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Sotheby’s December 2013 and Best of 2013 issues of Significant Sales



I am pleased to provide you with the December 2013 and Best of 2013 issues of Significant Sales.

The December issue features top sales from various locations, beginning with an extraordinary 65,000-acre property in Canada. Also featured are properties from Florida, New York, Washington, D.C., Colorado, California and Virginia. The Best of 2013 issue provides a snapshot of the exceptional work our worldwide network did last year. We can all be proud of the properties that made the list and the immense amount of hard work and expertise it took to successfully market and sell these distinctive homes.



This property features 65,000 acres of pure paradise. A world-class
private hunting and fishing reserve located one hour from Ottawa,
Montréal and Mont-Tremblant, it has 70 private lakes including 28
kilometers of lake frontage on Lac Papineau and Lac Commandant,
13 private chalets, a private marina and fish hatchery. The
property is a spectacular wilderness reserve that has played
a pivotal place in Canadian history, as the nearby Fairmont Le
Chateau Montebello has hosted NATO meetings, a G-7 Summit and
a North American Leaders Summit.


| $44,000,000 | COLORADO, USA

Situated on 504 private acres in Snowmass Village, this property
is a compound that includes a main house, guest house,
barn, pastures, ponds with water rights, outdoor spaces and
breathtaking views. The main house features more than 23,000
square feet on three levels with four bedrooms, five full baths,
three half baths, contemporary kitchen, formal and informal living
and family rooms, his and her master baths and closets and
large exercise room. There also is a massage room, indoor spa with
sunken hot tub, multiple offices, game room, three-tiered theater,
wet bar, vaulted ceilings and beautiful outdoor spaces with fire
pit and wood-burning fireplace. The guest house features 2,680
square feet with two bedrooms, two and-a-half baths and a woodburning
fireplace. The two level barn has 5,232 square feet.


| $28,500,000 | FLORIDA, USA

This extraordinary lakefront jewel, built in 2008, offers the
ultimate in Palm Beach living. The grand iron gates create
a formal entrance to the meticulously maintained landscape and
residence. With incredible views of the Intracoastal Waterway
from every major room, the home has a well-designed floor plan
that offers a wonderful flow through the spacious rooms which
open out onto outdoor loggias, providing elegant entertainment
spaces inside and out.


| $22,250,000 | CALIFORNIA, USA

This recently completed Pacific Island-style abode presents
a sublime oceanfront oasis and introduces an exotic fusion
of natural textures and finishes to a contemporary design.
The two-story foyer, with custom Italian light fixture, unfolds
to the main living areas and ocean view office. Floor to ceiling
Mahogany doors retract into walls, opening the home to
an outdoor lounge, terrace and infinity edge pool. With 9,000
square feet on three levels, the home grants seamless transition
from indoor to outdoor spaces with heated interior and
exterior floors. There are woven seagrass ceilings, Mother of
Pearl entry wall, coconut mosaic tiles and a striking wall of sky
blue onyx in the kitchen.



This four bedroom and three bath Santa Barbara oceanfront
home is located in a serene setting on gated Beach Club
Road with expansive views. Perfectly situated to afford tranquil
beach living at its finest, this home was designed by noted Santa
Barbara architect Peter Edwards. It offers open spaces with
views from every room. It also features an outdoor spa overlooking
the ocean and a master bedroom with a patio looking out to
the sandy beach and Channel Islands in the distance.



Sotheby’s November 2013 Significant Real Estate Sales Around the World

This issue features top real estate sales from various locations, beginning with an extraordinary family estate in Australia that sold for $25.4 million (USD).  Also featured are properties from Colorado, Texas, Hong Kong, Connecticut, New York, Massachusetts and Florida, and another significant sale from our own Montecito Coast Village Road brokerage in Montecito California.

Click here to see all Sotheby’s November 2013 Significant Sales



An unrivaled family estate on approximately 2,147square meters
of blue-ribbon land with northerly harbour views, this vast private
holding is in a class of its own. Designed for a modern family
lifestyle with a North-South tennis court, pool and garaging for
18 cars, the property includes a grand five-bedroom mansion,
separate one-bedroom penthouse, two-bedroom guest apartment,
plus two separate one-bedroom guest/staff apartments. There’s
also is a home cinema and huge park-like level gardens.



