The 80,000-square-foot center was built with a $20 million gift from the late Robert Mondavi and has relied on a tiny state-owned bank, Infrastructure and Economic Development Bank, or I-Bank for short, which gave the center a $77 million bailout. Now the small bank is in deep trouble due to the subprime mortgage crisis and is facing an Aug. 11 deadline to come up with cash to back its guarantees. According to the Bee I-Bank authorized the first bond offering for Copia in 1999 for $70 million which backed the construction of the buildings and grounds that include indoor and outdoor kitchens, a demonstration vineyard and organic vegetable gardens, cooking and tasting classrooms and a 240-seat auditorium. Copia is also home to two restaurants and a large gift shop. But many tourists prefer to spend their time at individual wineries rather than at Copia. Since it opened in 2001 it has lost between $4.2 million and $12 million a year and has $14 million deficit, according to the 2007 annual report. Even though I-Bank knew Copia was in deep trouble, it approved Copia's financial rescue in April 2007 and authorized the bond refinancing deal three months later through New York-based securities firm JPMorgan.
The Bee also reports that Copia faced scrutiny over how it was using the space and facilities built with its first round of tax-exempt bond money. An IRS agent found that Copia was using far more than the allowable five percent of its space for business activities putting the center's tax-exempt status in jeopardy.
The article's commenters have some fascinating ideas for Copia, including turning into a museum to honor the late Robert Mondavi . Others argue that is was flawed from the get-go and an unnecessary expense for a region that already has so many wine and food options.
Lots of us have been put off by port's connotations of crusty vintages and even crustier connoisseurs. You don't actually need an English country house, a kennel full of fox hounds and a gouty leg to enjoy it, however.
Ironically, it fell to Warre's, the oldest British-owned port producer dating to 1670, to give the storied fortified wine a facelift. With the introduction of their Otima bottlings, Warre's managed to modernize the drink without turning it into some kind of silly snake oil marketed to wannabe rap stars.
Otima is a premium tawny (the best of port's non-vintage iterations) with a "lighter, more contemporary style," available in 10 and 20-year-old versions.
The "contemporary" vibe is admirably captured by the clean, elegant clear glass bottle and minimalist labeling, making for an aesthetically pleasing addition to your bar without sacrificing any of the wine's sophistication. On the palate it presents pleasing notes of honey, raisins, nuts and dried fruit. If you've never tried port before we suggest starting here.
The band Aerosmith is much beloved in Boston and over the years the band has bought some great real estate in Massachusetts. The Wall Street Journal's Private Properties column reported Aerosmith drummer Joey Kramer has put his beautiful waterview home in Marshfield Hills on the market. Marshfield Hills is located on the South Shore and Kramer has himself an expansive 17-acre spread that includes views of the Atlantic Ocean and over 300 feet of frontage on the North River. The grounds include a pool and spa, guest house, , three detached garage buildings (Kramer is a partner in a specialty car dealership), a small fish pond, and open manicured lawns with views and access to the water.
The four-bedroom main house was built in 2003, has over 6,300 square feet of living area. It includes a gym, sauna, three-season porch, and a recording studio and features intricate wood carvings on the doors and mantelpieces. It is listed at $4.99 million.
Known for his silversmithing across the globe, Adrian Pallarols has created polo championship cups, pens for kings, goblets for stars and even requests from the Pope himself. His latest collection of Argentum Leathermans speak to his exceptional quality and taste even when applied to such a functional object as this. Ranging from $40,000 to $240 the luxury leathermans are crafted from sterling silver and few have 18K gold accents as well. These stylish gadgets would turn even rugged MacGyver into a well-dressed Armani man in seconds! Useful, sexy and one-of-a-kind the luxury leatherman would even fit in the high-class woman's luxury handbag.
Designer Harry Allen crafted his resin cast gold finished piggy bank as part of his series, Reality. And in our current economic climate, everyone wants to look more penny pincher than spendthrift, whether you are truly concerned about your investments or have conscientiously decided to be a happy person just one-Birkin-fewer. With this piece on a shelf somewhere, your frugal side makes it subtle yet cheeky appearance and your charitable side does too: Allen will donate 5% of proceeds to The Humane Society. Available in gold or chrome finish at Moss online for $195.
A came across this organization when writing about Pippa Small's jewelry and thought I just had to include it in our Charity of the Day series. Survival International's mission is to protect tribal people's land and culture across the globe from encroaching governments and corporations whose expansion may very well wipe out these native populations. These secluded communities won't be able to preserve their way of life if other ambitious parties are not held in check. Support for this organization is possible through active participation such as sponsoring events, writing letters or becoming a campaigner (joining Richard Gere and Pippa Small as well) or through various levels of donations. Their website does a fantastic job of sharing their cause and enlightening those of us who wouldn't have known the depths of this struggle otherwise.
Gallery: Tribes Supported by Survival International
Mega model Isabeli Fontana is really on a roll this season. As we reported previously, the Brazilian bombshell stars in the new Versace campaign with Natalia Vodianova shot by Mario Testino, as well as the Roberto Cavalli campaign based on Luchino Visconti's 1963 film Il Gattopardo. Now she has also landed the fall Valentino campaign along with fellow stunner Angela Lindvall (at right, above, who also appears for Cavalli), shot by Peter Lindbergh in Paris. Gisele had better watch her back.
