New-York tribune., 1922-12-17
Belle Terre Bought
BY George W. Loft
And Associates
Under Name of Seaboard
Sand & Gravel Co. Buy
Port Jefferson Place for
Exclusive Home Colony

George ". Loft, candy dealer, and
number Of friends have acquired Belle
Terre, Port Jefferson, L. T., for an ex-
elusive residential colony. The names
Of the men associated with Mr.. Loft
were not 70 be learned yesterday. They
have purchased the well-known prop
erty IN ths name Of the Seaboard Sand
and Gravel Company, which is nothing
more than a smoke screen 70 hide the
purposes and identities Of the men IN
the scheme.
Il was said yesterday that number
Of politicians and financial men are
interested in the plan for making the
property one Of the most interesting
exclusive residential parks in this part
Of the country. None but the rev
holding stock in the sand and gravel
company may get a foothold in the
estate. which Dean Alvord developed a
number Of years ago from farm lano'
Politicians Are Interested
There are 900 acres in Belle Terre.
II was bought by Charles r. Grem-
meis In 1919 from the bond holders OF
the defunct company organized by Mr.
Alvord TO market and develop the prop
ertv. Mr.. Gremmels sold the place sew
eral days ago through William II.
West, Of Port Jefferson, to stephen A.
Fallon, who is in the steamship pusi-
ness at 50 Broadway. Mr.. Fallon TOOK
the property in the name OF the La1loh
Realty Company, formed recently pre-
sumably for the purpose OF acquiring
the estate. The company IS locs1eu III
the Kniekerbocker Building az broau-
way and Forty-second Street
Mr.. Fallon has resold $40 OF tne
acres TO the Seaboard Sand ana GrAtei
Company, or Mr.. Loft and ms lrleRas' s,'.
scr.s and the Belle Terre clubhouse:
He Is also reported 20 have received
from Mr.. Loft more than he PAID LOT
the entire property. -, -
The Seaboard Sand and Gravel CoIn-
canv will take title to the properly
soon. when It Is expected that PiAns
for The future Of the estate VIII DC
made public.
si5O,OOO Original Price
ReIIe Terre was originally owned py
the Rossiters, Martin Just, OF tne S,5 lisio
Company. and Colonel Timothy mOVS
r1g They had bought It from @ tne
strong estate for about Sl5O,OOO' Aitei
boldin0 IL for two years they sola sne
isnd 10 Dean Alvord for $39O'OOO. MI.
Ai,,ord it act out 20 make it place Ior
rotired bankers, business and proles
sional men and others who were nos
eomnelled TO come into the city every
dsv. He built miles Of roads, nne
cinbbouse and a number OF cOsNlS
knnses More than S1,000,OOO was eH
nended In laying out the place. Moss s
- tbis money was secured through
tbs sale of debenture bonds: a num-
hsr 81 investors in the vicinity OF
pocbester had bought these secuIll'esSi ~
On top of this Mr.. Alyord Dorro"eu
an additional 100000. ul.
Business depression affected the sale
NJ his land, with the result that nc va VIZ
unable to pay his bondholders. ~ cane
ss oreat surprise. The action re-
suited in the property passing 70 'he
Rochester bondholders.
Gremmels Gets Profit
M cremmels bought the property IN
,oIa Az that time. he was one OF the
ast active men in the real estate
rnsrket. His activities attracted wl9e
: sttention. When he bought bel,s
Terre II was supposed that ne wouid
.oatinne the work started by MI. Al
,,ord but time proved he had Dougnt
- o.t, Tor speculation. The story told
-asferday = was that Mr.. Gremmels had
been well paid for his wait