On the Record
Second Opinion Service Did you adjust for the post-COVID world?
Second Opinion Service
by Nicholas Schou
Nicholas Schou is an award-winning investigative journalist and author of several books, including Orange Sunshine and Kill the Messenger. If you have tips or stories about Montecito, please email him at newseditor@montecitojournal.net
‘No Impending Sale’:
Ty Warner Puts End to Rumors About Montecito Properties
Did you adjust for the post-COVID world?
The world has changed dramatically this year, likely accelerating changes that were already happening in our world. hew weora ldllhw asocrhka,ngeeadt,dg raamtahteicra,llay nthdis vyieeaw r, liskaeflyetaycch elaervaetinagll cb haenegnesindelibly HoTw e nalgreawdiyth hao ppth eneirngasinpoeucrtswo orfldo. ur lives. altethraetdwaelro How we all work, eat, gather, and view safety have all been indelibly
The question is: have your portfolio and your financial plan been adapted altered along with other aspects of our lives. for these dramatic changes? The question is: have your portfolio and your financial plan been adapted
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Lower garden area of the Stonehouse Restaurant
n an exclusive interview with the Montecito Journal, Ty Warner, Montecito resident, Beanie Baby creator, and billionaire owner of the Coral Casino Beach and Cabana Club, the Four Seasons Resort the Biltmore, the Montecito Club, and the San Ysidro Ranch, said he had no plans to sell any of his local Christopher Gallo properties, all of which except the San Ysidro Ranch have remained closed due ChrU isB toSphFeirnG aanlcloial Services Inc. to COVID-19 concerns. UBS22 Fi2naEnacsiatl C Searrvriiclleos SIntcre . et Last week, the Journal reported that Montecito’s Board of Architectural 222 East Carrillo Street Review voted to approve Warner’s plans to make exterior improvements to Suite 106 Suite 106 the Coral Casino. The proposed project was being planned amid rumors that SanStaan BatrabaBraa,rb Ca Ar9a3, 1C0A 1-7913 46101-7146 Warner might sell the property. 8058-90653--9 376731-37 80701-2628-040 77-2 4 62-4774 Warner denied the rumors flatly. “There is no impending sale,” Warner said in a July 31 interview with the Journal. “There is no chance in my lifetime that any property I have in California is going to be sold – absolutely none.” Though Warner closed three of his properties for the duration of the coronavirus pandemic, he said it was not evidence of any desire to unload the properAI®MA® lloll,oC,FC P®F,PC®IM ,C ChCrhisrtisotopphheerr TT.. GGaa ties, but rather that he was being cautious about reopening. A® Warner added: “The reason they are closed should not be a problem for anyCPCWPW A® V i c e P r e s i d e n t W e a l t h M a n a g e m e n t one to understand. I do not want to take the risk for them to open or to be sued Vice President - Wealth Management Portfolio Manager or have any liability were something to happen.” Portfolio Manager Meanwhile, Warner said he was using the property closures as an opportu805-730-3425 80c5h-r7is3to0p-h3e4r.t2.g5allo@ubs.com nity to reinvest in them, as evidenced by the proposed improvements being christopher.t.gallo@ubs.com planned for the Coral Casino. Warner has a well-known history of investing heavily in his Montecito properties. He purchased the Four Seasons in 2000 for $150 million and then promptly spent more than $240 million for massive upgrades. In 2005, Warner invested $65 million to vastly overhaul the dilapidated Coral Casino. Ten years later, he shut down the Montecito Club for a ubs.com/fs/christophertgallo three-year, $75 million remodel. “We would not be doing all these things if I was going to sell the properties. ubs.com/fs/christophertgallo There are no plans to sell the Montecito Club, the Coral Casino, or the Four As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both Seasons Biltmore,” Warner explained, expressing irritation about the speculainvestment advisory services and brokerage services. Investment advisory services and brokerage services rerm sepp arraoteviadnin d gdisw tinecat,ltdhiffm erainna mgaetem riael nwtasyseravnidcearsetgoovcelirenn edtsb,yUdB iffSerFeinntalanwcsiaalnSdesrevpiacreasteInc. offertions. As aafi s both“I’m having breakfast and pick up the newspaper and I am like, ‘Where anegnetmaed ntvsi.sIo t risyim atdclb iernotske unradg erestasnedrvtihceew hicehnwt eacdovnidso ucrtybsuesrinveicsseasnadntd hab t rokerage services nvesatrrm seprovritcaents tahn s.aIyns vineswtm is this coming from?’” d the agreements and disclosures that we provide to them about the products or are stseheerpvyaiccreaasrtewefuealloynffrdeeard r ain ysthaenPdDaF rdeocguomveenrtnaet dubbsy.codm iff/ewroernktinlagw rate Warner is notorious for rarely speaking to the press, he insisted . Fisotrin mcotr,e diniffofe rm tiom n, aptleearsia e lrew via ew wisthaunsd. sepaAlthough arranCgeretim inarw t business and that fieednFtins.anItciiasl Pim lanpnoerrtBaonatrdth ofaSt tcanlideanrtdss u Inn c.doewrsntsatn hedctehrteificwataioyns m kshCicFh P®w aned cCoEnRd TIu FIcED he isn’t that hard to track down. “It’s not like nobody can find me,” he said. theyFIcNaArN efCuIAllLy PrLeAaNdNEthR™e ian gthreeeUm tsAa®nisdadreisgcisltoesreudrecesrttihficaattiw .S.eCnIM onemparro k voifdteheto InvtehstemmenatsbaonudtWth eaelthproducts or serviIcnestsituwtee, foofrm feerr.lyFIoMrCm dU oBcSu2m0e2n A,oinrethin e fUonrim tedaStito atne,s opfleAamseerircea vainedwwtohrle dwPiD deF. © 0.tAalltriu ghbtss .rceo sem rve/dw . orkingwithus. CertUifiBeSdFinFainnacinalcSiaerlvPicleasnInnce. risBaosaurbdsidoiafryStoaf nUdBSarAdGs. IM nce.mobw ifi-UcaBSti-o57nDm rkBs CFP® and C ERTIFIED er nFIsNtRhAe/SIcPeCr.tD F2aFD ON THE RECORD Page 444 FINANCIAL PLANNER™ in the U.S. CIMA® is a registered certification mark of the Investments and Wealth nstitute, MONTECITO formerly IMCA, inJOURNAL the United States of America and world“Iwthink ideclever . ©Upeople BS 2think 02that 0. A ll rpeople ightare s restupid.” serve– dNorm . MacDonald 6 – 13 August 2020 poor
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