$7M Property Sells Fast on Mercer Island

2.4 acres with large covered dock

A north end Mercer Island property was listed at $7.0 million and sold in the same month for $6.8 million. The sale was recorded on 6/27/11, the purchaser was listed as On the Rock 98040 LLC and the seller was Cordell J. Almond. Mr. Almond is a CPA, partner in the Hersman Serles Almond accounting and consulting firm and principal for Seidman Private Securities, LLC. The property consists of two parcels and is one of the largest low-bank, buildable properties on Mercer Island. It also features a large covered dock (grandfathered) which could not be replicated under the current Shoreline Management Act. It is adjacent (west of) the El Dorado Beach Club. The Club is an enclave of eight homes with a community clubhouse, waterfront pool and dock. To the immediate east of the Club is the home of Jeffrey Greenstein who is in jail for orchestrating tax evasion schemes (see 2/2/11 post) and whose home is on page 76 of LW 130 Homes.

The listing (Kathy Beckes, CB Danforth) stated: “North End Mercer Island, 2.4 ACRES, 150' No Bank Waterfront, Mesmerizing views from Bellevue to University of Washington. White sand beach, Boat House, Boat Launch, Dock for multiple boats, Street to Waterfront Estate Property, Subdivide or keep as your Family Compound. Cottage on property originally built for the Fisher Flower Family. 1st time ever on Market. Privacy, tranquility, your own soccer field. Build your dream home, tennis court & swimming pool. No limits here! One-of-a-kind!”

Jeffrey Greenstein Sentenced to Prison

Pictures of Greenstein’s mansion on Mercer Island

Site of lavish fund raisers

The Seattle Times published an extensive article Friday 1/28/11 by Mike Carter about Jeffrey Greenstein. Greenstein and his partner, Charles Wilk, were each sentenced to four years and two months of prison. They were found guilty of recruiting wealthy clients to execute one the largest tax-evasion scams in U.S. history involving $240 million of evaded taxes in one year.

Prior to being indicted in 2009 for this crime, Greenstein was a highly regarded and well respected businessman and philanthropist in the Seattle area. He founded and ran Seattle based Quellos Group, a hedge fund, which he sold in 2007 to a New York firm for $900 million. He contributed generously to numerous charities and Democratic candidates. He was on the board of trustees of the Seattle Art Museum.

The photograph above, along with information about the mansion, is from page 76 in my book, Lake Washington 130 Homes.