Perfectly situated on 1.3 acres on the Ridge of Red Mountain,
the architecture of this refined estate complements the intimate
connection with the magnificent mountains. It has direct
views of Aspen Mountain and downtown Aspen, sweeping views
of all of the mountain ranges from Independence Pass to Mt. Sopris,
as well as views of Hallam Lake and the Roaring Fork River.
Custom designed by Robert Trown, it has a dramatic great room,
entertaining area with sunken bar, nine gas fireplaces, gourmet
kitchen, spacious master suite with two balconies, fully-equipped
gym, massage room with steam and sauna, 3,000 bottle climatecontrolled
wine room and infinity edge pool with waterfall.



his home is retired tennis professional Andy Roddick’s beautiful
8,960 square foot Lake Austin retreat. It is nestled in the
gated privacy and lush trees off of Westlake Drive. Descend past the
modern workout gym, the putting green and be welcomed through
the courtyard into contemporary charm. Each bedroom has its own
bathroom, with all rooms enjoying views of the lake as well as access
to the screened-in lanai. As the entire downstairs enjoys breathtaking
views of the infinity pool and Lake Austin, the backyard is perfect
for an evening on the water, utilizing the outdoor kitchen.



This breathtaking waterfront retreat is situated on a high floor of
a quiet development facing the tranquil bay, with breathtaking
views of the greenery and deep blue sea dotted with many islands.
The master bedroom has floor-to-ceiling windows. There also is a
maid’s room and a small balcony off the living room.



This Tuscan-style villa has orchards, a vineyard and state-ofthe-
art equestrian facilities. Situated on approximately 10
acres and with outstanding ocean views, the approximately 8,725
square foot, four bedroom main residence has four full and four
half baths. Built in 2005, the home has wide loggias that open
to a pool and spa. A guest suite, art deco-style home theater,
library, four fireplaces and 1,700-bottle wine cellar add to the
unmatched amenities of this ideal country estate. Old World sophistication
and 21st century comforts include walnut and travertine
floors with radiant heat, mosaic tile work and period-style
lighting throughout.



Sotheby’s October 2013 Significant Sales Around the World

This issue features top sales from diverse locations around the world, beginning with a spectacular property in Lyford Cay, Bahamas. Also featured are properties from Florida, Wyoming, Colorado, Texas, Connecticut, Massachusetts, California and one from our own Montecito Coast Village Road office in Montecito, California.

Click here to see all Sotheby’s October 2013 Significant Sales



This stunning beachfront home is situated in the heart of the
exclusive gated community of Lyford Cay. The eight-acre estate
offers over 12,000 square feet of living space, plus a 5,100
square foot, five-bedroom staff accommodation. Additionally,
there are two gatehouses totalling 3,566 square feet. The home
has 407 feet of beautiful white sand beach. The main house features
two master suites and three separate guest accommodations designed
with privacy in mind. One of the master suites has hardwood floors
and a partially covered private veranda with beachfront views.
Between the living room and dining room there is a wood panelled
bar accentuated by marble counter tops and two Palladian French
doors that lead out to the pool and beach. The heated pool is
surrounded by a spacious Italian tiled pool deck and poolside
amenities include a wet bar and grill, covered seating and dining
area perfect for relaxing and entertaining. There also is a
wine cellar and elevator.



Located just north of Orlando, Florida, on Lake Mary Boulevard
directly across from the internationally recognized community of
Heathrow, this 117-acre pristine property was the crown jewel of the
Jeno and Lois Paulucci estate (Jeno Paulucci developed the Heathrow
community) and was one of the most prized land holdings in Central
Florida. The property has been maintained in a park-like setting and
features two lakes and large stands of historic oak trees. The property
will be developed into an exclusive single family residential community
with approximately 143 custom residences.



A world-class estate with ski-out access to Buttermilk Mountain,
this property is located less than 10 minutes to downtown Aspen.
With breathtaking views of all four ski areas, the Continental Divide,
the Hunter Creek Valley and beyond, the European-style estate
features six bedrooms, seven full baths, three half baths, 12,002 square
feet, 800 bottle wine room, theater and exercise room with steam shower.
There also are his and her offices, a library, private main level master
suite, full entertainment bar, nine fireplaces, elevator to all three levels,
four-car garage with heated floors, custom Gunite heated pool, hot tub
and separate caretaker unit.