Versace has another high profile design job in New York City. The luxury brand which furnished apartments in the Plaza last year will also will design the interior renovation of New York's Clock Tower building on Madison Avenue. The New York landmark was bought by Lev Leviev's Africa Israel company for $200 million last year and has said they will spend two years and around $110 million renovating the complex. The end result will be 55 units including a large penthouse, a spa and an exclusive club. Previous Versace designs have been rendered in black and white with lavish gold details but their recent furniture show in April, shown in the gallery below, revealed a softer side.
All of Los Angeles is buzzing over the news of Candy Spelling's big real estate move. The 62-year-old wife of the late Aaron Spelling is planning to move out of her mansion, a 123-room, 56,500-square-foot mansion on six acres in the Holmby Hills area, and into a condo. But don't feel too sorry for Candy, while her new home will be less than a third the size of the old one, it is still a whopping 16,500 square feet and sits atop The Century building which is being built next door to the Century Plaza Hotel on Avenue of the Stars. The condo will have 360-degree views of the city all the way to the ocean.
Spellings new condo went for $2,848 per square foot which works out to an astounding $47 million, a record for a Los Angeles condo. The LA Times has a few details of Candy's new two-story pad. The lower floor will include a living room with two working fireplaces, a dining room for 25 guests, and staff quarters while the top floor will be home to the bedrooms, a massage room, exercise room, conservatory with rose garden, swimming pool and a deck. The master suite alone is 4,000 square feet. She will move in next year which means that the Spelling mansion may soon be on the market. Rumors of offers have been swirling for a while but we could even see a listing now unless it sells quickly and privately to someone willing to spend around $150 million for a home with a bowling alley and a gift wrapping room among its many luxuries.
Hermes Paris has just posted a 12.8% increase in sales for the first half of the year and also announces plans to unveil 15 new or improved retail posts in the coming months. Further proof that what doesn't go out of style is worth investing in, the brisk sales at Hermes are mirrored in the vintage market, as well -- fashionistas hungry for rare silk scarves and enamel bracelets are in constant bidding wars on eBay. (Don't get me started on my recent loss of a safari-themed bangle from the early '80s. Damn you, iris1680!) A nice point of entree to the luxury brand? Perfect-for-summer scent "Un Jardin en Mediterranee," the eau de toilette equivalent of a stroll through Mediterranean gardens. At least until you justify that new Birkin.
While workers put the finishing touches on buildings for the Olympics, Beijing hotels are dropping prices hoping to fill empty rooms for the celebration. Many hotels had raised rates hoping for a huge tourism leap before the Games, which start on August 8. The AFP reports that three- and four-star hotels are cutting prices by 20 percent or more. Five star hotels seem to be faring best, earlier this month the Beijing municipal tourism bureau said that they were 70 percent booked while four-star hotels bookings during the Olympics stood at 44 percent and rates for three-star hotels were even lower.
Hard times for the world of cruising? Royal Caribbean Cruises announced today that they have cut 400 jobs and are making other cost-cutting measures to reduce annual expenses by $125 million. Chairman and CEO Richard Fain has named soaring fuel prices and the economic downturn as a factor in the moves. The announcement followed lower-than-expected second quarter earnings. So far though, bookings have been holding up well with no decline in the number of people booking cruises. The last few years have been strong for the cruise industry as the growing number of baby boomers have fueled the upscale cruising market. I suspect that the economic fallout for the cruise industry may be slower to occur since cruises are often booked farther in advance. Royal Caribbean's dramatic cost cutting may be a way to try and head off the storms ahead.
I'm the kind of girl who always wants options and this handbag satisfies that need. When all zipped up it is a more compact bag but with the versatile zip split in the middle I can always add more to this satchel when the need arises. Tulah Ray's Zip Split Satchel comes in two ravishing colors, Berry and Dark Teal, which can span the seasons. It features pintucked leather, double top zip closure with side zip split, and dégradé coloring with interior zip, wall and cell pockets to keep you organized on the go. The removable shoulder strap is a great addition if, like me, you tend to overload your bag from time to time. Currently with the Anniversary Sale at Nordstroms you can get this handbag for $298 but after the sale it will return to $495. (15" x 11" x 8" with 9" strap drop and 19" shoulder strap)
The hotel suite where JK Rowling finished the Harry Potter series has become a monument of sorts. Last year, Rowling checked into room 552 of the Balmoral Hotel in Edinburgh, Scotland to finish Harry Potter and the Deathly Hallows. Now this suite has been named the JK Rowling Suite and it will be available to guests for £965 per night. The room contains a marble bust of the Greek God Hermes that Rowling signed after she finished the final book. The 180-square-foot suite also includes the desk and bed she used during her stay. A brass plaque is now on the front door and the door knocker has been replaced by a brass owl like those in the books.
Legendary actress Shirley MacLaine now has her own line of jewelry. MacLaine says that playing fashion designer Coco Chanel in a TV movie inspired her line of jewelry. The Chakra Sky Jewelry marries her interest in gemstones with her love of the metaphysical. The rings, pendants and earrings have names like Spirit Steering and Safe Landing and are made of eco-friendly sterling silver and gemstones such as amethyst, fire opal and lapis. The pieces are priced a bit higher than similar pieces I have seen but the actress's name may contribute to the pricing. The Chakra Sky rings shown above are worn at the top of the finger rather than at the base and sell for $328.
Lots of us have been put off by 
Designer Harry Allen
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