Pizza Magnate Schnatter Pays $23 Million in Utah
By Juliet Chung
The Wall Street Journal
January 15, 2010
Papa John's pizza-chain founder John Schnatter has bought three units in a new condominium-and-residence complex in Utah's Deer Valley for about $23 million.
Mr. Schnatter, 48 years old, bought two penthouse residences with five bedrooms each in the St. Regis Deer Crest Resort, plus a unit on the floor below with four bedrooms. (The residences, unlike condos, can't be rented out.) There's a spa and hotel-like amenities at the Park City resort. "Once you get used to having the amenities in a hotel, you don't want to go back," says Mr. Schnatter, whose purchases total about 16,000 square feet and extensive heated decking.
Mr. Schnatter, who started his pizza business out of a former broom closet in 1983, says he plans to sell one of the penthouse units and to keep the other two units for his family and friends. His primary home is in Louisville, Ky. The 11th-floor residence he's keeping has 16-foot ceilings, views of Deer Valley and a fireplace and hot tub on the deck. Ann MacQuoid and Suzanne Harris of Prudential Utah Real Estate represented the resort.
780-Acre Farm, $24 Million
The 780-acre Yale Farm in Norfolk and North Canaan, Conn., site of a controversial plan to develop a championship golf course and private club, is on the market for $24 million.
The estate's owners have partnered with New York financier Roland W. Betts, 62, of Chelsea Piers Management Inc. to sell the property. The group previously worked on the failed golf-course effort, which drew criticism from environmentalists. The property is too expensive to maintain without the golf course, said Winter Mead, a fourth-generation owner of the property along with his brothers Robert and Slade, a former Arizona state senator. The roughly 7,000-square-foot, Colonial-style main house has nine bedrooms. Peter Klemm of Klemm Real Estate has the listing.
A 1,500-acre riverfront property, one of the largest private estates in Pennsylvania, is on the market with an asking price of $24 million.
Five miles of the Clarion River run through the Foxburg property, which is about 90 miles north of Pittsburgh and bordered on the west by the Allegheny River. The 11,000-square-foot stone main house has five bedrooms, a copper roof and 17 fireplaces. Owner Arthur Steffee, 75, a retired orthopedic surgeon who invented a screw-and-plate device for straightening spines, said he and his wife, Pat, are selling because of their advancing age and because the property requires continuous upkeep. There are more than two dozen other structures on the land, including a sugar house and dovecote. Robert Smith of Howard Hanna, a Christie's Great Estates affiliate, has the listing.
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