Reviving the Art of a Queen by Landmarks of Eureka Springs

ART The bridge that brings us together.

commemorative edition

Vo lu me 2 • I s s u e 3 • O c t o b er 2011 be

For decades, the Eureka Springs art community has brought people together through art. From world renowned exhibits to local artist workshops, Eureka Springs is home to a thriving art community. Now with the opening of Crystal Bridges, new opportunities to enjoy some of the greatest American art will be right here in our own backyard. From the well known modern artists of today to classic colonial masters, Crystal Bridges will showcase the best of America. And after you’ve viewed those great works of art, make the short drive to Eureka Springs where you can buy your very own classic. Artists of all styles, from all over the world are waiting for you to make your extraordinary escape to Eureka Springs.

CRYSTAL BRIDGES Grand Opening 11-11-11

Weaving the Tapestry of

Arkansas Culture conversations of nature, architecture and art

www.eurekasprings.org

Reviving the Art of a Queen

The Queen Anne

Mansion

Reviving The Art Of A Queen In 1891, Curtis Wright built a luxurious mansion in an attempt to lure his wife Nira from Indiana to Carthage, Missouri. “It must have worked,” smiles docent Marilyn Harsch, pausing in the grand foyer of The Queen Anne Mansion. “The Wrights had eight children in this house.” It’s easy to see how someone could pull up stakes for a house like this. The asymmetrical poise of The Queen Anne Mansion’s three stories is dressed extravagantly in stained glass moon windows, sumptuous trim, wraparound porches, towers, gables, and an abundance of intricate decorative details.

Despite appearances, the lavish flounces are more economic textbook than swooning romance novel. Queen Anne style houses do not originate in the 18th century as suggested by the name. Instead, the ofteneccentric architectural style was popular in the rapidlyindustrializing America of the late 1800s. Many of the people who built Queen Anne style homes had grown rich from industrialization. “You wouldn’t know it today,” jokes Steve Lovell, who with his wife Lata has owned the Wright’s house since 2005. “But in the late 19th century there were more millionaires per capita in Carthage, Missouri than in any other small city in the U.S.

Wanting to showcase their success, Wright and other members of the newly-rich class of industrialists built enormous homes of staggering complexity and opulence. The architectural designs and interiors often exhibited a classically-American unwillingness to commit to a unifying style or time period. Many of the wedding cake details of Queen Anne style homes were machined in faraway factories. Thanks to an expanding railway system, nouveaux riche industrialists were able to ship these pre-fabricated parts across the country. But as any connoisseur of carpentry can tell you with a single glance at the richly tooled balustrades and the ingenious pocket doors, The Queen Anne Mansion was not built by machines in a faraway factory. Instead, Curtis Wright, who had a furniture factory, commissioned the finest artisans to craft his house. Though Wright poured a tremendous amount of care and money into building his family home, by the time the Wrights and their famous guests like Buffalo Bill passed on, Queen Anne-style homes weren’t quite as stylish. The same extravagant details that made houses such as the Wrights’ so appealing also made them hard to maintain. By the 1930s, when a different economic reality struck the U.S., many scowled upon these Victorian lovelies as relics of impractical era. “The history of these houses is that they need restoration every 20-30 years,” explained Steve.

The Victorian Rococo Revival parlor set in The Queen Anne’s Lace Room captures the epitome of opulent elegance of the times. This Suite was meticulouly crafted by J & JW Meeks, circa mid 19th Century.

In Carthage, the youthful exuberance of Wrights’ mansion faded. But even washed-out, the beauty of the mansion still periodically caught the eye of admirers. In 1984, one of the families had admired the man

sion on their regular trips between Arkansas and Kansas City arranged to have the home deconstructed and relocated to its current site on the edge of highway 62, at the entrance of Eureka Springs’ historical district. When Steve and Lata Lovell purchased The Queen Anne Mansion and the adjacent Kelley House, the two buildings had been used as tour homes, bed and breakfasts, restaurants, aviaries and Christmas shops. “The roof had a sag in it like a horse that had been ridden way too long,” Steve laughs. After discussing their options, the Lovells, who had

worked together restoring and decorating homes elsewhere in the country, decided they wanted to honor the tradition of excellence and craftsmanship in the home. The mission of The Queen Anne Mansion would be to preserve the estate as a destination to experience the finest in American architecture, decorative and cultural arts while experiencing 19th century America.

