Looking West at Groat Point in 2010
The Groat Point Estate in 2011
The Groat Point Estate in late 2012
Bruce McCaw sold, for $15.3 million, his Medina Groat Point
estate in January 2011 (Seattle
Mansions 2/13/11 post) to a trustee for John E. and Debbie Ellison Bacon. This was the highest priced sale
of Lake Washington waterfront property in 2011. The Bacon’s demolished
the buildings in 2012 and are scheduled to submit plans for new buildings later
this year.
The
property was listed for sale in 2009 for $34 million and dropped to $27 million
in 2010. The listing agent was Terre Foster,
Windermere: “The Grand Point of Medina. A landmark offered for the first
time this century. Commanding 527 feet of some of the most coveted waterfront
in the world, the Chateau takes its place among the great estates in the
Northwest. Regal grounds split into expansive views.” The estate had 13,940 sq
ft on 1.89 acres with 527 feet of waterfront, 6 bedrooms and 9 baths.
This
is considered one of Lake
Washington ’s premiere lots with
spectacular 300° views that include downtown Bellevue , Mt. Rainier and the Olympics with the top of the Seattle skyline in the foreground. The location is minutes from
downtown Bellevue .
Bruce is the oldest of four brothers
who were the pioneers of cellular communications. He had been listed by Forbes as
one of the wealthiest people in the world but has not been on its recent lists as
a result of declining stock market values. He is now involved in large scale commercial
real estate investments with his Pistol Creek Financial Co. He is also involved
in auto racing as president of Bellevue-based PacWest Racing Group LLC and director
of Michigan-based Championship Auto Racing Teams, Inc. Bruce and his wife, Jolene,
moved into Craig McCaw’s Hunts Point
Castle and hosted a fund raiser for Paul Ryan in 2012 (2/13/13
post).
John E. and Debbie Ellison
Bacon established the multimillion dollar Bacon Family Foundation that supports
local children and family organizations. John, Thomas Ellison and Ellison’s and
Debbie’s father, Bill Ellison (the founder of the company), were the principal
owners of Bellevue-based Savers, Inc. The company is an international chain of
thrift stores and operates under the name of Value Village in the PNW. In 2000 Bill Ellison and Bacon sold their
interest to Boston based Berkshire Partners LLC for $45 million. The
Bacons and Thomas Ellison own a mansion about a seventh of a mile to the
northeast in Meydenbauer Bay that is for sale for $8.9 million (post in LW Cruising).
More information about the prior mansion and Bruce McCaw is in Lake
Washington 130 Homes on pages 88 and 106.
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