Personal Update

I am pleased to report that the "bill of sale" for the estate homesites will be complete this week, and as a result we can begin selling the estate homesites immediately. We already have approximately 27 estate homesites that people have reserved, and we anticipate executing those transactions as soon as possible.

Regarding our golf course; as you know we started with nine holes and recently began building the back nine. The new nine holes of the golf course have now been completely excavated and shaped, with the fairways, greens, and tees complete. The drainage piping and sprinkler system are now being installed, and grass will be planted within the next 2 months. The complete 18-hole championship course will be open by April/May, 2009. We are working fast over here! That progress alone should add some nice value to the project!

We have 300 estate lots for sale (ranging from 1 to 15 acres) roughly averaging about 2.5 acres (1 ha) located on the vineyards, golf course, polo fields and tennis center with views to the mountains. As well as 50 luxury Villa Townhomes with great views of the vineyards, golf course, and mountains, and 12 Tennis Villas (approximately 2,000 sq ft each, and situated in a beautiful 50 + year old olive orchard), which are really nicely located and look over the tennis complex and center court stadium, and are also adjacent to the golf course with more great views of the mountains.

As far as the Algodon Tennis Complex goes, we have been working with José Luis Clerc (# 4 ATP in the world from 1979 - 1985) who is now one of Argentina's most recognized and respected sports figures, and was recently featured as an ESPN commentator for the 2008 US Open. He will be operating a tennis academy and bringing exhibition and tournament play to our estate. The restaurant expansion will have a view over the center court (similar to the court set-up in Monte Carlo) so that persons who wine and dine can enjoy the match play from their table.

Our project is truly "coming together" and I look forward to showing you the amazing progress in the very near future! As with any project, there have been numerous changes, delays, and problems, etc., but overall I am very pleased with the progress and what the team in Argentina has accomplished.

The Algodon Mansion in Buenos Aires is moving forward nicely and will be open in less than 5 months. Get ready to book your rooms!!! The mansion is small (20,000 sq. ft.) but it will certainly be one of the most exquisite hotel properties any of us have ever stayed in (and I make that a promise!) On the next trip down to BA you will see that the scaffolding/cover on the building will be gone and our 1912 Mansion is truly the most beautiful building on the Street. More updates to come!!!

North Vineyard & Orchard Village

This area of land was just recently purchased so its design may change as the estate evolves, or once general construction begins. I can say that we plan to include a central Laguna, which approximately 8 large homesites will surround. I guess technically it’s not a “real” Laguna; however that’s what we’re calling it for now. There are several small bodies of water on the estate, and we need to distinguish them somehow. Laguna works for me.

There is also quite a bit of green space here, as well as vineyards and fruit orchards. I think the rendering says quite a lot. Immediately to the west of this area is the Vineyard & Golf Village, and directly to the south is the South Vineyard & Finca Village.

Vineyard & Polo Village

This sector is very exciting. Two polo fields are currently being laid-out, and will be ready for play by the spring of next year. The fields are centrally located in the village, and a polo clubhouse will sit between them. The clubhouse will include a wrap-around balcony so that event spectators can have a great view of both of the fields. The village will also include vineyards, walnut trees, and horse pastures, as well as stables, exercise rings, and a practice field.

Several homesite estates surround the polo fields, and many others are located on vineyard or fruit orchards for those who wish to cultivate a productive lot, or produce their own family label.