With one of the most dramatic locations in Emerald Bay,
directly overlooking the Emerald Bay surf line with phenomenal
panoramic and far reaching Laguna and south coastline
views, this home has approximately 6,000 square feet of living
space. There are six bedrooms and six-and-a-half baths. A breathtaking
formal entry has a retractable skylight/roof, and the living
room has two-story, ceiling-to-floor windows showcasing the
Emerald Bay beach from one end to the other. Built new in 1993,
no expense was sparred with the details and amenities of this
landmark oceanfront residence.



This stunning glass pavilion house is set on approximately
three-and-a-half-acres in Montecito. The five-bedroom, fiveand-
a-half-bath home is approximately 13,980 square feet. The house
includes a large kitchen with wine room, grand hallway and art gallery.
The art gallery is capable of holding up to 32 cars. The combination
of architectural ground breaking style and detail in finish
quality make it a home without compare.



This tropical Balinese resort-style residence has wooden
gates to the courtyard terrace, pool, spa and cabana. The
sophisticated custom home features limestone, cherry and Indonesian
merbau hardwood f loors. Four fireplaces grace this
four-bedroom home and an expansive great room features stunning
ocean and Catalina views with sliding glass doors opening
to stone terraces, adorned with lush gardens and Koi pond.
Located on the ocean side of the prestigious gated community
of Irvine Cove with close proximity to the private beach, oceanfront
park and tennis courts.



‘Solana’ – one of the Top 10 Most Viewed Properties on sothebysrealty.com for 2013

The world class coastal views from The Peabody Estate Solana in Santa Barbara, California.

The world class coastal views from The Peabody Estate Solana in Santa Barbara, California.

View the complete article here:  10 Most Popular Properties of 2013 Рsirluxuryrealestate.com

SANTA BARBARA, CA –¬†Solana, one of the most significant homes on the California coast with no compromise in climate, location, or quality of refinements and offering world-class coastal views, is now completely updated to today’s demanding standards. Solana surrounds you and your guests with the finest examples of hand-carved mahogany, European forged bronze hardware, museum quality mosaic tile floors, 18th century wall sconces and 17th century French oak paneling. For those seeking a sanctuary on California’s west coast, Solana’s stunning 360-degree views stretch across the entire Montecito Valley to the foothills, past Santa Barbara’s beaches and the picturesque harbor south to the Channel Islands. Solana is one of the most inspiring and refined properties on California’s West Coast with a magnificent 20,000 plus square-foot newly rebuilt grand estate as its centerpiece. Enjoy the scale and of the numerous public rooms or relax in the attention to detail and creature comforts of the private spaces.

Spanning over 11 knoll-top acres, the property includes a large 2-bedroom guest cottage, swimming pool, reflecting ponds, two staff apartments and two three-car garages. Solana displays the stature of a significant, historic estate but with the features of a modern-day creation.

Luxury Real Estate Headlines: 1st Week of 2014

Highlights from this week’s top news stories on luxury real estate, home, art, collectibles, Sotheby’s auction house, jets & yachts, sports & luxury cars, and lifestyle & travel news from around the world.

Leonardo DiCaprio's Malibu Colony Home

Leonardo DiCaprio’s Malibu Colony Home

U.S. growth revised higher, economy on firmer footing – Reuters.com

As real estate technology evolves, questions about roles of major players remain – InmanNews.com

Real estate recovery sets stage for 2014 tech, acquisition boom – InmanNews.com

Sotheby’s International Realty, Inc. Expands along the Monterey Peninsula, Acquires Bratty & Bluhm Real Estate in Pacific Grove – Realogy

Leonardo DiCaprio Sells Malibu Colony Spread for $17.35 Million – The Hollywood Reporter

Alhambra home where Norman Rockwell wed is for sale – Los Angeles Times Hot Property

Shoe Designer Vince Camuto In Contract to Sell Southampton Property for $75 Million – Wall Street Journal

Cinema Vanguard Award ‚Äď Martin Scorsese and Leonardo DiCaprio – Santa Barbara International Film Festival

Hollywood’s 3 Biggest Real Estate Sales of 2013 – Rupert Murdoch, Madonna and the Uzbek president’s daughter were behind the most talked-about deals of the year – The Hollywood Reporter



Sotheby’s September 2013 Significant Sales Around the World

This issue features top sales from diverse locations around the world, beginning with a spectacular $44 million property in Colorado’s Snowmass Village. Also featured are properties from California, New York, Texas, the United Kingdom, Florida, Utah, Illinois and a private island in the Bahamas.

