Florida Virtual Houses

Kaufmann House Deal Undone

October 30th, 2008

In another sign that even the rich are suffering in this crisis, a deal to purchase the Kaufmann House, a famous modernist design by architect Richard Neutra, fell apart recently. The Palm Springs home was promoted as a work of art and sold last May at auction house Christie's for $19 million.

But that deal came undone. It's listed now for $12.9 million. Edgar Kaufmann, by the way, was a department store mogul from Pittsburgh who also commissioned Frank Lloyd Wright's famous Fallingwater. He knew something about markdowns.

According to a recent account in the Los Angeles Times, the present owners, a divorcing couple--he's a big wig at bond giant Pimco, have invested about $11 million in the property.

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