subscribe
back issues
reprints
contact us
Wealth in Perspective
Wealth Management
Thought Leaders
Money and Meaning
Passion Investments
Wealth Management Sourcebook
Multifamily Office 2008
Previous Issues Index
/ Home / Editorial / Thought Leaders / Culture /
Feature
From Hearth To Heritage
Patricia Eakins
10/01/2005

Unfortunately, the Lewis family’s fortune has dwindled since the days of the Lewis State Bank. “In recent years,” Van says, “we haven’t been much on capitalism or capital—too interested in trying to save the world.” Although the institute has gained nonprofit status, it has not yet attracted substantial gifts.

YALE TURNED down the Gruber gift, however, because the
university could not afford to maintain the property.
Photography by Tsar Fedorsky
Scherubel advises owners of historic properties to proceed cautiously when deciding whether to convert them from private to public use. Prior to investing any substantial capital, they should create a feasibility study—as they would with any entrepreneurial venture—detailing what public uses might be effective in supplementing the endowment to maintain the house.

Scherubel recommends hiring a consultant conversant with the unique use issues of historic properties; in some cases, grants are available to the owner to fund these complex studies. Preservation organizations, such as the Frank Lloyd Wright Building Conservancy, try to help families find funding to supplement an endowment.

At the same time, the conservancy supports the guidelines promulgated by the Secretary of the Interior for historic properties, which stress that the best use for any historic property is its originally intended use. Should the Lewis family decide to sell Spring House—a question under consideration—the conservancy suggests that the transfer to a new owner be made conditional on the acceptance of a preservation easement, recorded with the deed to the property. Such an easement constitutes a binding agreement between the owner of a particular piece of property and a qualified preservation organization; it stipulates that the structure cannot be razed and must be maintained in its historic condition and character in perpetuity.

May Gruber, who at 93 remains an active arts patron and philanthropist in the old mill town of Manchester, N.H., has worked hard to turn her home into a public legacy as a music school. The house has long been a showcase for the cultural interests of May and her second husband, Sam Gruber, who died in 1996.
1 | 2 | 3 | 4 | 5 | >>
Printer Friendly Version  Email a Friend


Related Articles
» Paradise Lost
» Estates of Grace
 
Get a FREE ISSUE and a FREE GIFT

Simply fill out this form to receive a complimentary issue of Worth and a FREE gift ("The top 25 Questions for Your Private Banker"). If you like the magazine, you’ll pay just $36 for 5 more issues (6 in all). If it’s not for you, you can return your invoice marked "cancel", and owe nothing. The FREE issue and FREE gift are yours to keep.
Name
Address
Canadian orders click here
International orders click here

Unsubscribe from subscription emails click here
 



Family Office Wealth Conference