DC4MS

I found this online and I actually thought twice about posting this, but it is public domain information that may be of interest to members.

--------------

Travel company founder spends $1.69M on Chicago home



Jarvis J. Slade Jr. (and his wife) bought a four-bedroom, 2.1-bath home in Lincoln Park for $1.69 million on July 25.

Mr. Slade is the president of the Abercrombie & Kent Residence Club, a company based in west suburban Downers Grove that offers luxury travel opportunities to destinations all over the world. The company offers luxury villa rentals and tour options for European vacations, Rocky Mountain ski trips, African safari trips and other destinations.

He founded the company earlier this year after previously leading the travel operations group for American Express. He earned his bachelor's from Stanford University.

Kagehitokiri

FYI luxist and other blogs post this kind of thing (from newspapers etc) every day.

ChicagoMark

In Illinois for just $100 upfront and $100 a year-he could have purchased the home through a Land Trust and kept the entire transaction out of the press. Penny wise and pound foolish......

Land Trusts

NeilGoBlue

Yes.. tho sometimes it can be very difficult to get financing in a land trust..banks and such don't like it.

TarheelTraveler

I wouldn't have thought a $1.69M purchase or a purchase by the President of the A&K Residence Club would have made the news. Wouldn't have where I live. Certainly surprises me that it would in Chicago.

Although looking at the website, they've got associates at law firms buying 400K condos making the site. Is that news worthy?

Using a trust or LLC for purchasing a residence can make sense if you're a celebrity, professional athlete, CEO of a large company, have security or privacy risks, etc., but as NeilGoBlue points out, lenders do hate them (at least where I am) and about the only way, particularly now, to get financing in my experience going that route is to get a loan through your broker and collateralize securities instead of the property. For tax and practical reasons, it still doesn't make sense for most to go the trust or LLC route.

From my perspective as a member, given Jarvis' successful background, I don't think the purchase is out of line at all with what I would expect or would be normal. It's also nice to see he's looking long term and putting down roots in Chicago.

vineyarder

Certainly doesn't seem extravagent or something that he would need/want to hide behind a land trust... if I was an A&K member I would be glad that he was open about putting down roots in Chicago and buying a reasonably priced home, and not hiding his address...

__________________
*************
Living in a vacuum sucks!

DC4MS

I received a phone call from A&K RC about this thread and the concern about privacy for Mr. Slade and his family.

After a brief discussion with them, I agreed to modify this thread to delete the specific address for this property.

This is an example where I decided to err on the side of being more conservative and hope people understand my reasons for doing this.

First and foremost, I want this forum to be a benefit to the entire Destination Club community and individual privacy and family safety will always be an important issue for me.

DosMasCervesos

Sounds reasonable to me. The only interesting point here is the value of the property he bought, not his exact address. And I agree with the others in that the amount spent on this property doesn't seem out-of-line with what I would expect for the A&K founder.

Matt

Kagehitokiri

odd request if the information was found in a newspaper etc. as i said. >