New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-21
YERKES REAL ESTATE SOLD.
Robert {. Bowling Buys House
and Art Gallery.
FINAL. PRICE S1,239.000
Total OF Auction Sales Here
Brought to s3,446.866 10
What the Widow Receives.

What the Widow Receives.
/ Robert T. Bowling. president Of the City
Investing Company. bought at an auction
sale held on the premises yesterday the
house and art galleries at the south cor
ne- OF esth street and Fifth avenue, owned
by the Charles T. Yerkes estate. lie paid
sl.23e 900 for the property. ar. bowling
said ne purchased the property as ar IN
dividuai and not for his company and
ADDED that he did not represent Thomas
r Ryen. whose house adioins the
premises
The premises have a frontage OF Zoe
feet on Fifth svenue and 1873 feet on the
street. Only the easterly IS feet Of the
site IS restricted Cor use for private dwell
ing houses. On the rest Of the plot any
kind of a structure except q glue factory,
may be erected. These facts were al.
known 10 those present. and Mr.. bowling
was asked If the house and galleries would
be replaced by an apartment house He
quickly replied: NO; / wish TO preserve
the residential charms Of this beautiful
section of Fifth avenue"
It was learned from q trustworthy
source last night that title 70 the prop
erty would be taken by : syndicate headed
by Mr.. Bowling, n which are well known
persons identified with Vanderbilt and
Whitney interests II is simply specu-
lative syndicate. The entire property will
probably be resold by the syndicate in
few weeks.
The property was first offered in sepa-
sate parcels and finally intact. Judging
from the comments Of most Of the bid
ders. they considered the house, picture
gallery and art galleries, Of 10 value 20
them. and their bids were based on the
value OF the land. The floor plan of the
mansion wax designed 20 meet the needs
Of Mr. Yerkes. they said. in explaining
why the buildings could not be profitshly
held or used by them. and would not be
suitable to most persons who could afford
20 occupy the premises
The art galleries were first offered by
Joseph 2. Day, the auctioneer. They ad-
join the house and occupy plot 20 by 100
feet. The bidding started at $4,000 Theo-
dore Herman. OF Guggenhein. Untermyer
& Marshall, and Robert r. Bowling were
the principal seekers for this part OF the
premises Mr.. Bowling made the best offer.
which was S3O2ooe
The Yerkes house then went under the
hammer. The opening bid was $4,000. and
the highest was s70i,O0o. made by Mr.. Herr
man. Then the house and the picture gal
leTy were offered, together. the highest
bid being N,co3,oc0 1t was made by Mr..
Herman, too. Finally, a buyer for the
property O. a whole was sought. and il was
then that some OF the big realty men pres
ent who had not been among the bidders
showed that they we're there in hope of be-
coming the owners OF the premises. Will
lam Nogel. real estate broker. fgured as
a keen competitor in the early bidding. He
represented the Lewisohn family. The first
hid was slO25,ooo. 1t was quickly raised by
Mr.. Vogel. Henry Morgenthau, Max MARY,
real estate Spectator and several other
persons until the N.070.00o mark was
reached. Then the quest for the property
was entirely between William II. Cheese
brough. OF the United States Realty and
Improvement Company. and Robert Z.
bowling. !
The sals resulted from an action brought
agains. the eXecrto- OF the Yerkes estate
by the Urited Underground Electric Com.
pany. Limited. Of London.
The final AUCTION sale OF the Yerkes
personal property. including tie art treas
ures which brought such high prices, was
held Just a week ago yesterday The
grand fetal received for the personally
was s2,2e7, sec 10. which, added TO the
81 239o 90 paid for the real estate, makes
s. SAC s6s %, the proceeds OF the sale OF
the entire Yerkes property in the juris-
diction OF the federal court here.
Joseph p. Cotton. jr., attorney for the
receiver in this state. said yesterday that
the court had ordered him 70 pay - per
cent Of the proceeds from the real estate
and one-third of the money received from
thu sale OF the personal property over 20
Mrs. Yerke5 as her dover right unde- the
laws OF Illinois. Mrs. Yerkes will there
fore receive from him very nearly a mil
liou dollars. $685. 7J5 81. TO be exact The
calculation is complicated, however by the
presence OF s mortgage on the real estate
held h. the Mutual Life Insurance Corn
pany 10Y S29o.eo. So heT actual receipts
viii be . little under the figure given.
IRE remainder o: the proceeds from the
sales Mr. Cotton will turn over 10 the
Illinois executor Of the estate. Besides
the New York property. which formed it's
bulk. the estate includes bonds of tie
Chicago street railways, which are now in
the hands Of 4 receiver, and bonds and
stock IN the London Underground RAILWAY.
az present tie subject of litigation
Tie admitted debts against the estate
amount to S5,e9oyonn. These must be settled
before the pubic charities TO which NJ
Yerkes made generous requests IN his
VIII receive anything. In spite OF the
splendid prices paid for the Yerkes prop
erty here = Is still \ question whether the
creditors can be paid IN fun II IS ex-
Tected. however, that the probate court
in Chicago, which administers the estate
VIII pay them dividend very soon az q
result OF the real estate sale.
s-
Nh IMMIGRATION INniUpy