Krugerrands used to buy Florida house
Michigan
Posts: 4,942 ✭
SARASOTA — Realtors will tell you that nearly anything both parties agree to can be written into a residential purchase contract.
Krugerrands, first minted in 1967, were not allowed into the United States during the 1970s and '80s to protest the South African policy of apartheid, although the ones already here continued to be traded as bullion. When political reforms came to South Africa in the early 1990s, the ban was lifted.
The Krugerrand was the first gold bullion coin to contain one troy ounce and became a world standard for the unit weight of a gold coin.
Developed later were the Canadian Maple Leaf, Chinese Panda, American Gold Eagle and Vienna Philharmonic.
The coin was named after Paul Kruger, the last president of the old South African Republic whose face adorns the coin.
The $400,000 worth used on Monday to buy a Sarasota residence would weigh in at about 37 pounds.
On Monday, Realtor Kim Ogilvie closed a deal with a very interesting twist.
A golden one to be exact.
The buyer of a downtown Sarasota residence that sold for more than $1 million brought a briefcase filled with $400,000 worth of South African Krugerrands to the closing -- that is about 444 of the gold coins. A foreign coin expert was at the closing and verified the coins' authenticity and weight.
"This was a first," Ogilvie acknowledged, adding in Realtor fashion: "It really shows you the depth to which buyers will go to use their resources to acquire properties they think are well-priced."
Despite the big push by Realtors regionwide for international buyers -- and, of course, the foreign-born Krugerrands -- both the buyer and the seller were Americans.
About 20 years ago, Ogilvie was part of a deal where the buyer brought a suitcase of $10,000 to a closing.
But Monday topped that one.
"I represented the seller and were happy to complete the transaction in whatever form they wished to use."
Krugerrands, first minted in 1967, were not allowed into the United States during the 1970s and '80s to protest the South African policy of apartheid, although the ones already here continued to be traded as bullion. When political reforms came to South Africa in the early 1990s, the ban was lifted.
The Krugerrand was the first gold bullion coin to contain one troy ounce and became a world standard for the unit weight of a gold coin.
Developed later were the Canadian Maple Leaf, Chinese Panda, American Gold Eagle and Vienna Philharmonic.
The coin was named after Paul Kruger, the last president of the old South African Republic whose face adorns the coin.
The $400,000 worth used on Monday to buy a Sarasota residence would weigh in at about 37 pounds.
On Monday, Realtor Kim Ogilvie closed a deal with a very interesting twist.
A golden one to be exact.
The buyer of a downtown Sarasota residence that sold for more than $1 million brought a briefcase filled with $400,000 worth of South African Krugerrands to the closing -- that is about 444 of the gold coins. A foreign coin expert was at the closing and verified the coins' authenticity and weight.
"This was a first," Ogilvie acknowledged, adding in Realtor fashion: "It really shows you the depth to which buyers will go to use their resources to acquire properties they think are well-priced."
Despite the big push by Realtors regionwide for international buyers -- and, of course, the foreign-born Krugerrands -- both the buyer and the seller were Americans.
About 20 years ago, Ogilvie was part of a deal where the buyer brought a suitcase of $10,000 to a closing.
But Monday topped that one.
"I represented the seller and were happy to complete the transaction in whatever form they wished to use."
0
Comments
100% Trade NO cash involved
A $70K deal if I recall
That is a unique swap
I wonder if the realtor got 24 of them in her commission?
The name is LEE!
<< <i>"This was a first," Ogilvie acknowledged, adding in Realtor fashion: "It really shows you the depth to which buyers will go to use their resources to acquire properties they think are well-priced." >>
Uh, no, silly realtor. It shows what people will go through to try and avoid paying 28% tax on their bullion investments.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
One of my Wifes relatives would NOT accept gold for a property when gold hit $1,000. Took US Dollars that week. Then after it dropped She converted the dollars to gold. Pretty smart huh?
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
lost, robbed, etc...
and your not fooling anyone, sales are recorded
<< <i>several attorneys specify that actual cash/coin etc. can NOT be brought to a closing.... its a risk for the receiver after he leaves the closing
lost, robbed, etc...
and your not fooling anyone, sales are recorded >>
I wonder how rigid they would be during tough times in the real estate market. If advance arrangements were made to provide
armed security for the transaction I think it could be done.
Most escrow cos. specify 'good funds' and define the type of institution that paper can be drawn on. Most buyers wire the funds, thankfully.
<< <i>i know little about real estate law but if that person had used AGE's instead, would one party benefit by using the denomination on the coin, instead of it's value? >>
Gold eagles are figured at market value not "face Value" Legally
roadrunner
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
What about the Tax man, can this guy that bought the house be responsible for not reporting his GOLD?
I play with this one every time I am on these boards
<< <i>I'm sure the guy with the $400K in gold bullion will be getting visits from the IRS and Homeland Security. Hopefully he has records of what he paid for the coins and enough left over to pay the 28% in taxes on anything gained.
roadrunner >>
For freedoms sake of course
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870