Click here to see all Sotheby’s September 2013 Significant Sales



Situated on 504 private acres in Snowmass Village, this property
is a compound that includes a main house, guest house, barn,pastures,
ponds with water rights, outdoor spaces and breathtaking views. The
main house features more than 23,000 square feet on three levels with
four bedrooms, five full baths, three half baths, contemporary kitchen,
formal and informal living and family rooms, his and her master baths
and closets and large exercise room. There also is a massage room, indoor
spa with sunken hot tub, multiple offices, game room, three-tiered
theater, wet bar, vaulted ceilings and beautiful outdoor spaces with
fire pit and wood-burning fireplace. The guest house features 2,680
square feet with two bedrooms, twoand- a-half baths and a wood-burning
fireplace. The two level barn has 5,232 square feet with five horse stalls,
washing stall, riding arena, bathroom and two additional bedroom suites.



This newly completed 15,500 square foot estate on 1.14 waterfront
acres is located in the prestigious south side of Belvedere
Island on the San Francisco Bay, with unobstructed views of San
Francisco, the Golden Gate Bridge, Alcatraz Island, Sausalito and
the Bay Bridge. The home features seven bedrooms, nine full and
two half baths, three car garage and space for 20 cars within the
gated 200 foot driveway and cobblestone motor court. There is a 50
foot pool with cabana/spa, gym with sauna and steam room, gourmet
kitchen with pantry, paneled library/office, luxurious master
suite with his/her dressing rooms and a state-of-the-art home theater.
There also is a temperature controlled wine cellar, elevator to
all three floors and a 50 foot art gallery.



This exclusive private island of 167 acres is set in the Exuma Cays,
undoubtedly one of the most beautiful areas of the Bahamas.
With breathtaking scenery, this unspoiled paradise is surrounded by
seven white sand beaches, azure waters, stunning natural coves, hidden
caves and lush tropical foliage. Located only 124 miles southeast of
Nassau, and just 90 minutes by air from Miami International Airport,
the property has a well-sheltered marina of 1.4 acres, natural roadways,
a helipad and a ramp for seaplanes. The two main residences rest on a
hilltop, offering stunning views. A separate one bedroom cottage sits
on a picturesque point with views of the marina.



This brand new, Georgian-style home provides elegant and comfortable
rooms, has an abundance of space and sits within almost
an acre of grounds. The master suite has a bedroom, sitting room, ensuite
bathroom, two dressing rooms and private balcony. The property
also provides a self contained apartment above the triple garage. There
is a leisure suite with a beautiful swimming pool with glass sliding
doors opening out to immaculate landscaped gardens. A Jacuzzi and
sauna adjoin the pool room.



In the heart of Hidden Valley, this approximately 26-acre equestrian
estate offers serene privacy nestled in nature. There are
eight farmhouse cottages, an art barn, yoga pavilion, tree house,
tennis court and more. As well, there are state-of-the-art horse facilities
with six double-sized stables that can be turned into 12, a
dressage arena, judges stand, five horse turnouts, hay barn, tack
room and laundry room.

Sotheby’s Notable Sales in the Global Real Estate Market РThird Edition 2013

Perspectives is a newsletter with information and news on the global real estate industry from the brand’s network of experts.

Sotheby's International Realty Perspectives_3rd Edition 2013-1


Click here to enjoy Perspectives Third Edition 2013

The latter half of 2013 has seen many exciting sales and listings coming to market for the high-end sector. In this issue of Perspectives, we showcase sales from New York, the United Kingdom and the Bahamas. We also highlight several noteworthy listings above the $35 million mark, and our valued network members provide feedback direct from their markets on the latest conditions, from Malta and Vermont to the Balearic Islands and Palo Alto, Calif. I recently had the privilege of serving as a panelist at the Luxury Society‚Äôs Keynote event in New York. The topic was how to attract ‚ÄúUltra High-Net Worth Consumers.‚ÄĚ We learned that the three main countries with the highest percentage of these consumers are the United States, Japan and Germany. We have grown our brand in many of the key markets in the United States and we are expanding in Japan and Germany. Our affiliates benefit from the global exposure we provide their clients‚Äô properties, and we believe that exceptional service and discretion are the keys to conducting business with the Ultra High-Net Worth consumer.

