Alternative New Media for the Gulf South
The Hat Tip goes to a reader for the source doc and JPgoodfella in comments for the skinny as I present the Act of Donation for Magnum’s recent facade donation to the PRCNO. This sounds almost like a conservation easement. In any event in the details there is mention of a jumbo mortgage which heightens crash and burn potential by magnitudes IMHO.
sop
Our spies are literally everywhere and no detail goes unnoticed, especially this one from page 10 of the real estate transfers in the T-P:
St. Charles Ave. 4717: John W. Houghtaling II to Preservation Resource Center of New Orleans, donation, no value stated.
And this from the PRCNO website:
The mission of the Preservation Resource Center: To promote the preservation, restoration, and revitalization of New Orleans’ historic architecture and neighborhoods.
We at the PRC believe that preserving a city’s architecture is tantamount to preserving its soul. New Orleans would not be the city we love today without the past successes of the PRC, and it is critical that we maintain our staunch defense of the city’s rich architectural legacy. In post-Katrina New Orleans, it is particularly crucial that we rebuild in a way that is sensitive to our past, or we risk losing everything that makes our city unique.
This sounds like a charitable remainder trust or something similar. With all the controversy and such surrounding Magnum this could be a way to cement in his use of the mansion and shield it from would be creditors. Or it could be that he is just a swell guy and Kevin Costner’s good qualities are rubbing off on him. I personally think it may be the former rather than the latter.
sop