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$59 Million for a House with No Name?

That’s right: Late billionaire John Kluge’s Palm Beach estate – known as “Casa Sin Nombre” – is on the block for $59 mil. It’s currently the priciest parcel up for purchase in La Playa de Las Palmas, and Kluge gifted this property to his alma mater, Columbia University, by bequest in 2007.

What kind of house sells for $59 million? A 12,000 square foot garden house designed in 1935 by Marion Sims Wyeth. Now how much would you pay? But wait! There’s also a 1921 Addison Minzer-designed Mediterranean-style house – only 6000 square feet, though – and a few other structures on the four-acre spread at 89 Middle Road in Palm Beach.

From our point of view, of course, the big story is Kluge’s bequest of this property to Columbia. Proceeds from the sale of the parcel will be used for student scholarships at the school.

We presume the university had no problem saying “Yes!” to the billionaire’s donation, but lots of smaller nonprofits aren’t necessarily ready for gifts real estate (read what Chase Magnuson has to say on this subject here).

Just goes to show that it’s prudent to be prepared, because you never know when a rich plum like La Casa Sin Nombre is going to drop into your lap.

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