“It was more than a preservation,” says Lata. “It was a restoration.” Lata knows people wonder about the decision for a woman who had worked decades at the Department of Defense and a man who owned chemical companies to get involved in such a massive restoration. “People think, ‘Good gracious, have these people lost their minds?’ ” Lata smiles, looking sane and pleased. “We say it started with a spindle,” says Steve. “Everything cosmetically had to be redone. Everything mechanically had to be redone.” He admits that, in spite of a daunting “to do” list, he didn’t take the most logical first step when he started restoring The Queen Anne. “The front porch of The Queen Anne had these spindles. A lot of them were rotting or they had so much paint on them that you couldn’t refinish them.” Steve commissioned a woodworker to make and install replacement spindles. When Steve returned from Chicago, he found the general contractor shaking his head at the spindles that had been installed without having been sanded or finished properly. “I guess we could fill them with putty,” Steve recalls the contractor said distastefully. Neither the Lovells nor the general contractor liked the idea of a cheap fix that would soon need to be redone. Instead, they tore out the shoddy work and replaced the spindles with well-crafted replacements. “Yes. It all started with a spindle,” Lata says. “It started as a labor of love and then it became a job where everything had to be done right. When you’re doing it right, it takes much longer. We have one spindle from 120 years ago, and that set the tone of this restoration.” “We never took a shortcut. There’s a right way and a quick way, and we always took the right way,” Steve explains. The integrity of the Lovells’ work cost them three times more and took three times as long as they had planned. “We could have built a new house far cheaper and less expensively,” Steve shrugs.

In addition to assuring the longevity of the work, the Lovells’ project also added an economic boost for a community during a time when work was sometimes scarce. The Queen Anne was restored using local artisans, some of whom worked year-round for five years. Additionally, one general contractor, more than a dozen sub-contractors and over 100 workers were onsite over the course of the restoration. Only the designers of the drapes were recruited from outside of Arkansas. The Lovells agree that the restoration would not have been nearly as magnificent without the contributions of local masters. “We have been so lucky to have this much local talent in the area,” Steve says. Some of the veteran craftsmen from the 1984 reconstruction of The Queen Anne included Russell Clay and Don Burrus. They worked on the Lovells’ restoration, ensuring quality, while creating links between the past and the present lives of The Queen. Once the architectural restoration was completed, the Lovells had to decide how to fill the 12,000 square feet of the homes. “We wanted the house to look like Curtis Wright came home and opened the door to his wife and eight children,” says Lata. “As it was that day and you’re walking back into time.” In addition to impressing well-versed antique buffs, the private collection includes hand-selected furnishings, and whimsical additions that can excite even the easily bored. From surprisingly-delicate moustache cups to onion-skinned family Bibles and a jumper horse carriage like the one pushed by Rhett Butler in “Gone with the Wind;” every glimpse around The Queen Anne reveals a new wonder. In addition to preserving the historical treasures of the houses, the Lovells decided to increase the property’s flexibility and sustainability by giving it a few modern touches. “We tried to preserve the visual appearance while modernizing everything underneath,” Steve explains. Besides adding bathrooms and updating essential internal systems—including plumbing and electricity—the Lovells installed museum-quality gallery lighting in the lower level, where they will continue to host local art shows and traveling exhibits. The couple also acquired adjacent properties to expand the Mansion’s garden areas and parking availability. The Lovells added a full catering kitchen and the “Always and Forever” wedding chapel.

Inspired by a friend’s innovative backyard in Chicago, Steve excavated an area to the west of the mansion and installed a European-feeling sunken garden, complete with an Italian marble fountain and a bar that can be reserved for special occasions.

out marvel after marvel. From a distance, the couple has the look of a pair raising champagne flutes in a toast.