Enjoy this issue of Perspectives!


Philip White
President and Chief Executive Officer
Sotheby’s International Realty Affiliates LLC

Sotheby’s Notable Sales in the Global Real Estate Market

perspectives_2nd Edition_2013-1

Perspectives¬†is a newsletter with information and news on the global real estate industry from the brand’s network of experts.

Click here to enjoy Perspectives Second Edition 2013

This is an exciting time for the luxury real estate industry, as we continue to see many significant sales globally. This issue of Perspectives highlights two $30 million sales from two very far-reaching places: Miami, Florida, and Taiwan. We also are proud to feature some very extraordinary listings from a penthouse in the Pierre Hotel in New York City for $125 million to an 18th century Russian palace.

The market in the United States shows continued signs of stabilization as prices continue to increase in many regions and almost all major cities while listing inventory has declined to a more normalized level. The international markets have experienced mixed results. We have seen a growth in Asian investors buying outside of their respective countries. We are seeing positive sales growth in the Bahamas and Bermuda, and our expansion in the Caribbean and

Latin America will start to show positive results later this year and 2014.
I hope you enjoy reading this issue of Perspectives. This issue’s lifestyle
comparison focuses on equestrian, mountain and water view. We discover
what an equestrian property in Germany means as compared with Ft.
Lauderdale, Florida. For mountain we look at a log home in California and a
timber and stone home in Aspen, Colo, while the water view lifestyle takes
us from Turkey to Canada.

Enjoy this issue of Perspectives!

Philip White
President and Chief Executive Officer
Sotheby’s International Realty Affiliates LLC

Burdened Estate Bears Monumental Price Tag, and Many Mortgages

copper-beech-farm-greenwich-conn-190-millionReprinted from NYTimes.com

By Published: July 15, 2013

In Greenwich, Conn., there sits an estate with an 1,800-foot driveway, 15,000 square feet of living space, 50 acres of waterfront land and a $190 million price tag. When it hit the market in May, it was proclaimed the most expensive home ever formally listed in the country, and an extraordinary monument to magnitude.

But that was just the half of it.

Copper Beech Farm, as the estate is called, also carries more than $120 million in debt, surely making it one of the most heavily mortgaged homes in American history as well. In recent years, it has been yoked, through its loans and through its owner, to a tale of the American West; of forestland, big plans, a scarcity of water and a devastating infestation of spruce budworm, which are, essentially, caterpillars.

Copper Beech Farm was built in 1898 and was owned for much of the 20th century by the Lauder Greenway family; George Lauder helped start a steel company in the late 19th century with his cousin, Andrew Carnegie. That company later became U.S. Steel.

In 1982, the estate was sold to the current owners, John M. Rudey, a timber magnate, and his wife, Laurie Rudey, for $7.55 million. They have not been in the local news much since, though in 2003 an article from The Associated Pressreported that Mr. Rudey had been charged with providing alcohol to minors after two Harvard rugby players who had been attending a party at his house were caught running naked in a public park. One of Mr. Rudey’s children was a member of the team. (Records do not reveal how the case turned out.)

The Rudeys have taken out mortgages on the property all along, through companies they owned ‚ÄĒ $15 million here, $26 million there ‚ÄĒ but in 2006, the dollar amounts exploded.

That year, a company owned principally by Mrs. Rudey took out a $59 million mortgage on a portion of the Copper Beech property with Bank of America, a loan that was personally guaranteed by Mr. and Mrs. Rudey. There was already an existing $41 million worth of mortgages with M&T Bank.

Also in 2006, a company called Inland Fiber Group, which owned forest land in Oregon, and of which Mr. Rudey was president and principal executive officer, went bankrupt.

The tale swings west in 1999, when a company Mr. Rudey controlled paid $60 million for more than 50,000 acres in Kittitas County, Wash., an area that was once abuzz with timber production. But after a sharp decrease in logging on federal land about 25 years ago because of environmental concerns, like the designation of the spotted owl as an endangered species, the supply chain started to come apart.

‚ÄúWhen the mills start shutting down, you‚Äôve got a real challenge, you‚Äôve got huge transportation costs,‚ÄĚ said¬†Peter Goldmark, the Washington State commissioner of public lands.

