in hand, in his messy room.

The home, last assessed at less than $67,000, is being listed for $500,000. It’s a short walk from a riverfront park dedicated to Cobain’s memory, and the family said it would welcome a partnership to make the home into a museum. His room still has the stencil-like band names — Iron Maiden, Led Zeppelin — he reportedly put on the walls, as well as the holes he put in them.

“We’ve decided to sell the home to create a legacy for Kurt, and yes, there are some mixed feelings since we have all loved the home and it carries so many great memories,” Cobain’s sister, Kim Cobain, said in an emailed statement. “But our family has moved on from Washington, and (we) feel it’s time to let go of the home.”





The house, a 1923 structure with dingy carpeting, water-stained wooden shingles on some interior walls, and a recent coat of yellow paint, is on East 1st Street in Aberdeen, a gritty and struggling former timber town at the mouth of the Chehalis River near the southwest Washington coast.

Cobain’s parents bought it in 1969, when Kurt was 2. He lived there until they separated when he was 9, and again with his mom during his later teen years.

The heroin-addicted Cobain committed suicide in Seattle in 1994, at age 27, after a meteoric career that popularized the Pacific Northwest’s heavy, muddy “grunge” rock. The last of Nirvana’s three studio albums, “In Utero,” came out in September 1993, and Universal Music Group has released a re-mastered version and a “super deluxe” box set.

Cobain described his early childhood in Aberdeen as happy. As author Charles R. Cross noted in his Cobain biography, “Heavier Than Heaven,” he would ride his bike around the small yard and pound on a set of Mickey Mouse drums his parents bought him.

In one event that entered family lore, Cobain’s father, Don, trapped a rat in a garbage can in the garage. Don tried to spear it with a broomstick, but the rodent clambered up the handle, over Don’s shoulder to the ground and across Kurt’s toes to safety — prompting endless laughter from the 5-year-old.



But his parents’ divorce scarred him deeply. At one point, he scrawled “I hate Mom, I hate Dad” on his bedroom wall, Cross wrote.

“It’s a place where he had very fond memories, but it’s the house where his parents got divorced,” Cross said in an interview. “He couldn’t wait to get away, but it’s a place that helped shape who he became.”

The home was last lived in by a family friend four years ago. According to The Agency, the Beverly Hills, California-based luxury real estate firm marketing the property, it features the dining room table and hutch from when Cobain lived there. Cobain’s mattress is tucked away in a musty upstairs crawl space.

Cobain lived in about 20 houses in his life, Cross said, and this isn’t the first one offered for sale based on its connection to rock history.

In 2002, an Oregon couple bought a home in nearby Montesano for $42,500. When they learned that Cobain had lived there with his father from 11 to 15, they sold it for $210,000.

source: entertainment.inquirer.net

Residential developer buys 208 acres in North Las Vegas

A Southern California residential developer has acquired 208 acres in North Las Vegas.

SunCal bought the property near North Decatur Boulevard and Elkhorn Road this week for $19.8 million, the company said Friday.

The previous owners had graded the property and installed water and power utilities but did not build any homes, SunCal spokesman Joe Aguirre said. The company plans to seek revised entitlements for the property, which is already approved for up to 1,828 residential units, he said.

Like Summerlin’s Howard Hughes Corp., SunCal develops master-planned communities by selling large swaths of land to home builders.

Based in Irvine, Calif., SunCal has done other deals in Las Vegas. From August to November 2009, the company bought 1,665 lots — 1,212 finished and 453 partially developed — across 22 valley project sites for almost $30 million.

source: vegasinc.com

David Duval FORE!!! ... closure

Golf superstar David Duval has made more than $18 million on the PGA Tour ... which is why it's pretty shocking that his Colorado mansion is in the middle of some major foreclosure drama.

According to documents obtained by TMZ, David and his wife Suzanne took out a loan for $5.9 million back in 2005 to buy a $12.35 million home in Cherry Hills Village, CO ... a suburb of Denver near Payton Manning's new home.



But the bank claims Duval has failed to make his payments ... and now it's going after the golfer's home to get it's money.

According to documents, the home will be put up for public auction on November 7 ... unless Duval can come up with the money.

We reached out to David -- so far no word back. We also called David's former agent hoping to get a comment ... but we were told the golfer has parted ways with the agency and is now representing himself.

source: tmz.com

Real Estate Affordability: What Is The State Of Affairs On The Field Today?

While certain areas in California have experienced some pricing stabilize, pushing the Affordability Index lower, there nonetheless are many Southern California sub-markets that remain at historically top levels of affordability. As an example, at the same time as the rest of the State was at more or less a 60percent average, all of Riverside County was experiencing affordability levels of over 70percent . Riverside and areas of San Bernardino counties still have incredibly great inexpensive priced new properties, significantly better than the higher urbanized centers in the State.

In larger Texas areas such as Dallas and Austin, costs have also dropped for housing; although, not as greatly as in small to medium sized communities. Across the globe, it has been declared that, 'now is the moment to invest'. With prices down roughly in all states, and the chance of owning in areas that were sky-high in pricing before, who wouldn't desire to purchase their own little portion of homes for sale in Florida?