“Long Live The Queen”

Owners Steve and Lata Lovell, lovers of fine art, are drawn to historical places and architecture in cities such as: Charleston, SC, Williamsburg, VA, St. Augustine, FL and Chicago, IL. They were married in Charleston and Steve is an alumnus of the University of Arkansas.

“Don’t you think this area would be wonderful for garden parties or open air movie nights?” The Queen Anne’s possibilities make Lata’s dark eyes sparkle. Since its opening in May 2011, visitors seem as pleased as the Lovells. “There are so many people who have memories of this house,” Lata bubbles joyfully. She recounts visitors recalling days spent roller skating around the third floor and others who picked up their dates at the side door. “It’s so rewarding to have families come in with tears in their eyes. They say, ‘I can’t believe you guys would save this house.’ “ Arkansas’ Department of Tourism also seemed appreciative. In March, the department honored the Lovells and their work, naming them finalists for the Henry Awards. With their belief that the artistry of an earlier time can teach an appreciation for fine living while providing an economic boost to Arkansas, Steve and Lata Lovell look up at the enormous project that has dominated the last five years of their lives. “Everything we did here we put our hearts and souls into,” Lata says, and Steve nods. Standing before the mansion, Steve and Lata point

Once inside, one becomes mesmerized by The Queen Anne’s architectural opulence, embellished even further by the finest and rarest museum quality antiques, all with gorgeous heavy carvings crafted by the most skilled and revered cabinetmakers of the 19th century- John Henry Belter, J.W. Meeks, George Henkels, Mitchell & Rammelsberg and R. J. Horner, to name just a few. The adornments in all the rooms surrounding these antiques are breathtakingly beautiful! A similar parlor suite, as shown on page 19, was presented as a wedding gift to the daughter of J.W. Meeks and is conserved by the Metropolitan Museum of Art, NYC. www.thequeenannemansion.com

Fractional Ownership of Real Estate.

By David M. Disick, Esq.

s applied to real estate, fractional ownership is a structure that allows a number of co-owners to own and occupy a particular residence for a specified amount of time each year. The fractional deed functions just like a whole ownership deed. It can be recorded, mortgaged, gifted or willed, and the title can be insured. The property can be resold through local real estate agents or by the owners themselves.

you have ever owned a second home—as I have—you can probably relate to this story about “Joe.”

fter years of building up his business, Joe could finally afford a luxurious second home. He built it about an hour’s drive from where he lived. It was a gorgeous lakeside property, a veritable dream come true. The problem was that Joe didn’t have much time to use the home. He was so busy, he could only spend a few weekends there each year. And on those weekends, he spent half of the first day fixing things—on a new house! Then, each time, he spent a few hours shutting the place down, not knowing when he could return to use it again. After a while, he got so tired of the hassle, he sold the property.

uckily for our character, someone introduced him to the concept of luxury fractional ownership, where he could own an even more luxurious vacation home with absolutely no maintenance hassles for a fraction of the price of his wholly-owned second home.

econd home ownership has radically changed over the past decade and half. Families no longer want the burden—both financial and managerial—of owning and maintaining a second home. Shared or “fractional” ownership (particularly at the highest end, known as Private Residence Clubs) has experienced extraordinary growth. As someone who helped pioneer that trend, I am eager to tell you more about it.

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What is Fractional Ownership?

he term “Private Residence Club” was first coined and used for my pioneering fractional vacation property, Franz Klammer Lodge in Telluride, CO. This term distinguished the property from “timeshares” and signaled that it offered a luxury “5-star” vacation experience. Later, other brands like Ritz Carlton and Four Seasons Hotel adopted this designation. Today, “Private Residence Club” categorizes the most luxurious fractionally owned properties—those with a prime location plus top-quality construction and furnishings, and offering extensive property amenities and owner-member services.

