Position 61-62/71-72 - 1979-07-00 Transaction Summary


Purchase Date:
1979-07-00
How Purchased:
Private Treaty
Where Purchased:
Auction No.:
Lot No.:
Sound/Fault:
Sound
Catalogue Value:
$ 310,000
Realized:
$ 500,000
Seller:
Buyer:

Description

According to the Amick book, Myron Kaller sold the "Princeton Block" on behalf of an investment group to George Manter, a real estate investor from Coral Gables, Florida who viewed stamps as an underappreciated asset class. He financed the purchase with a $350,000 loan from Summit Bank of Tamarac, Florida.

The loan was made to an entity named Philatelic G.E.M. Associates (Manter's initials) with he and his wife Susan listed as principals and other partners listed as participating on a limited basis.

The block was kept in a vault at Sterling National Bank in New York on behalf of the bank as collateral. In 1982 the block was sold after the loan was defaulted.
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