New dwelling sales continue to improve, specially for first time buyers and those who could benefit from the tax credits. It occurs that the State is well on its way to extending the State tax credit, which is planned to comprise credits for both new and resale residences. The mixture of the lowest past pricing, low interest rates and tax credits, make the current market an excellent purchasers market and a positive time to purchase a new dwelling. Look for Florida homes for sale.

Though sales of new residences have been developing, historically the amount of gross sales are well below the previous 15 year average, at around 60% lower. New home supply has been reduced a lot over the 12-18 months and we can witness supply in some sub-real estate markets will not be able keep pace with the existing recovery and demand. This seems to also be the case for finished lots for builders. The finished lots in prime market locations have been insistently pursued by the big builders and the remainder supply is spotted in mostly the secondary market locations.

What does all this involve? The equilibrium amid supply and demand has definitely enhanced and complete pricing has stabilized, meaning that those who need a home should be out searching. Interest rates and tax credits will possibly be great for this year, but hard to say for the outlook.

A housing affordability market index price is your income capacity to home price percentage that defines if you can pay for a real estate, what sort of property you can shoulder, and whether or not your income array will make you noticeable to lenders. These indices can be put in print by growing communities, states, cities, and by a collection of other resource in an effort to help you evaluate your probability to be a property owner. Some affordability index kinds also consider how living in specific places may lessen your expenditure or enhance them for things like transports.

If you investigate real estate property you can trust Brevard County real estate.

When you investigate real estate turn to Best Homes for Sale in Florida.

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Personal Finances: How You Manage Your Finances

Do you find it difficult to meet all your commitments due to personal finances ? Are monthly bills a problem for you ? If 'yes' is the answer you need to check how you manage your finances. Which of these two categories best describe you : a) A careful manager of funds, keeping your monthly budget in control so that you can deal effectively with any unforeseen money issues, or b) A bad finance manager who tends to spend their monthly income without considering the possibility of getting into debt with monthly payments.

If you answer b ... you can learn to keep your personal finances under control.

You may need financial advice if you have never planned financially before. You need to find out exactly what your monetary situation is, by getting as much information about it as possible. This information will give you an idea of your net worth financially, you should include assets, savings and property - then you will see more clearly what is left over for future savings. A personal finance budget is invaluable, this budget should include all of your income and expenditure. Accuracy is important as this will help you to realize your goals and future plans. All monthly expenses such as credit card payments must be included and scrutinize your statements so that you understand exactly where your money is going. This will aid you in prioritizing your expenses so you can make any tough decisions that may be necessary.

Do you have savings ? many do not bother about this until later in life but thinking about savings sooner is a good way to regulate your personal finances .. but don't forget that you have to meet your monthly requirements first ! Once you can do that, start saving, remember that you can't do it the other way around.
Also, consider your job, do you have a steady job with a reliable income ? This is not always easy to determine, for example if you work in retail there is always the possibility of job loss. Having a steady income may mean getting into a more secure job or, if possible, become your own boss. Above all be concerned with your personal finances these have to take priority over everything else.

Achieve Positive Cash Flow Properties with Rent to Buy Houses

Have you thought of buying a house but just don't have enough money for the down payment? Are you interested in investing with rental houses but then again your finances are not enough to purchase even one? Rent to Buy Houses might be the chance that you have been waiting for. Recently, the values of houses are getting higher and because of the crisis our economy faces, it can be hard for an individual to own a home or for an investor to purchase a house for his business. Banks do not give everyone a fair chance to make a loan and not all investors were given a second chance once they have rendered a bad credit history. Rent to Buy Houses gives a good opportunity that other options cannot provide.

Rent to Buy Houses has specific yet different way of letting you own such a house. Based on what you and your provider would agree, with this, you have usually the option to change your mind in the next few years if you decided not to purchase the property anymore. The rental rate is higher because of the fact that there is no deposit needed for you pay initially. It is well calculated that you will have an even pay each month depending on the number of months you want to pay such mortgage. On the other hand, you are in a way renting the property yet your money is not wasted because in time, it will be yours totally. This option is quite more favorable to those medium to low earners or investors.

Many people in the community do not have a permanent home. Not because they do not want to but they just can afford it. Just like, Buy House No Deposit, those who aims to own a house can choose to purchase thru Rent to Buy Houses. When you do that math, in renting, you do not earn anything at all. The property owner can simply shoo you away anytime they want or when you have failed to pay your rent. With Rent to Buy Houses, you will apparently become the owner and no landlord can shoo you off. Owning a home means security and confidence in your future. If you are indeed concerned about that and your family, you will find ways to own a home.

Investors can also achieve positive cash flow properties thru Rent to Buy Houses. When you have it for rent, your monthly payment and costs will be compensated by the rental fee you get from it. The remaining is yours. There is indeed a positive cash flow. It does not take a genius to make it happen. It just needs your hardwork and perseverance with the right approach and advises from experts you can rely on. Again, just like Buy House No Deposit, you will definitely own a house and achieve positive cash flow properties in Rent to Buy Houses.

Read about Rent to Buy Houses and read about Buy House No Deposit and also read about Positive Cash Flow Properties

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