Fractional Real Estate Growth.

n the U.S., the luxury fractional segment’s annual sales have grown from about $70 million in the mid-1990’s to about $2.3 billion in 2007. The segment substantially outperformed whole ownership in the ensuing economic downturn and has since expanded to other parts of the world. Significant further expansion is anticipated.

ractional ownership is owning a portion of a luxury item along with others who also love and appreciate it. The fractional ownership phenomenon originated with real estate. Now it has now spread to other items like aircraft and jets, boats and yachts, classic and luxury cars, corporate hospitality (luxury suites and sporting events), luxury motor homes, race horses, and even fine ladies’ handbags. Fractional ownership, in my opinion, is an experience… It is more than simple ownership of the product; it is the experience and joy of owning. It is a feeling, bound up with what one aspires to achieve in his or her lifetime. Most of all, it is smart. It is the new smart way of owning a piece of something luxurious, without the expense and hassles of total ownership.

www.2njoymag.com

Fractional vs. Timeshares: Making a Distinction

rom a strictly legal perspective, fractionals and timeshares are both considered to be “shared ownership.” They are treated the same under most laws because both specifically allocate the duration and scheduling of co-owner occupancy. However, this is where the similarity ends.

lientele. Fractional ownership properties cater to a relatively affluent clientele, who come from households earning in the top 10% of households in the U.S. (Generally, qualifying annual household income for fractional ownership is $150,000 plus; for Private Residence Clubs is $250,000 plus; and, in contrast, for timeshares is $75,000 plus.)

Benefits of Fractional Ownership. Fractional ownership of vacation homes provides numerous benefits.

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A Financially Prudent Investment. Even in challengEffortless Vacationing. Most high-end fractional ing economic times, people want to vacation. By purchasing ownership properties offer personalized, club-like vacation a vacation home rather than renting, they can build equity experiences with on-site property management and concierge while enjoying a sense of ownership. services. These benefits free owners to spend more time Economical Use of Assets. The average use of second vacationing. Services and amenities may include 24-hour concierge, airport pick up and drop off, the services of a homes in the U.S. is about four weeks annually. A dramatprivate chef, stocking the refrigerator prior to arrival, storage ically-increasing number of people have the means and of personal items when not in residence, reserved tee times, desire to own a second home, but they are not prepared to tie up substantial assets in a single property that will be used and countless other such items. Fractional ownership is really more a lifestyle investment and pure indulgence than a so seldom. These purchasers want to avoid the burdens of absentee property management. They ask, “Why pay 100% strictly tangible real estate investment. It means experiencing the destination and creating memories from the moment of of the cost of a vacation home used only a fraction of the year?” Fortunately, fractional ownership’s lower price point arrival—a true storybook vacation.

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can facilitate all-cash or part-cash purchases. It can help buyers qualify for a mortgage or home equity loan. It can facilitate seller financing. It can make a luxury vacation home purchase possible that would otherwise be unaffordable or inadvisable. For some, it can even facilitate the purchase of several vacation homes in different locales.

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Benefits for the Community. Generally, fractionals enjoy in excess of 70% year-round occupancy, a rate much higher than for whole ownership. Accordingly, fractionals create greater opportunity and stability for local employment through more spending in the community from visitors yearround.

Fractional Ownership Opportunities in Arkansas.

hope you found this overview of fractional ownership interesting and thought-provoking. Soon I expect to be able to share information with you about a unique application of the fractional concept to a wonderful project in the Arkansas Ozarks.

avid M. Disick, Esq. is President of The Fractional Consultant, which assists developers in the U.S. and abroad in securing financing. A former Wall Street attorney, he is recognized as among the pioneers in the fractional industry. He has chaired panels at numerous international conferences in the U.S. and U.K. He was designated by Fractional Life as among “The Top 21 Fractional Professionals of 2010” and “The Top 21 Fractional Innovators of 2011.”

ize. Timeshare developments tend to be large—sometimes hundreds of units. In contrast, fractional developments rarely exceed 50 units. Furthermore, timeshares may have up to 50 owners per unit, while fractional ownership properties generally have four to fifteen. As a result, vacations at fractional properties feel more intimate, personalized, and exclusive.

uality. The quality of fractional ownership properties is generally good to excellent, while the quality of timeshares is variable. The resale value of fractional ownership properties, compared to that of timeshares, reflects this. In addition, amenities in fractionals are extensive, while those of timeshares are variable. Finally, and perhaps most satisfying to the buyer, sales methods for fractionals are low-pressure and relationship oriented.