Internet Gurus Swap Virtual for Real Estate
High-flying Internet pioneers have traded online businesses for real estate opportunities, reports Forbes magazine.Here is what some of these former electronic high-flyers are doing now:
Steve M. Case, former chairman of AOL Time Warner, is now the majority owner in Miravel, a spa in Arizona.
Thomas Jermoluk, former head of ExciteAtHome, partnered with James Clark, founder of Silicon Graphics, Netscape, and Healtheon, to build a pair of luxury condo towers in Miami.
Timothy Koogle, former chief executive of Yahoo, is developing el Banco, a luxury community on Mexico’s Pacific coast where lots start at $4.7 million. “It’s a huge amount of fun to take a bare piece of land and create a great product for it,” Koogle says.
Ben Addoms, former top executive for ExciteAtHome, co-founded luxury residence club Quintess. Members pay a fee, plus annual dues of $10,500 to $30,500, to stay in mansions around the world. “All of us that went through the boom and the bubble have traded that high-risk, high-reward experience for something with a little more predictability,” Addoms says.
Jonas P. Lee, founder of Giftcertificates.com, is now managing partner of Redbrick Partners, which buys single-family homes around the United States. “I didn’t look at this as a real estate play. It makes all the sense in the world — you go from one entrepreneurial industry to another entrepreneurial industry,” Lee says.
Source: Forbes, Sara Clemence (02/13/06)