Monday, March 3, 2008

Edith Wharton's Estate Foreclosure?

1st NW Quadrant\The Approval Matrix: Week of March 10, 2008

The Mount, Edith Wharton's estate in Lenox, is in danger of being put in foreclosure, says ... the organization that owns and maintains this stately residence and its surrounding gardens.

Since 2002, Copeland said, the Mount, which is open to the public, has covered operating expenses by borrowing from the Berkshire Bank in nearby Pittsfield. It now owes the bank some $4.3 million, and in mid-February, when it failed to meet a scheduled monthly payment of $30,000, the bank sent a notice that it intended to start foreclosing unless the default was remedied promptly, Copeland said.

To stay open, she added, the Mount needs to raise $3 million by March 24. If the Mount succeeds in raising that sum, Copeland said, an anonymous donor is waiting in the wings who has pledged to match it. -- Boston

Edith Wharton (January 24, 1862 – August 11, 1937) was an American novelist, short story writer, and designer. [1] Wharton was born Edith Newbold Jones to the wealthy New York family often associated with the phrase "Keeping up with the Joneses". She combined her insider's view of America's privileged classes with a brilliant, natural wit to write humorous and incisive novels and short stories. As such, she was well-acquainted with many of her era's literary and public figures, including Henry James and Theodore Roosevelt. -- Wikipedia

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