The owners of a Phoenix, Ariz. home designed by Frank Lloyd Wright are in quite a hurry to sell, but not because they need the cash. John Hoffman and Steve Sells need to sell their home because it is about to be landmarked.
The New York Times reported that buyers thought they got a deal on the four-bedroom home when they bought it for $1.8 million in June. Now, the owners, who are asking $2.38 million for the 1952 home, are convinced that the landmarking will mean their investment is null, the Times said.
The proposal has ignited a debate about landmarking in an area where property ownership rights are generally strong, the Times said —with the would-be sellers arguing that the landmark status mostly benefits Frank Lloyd Wright’s family.
“When three Wright granddaughters sell it for $2.8 million, for me to carry the cross for Frank Lloyd Wright, that’s not fair,” Sells told the Times.
“If it becomes a landmark,” he said, “we’re out of business.” [NYT] –Guelda Voien