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American money!
On this ideally-situated spot is an almost new and beautiful
building, just perfect for the purpose, ample in size to house at
least 40 students and provide class-rooms. The fact it is a very
fine building may not be so important, but then again, perhaps
this, too, is of importance for the purpose. Actually it is an
exact replica of the smaller of the group of three buildings
constituting Versailles Palace in France, where the peace treaty
was signed after World War I. It was built nine years ago, and is,
I understand, a really magnificent and stately place.
It seems too unbelievable to accept as possible, unless you
know a little of the circumstances. I think it is well to explain
them. This chateau, or small palace, is owned by a widow who was
very wealthy--worth several million dollars. Except for this
chateau at Lugano Castagnola, all her wealth was in Paris and she
was there herself at the time of the Nazi capture of Paris. The
Nazis took everything she had---left her destitute, except for this
magnificent home. After the war, in order to live, she placed a
mortgage of 200,000 francs ($50,000) on the place, and has been
living on that since then. Now her money is about gone, and the
bank is calling for immediate payment of the $50,000, and this
woman is in a plight.
She could sell the place either for cash, or with a down-
payment of more than $50,000, without too much trouble. BUT SHE
WOULD HAVE NO HOME, and doesn't want to give it up. In other
words, she wants to eat her cake and have it too! And that's
exactly the situation which resulted in offering this unbelievable
opportunity to us! The offer is coming thru a man with whom I am
in contact in the United States---a widower who expects to marry
this widow. They want to live at the place in Switzerland for
three years, after which they plan to travel over much of the
world. This man is able to handle the $50,000 mortgage with the
Swiss Bank, provided there is an income on which they can live.
Therefore a cash sale of the Lugano place, or sale with heavy down
payment which would require giving immediate possession is not as
desirable to them as a deal such as has been offered to me---for us
to take it on comparatively small monthly payments, with NO down
payment, thus building up the actual down-payment over a three-year
period in which they would continue to live there.
Now we would not be ready to use it until three years from
next September. We would get possession six months before then,
ample time to make all preparations for the first college year
there. At that time, we would begin making larger payments. We
are able, I believe, to handle the payments they would require.
While it would necessitate a little increase in our income for this
work, I feel assured we would be able to do it, since it is a
nominal amount, comparatively.
Now, again, I would not of course finally close any such
deal without personally inspecting the property, and getting every
expert advice. Already thru our bank in Pasadena arrangements have
been made whereby they will arrange for their New York
correspondent bank, the National City Bank, now the leading inter-