Nature has played a part as well, bringing forth an assault of spruce budworm (the caterpillars) and bark beetles on the area, along with warmer temperatures ‚ÄĒ all of which have roughed up the forest and made the trees less valuable as timber.

In the face of those challenges, many timber companies packed up and left. Those that didn’t chose a well-trodden path.

‚ÄúYou log it really hard, then the next scenario is to develop it really hard,‚ÄĚ said Peter Goldman, director of the¬†Washington Forest Law Center. ‚ÄúAnd at the end of the day, you‚Äôre out.‚ÄĚ

Kittitas County, east of Seattle, has become a major second-home destination in recent decades, and the Rudeys spent years exploring ways they might develop their land, local officials said, though no formal plans were ever filed. It appears that the challenges overwhelmed the possibilities.

There were endangered species to contend with, and local opposition. There were new and increasing water restrictions. And perhaps most important of all, there was the enormous cost of building a large number of new homes in the middle of a forest.

‚ÄúIn an area like that, it‚Äôs not a small undertaking,‚ÄĚ said Paul Jewell, a Kittitas County commissioner. Just getting clean water to residents and building safe roads in and out could have cost hundreds of millions of dollars, he estimated.

By the end of 2010, companies owned by the Rudey family had a $59 million mortgage on one portion of Copper Beech Farm and a $79 million mortgage on the forestland in Washington, both with Bank of America. Those loans were cross-collateralized and personally guaranteed by Mr. and Mrs. Rudey, meaning that if they fell behind in payments, the bank could force the sale of either property and, if they still came up short, the Rudeys would be personally liable. They also had $65 million worth of mortgages, again through a corporation, on another section of Copper Beech with M&T Bank, effectively bringing the total debt associated with the property to as much as $203 million.

In 2011, Bank of America started foreclosure proceedings on its portion of Copper Beech Farm. The Rudeys, meanwhile, had filed a suit against the bank, alleging ‚Äúpredatory lending practices,‚ÄĚ among other accusations. The following summer, those two lawsuits were dropped.

The Rudeys then struck a deal to sell the forest land to the Washington State Department of Natural Resources, for $97 million. In December, the Rudeys’ longtime apartment at 1030 Fifth Avenue was quietly sold for $16.5 million. And a few months after that, Copper Beech Farm, no longer cross-collateralized with the forestland, hit the market.

How much Mr. Rudey still owes the banks is not a matter of public record. But according to a person with knowledge of the arrangement, the Rudeys are trying to sell the properties in Washington and Connecticut as part of an agreement to pay back their lenders.

Mr. Rudey’s real estate broker, David Ogilvy, denied this, however, saying that all of this was just estate planning on the scale of a very wealthy family. (Mr. Rudey is 70.)

At a certain age, Mr. Ogilvy said, ‚Äúa banker looks at you and says, ‚ÄėYou know, you have to plan ahead.‚Äô¬†‚ÄĚ

Mr. Rudey did not return several calls seeking comment, and attempts to reach him through his lawyers in Connecticut and Washington, as well as through Mr. Ogilvy, were unsuccessful.

While the mortgage amounts are high, Mr. Ogilvy said, they are a standard loan percentage; if one assumes the property is worth $190 million, the mortgages would be about 65 percent of the value.

But that assumption is far from a certainty. The most expensive property ever sold on the open market in Greenwich is believed to be an estate that went for $45 million in 2004, according to the appraisal firm Miller Samuel.

Nonetheless, Mr. Ogilvy said he had confidence in the asking price because Copper Beech Farm occupies 50 acres right on the water, and other waterfront properties in the area have sold for between $4.5 million and about $9 million per acre. By subdividing the land, he said, which is permissible under town zoning regulations, the numbers become enormous.

Regardless of whether Mr. Rudey gets what he is asking for in Greenwich, however, his position in Washington is all but assured. He will sell about 50,000 acres to the state as part of a larger plan to protect the watershed and natural habitats, and he will keep about 900 acres. The deal is set to close in September. So, by the end of the year, that particular tie between east and west will be all but severed.

A version of this article appeared in print on July 16, 2013, on page A19 of the New York edition with the headline: Burdened Estate Bears Monumental Price Tag, And Many Mortgages.