Kornegay, a former private equity executive who lives in Palm Beach, pitched his process as a pollution-free way to transform landscaping waste into feed for sugar fields, citrus groves and golf courses.
“We’re the Tesla of fertilizer,” Kornegay said in an interview, referring to the maker of electric cars.
(Note to investors, lenders and economic developers: Beware of snazzy start-ups that sum up their business models by name-dropping another hot company. DayJet, the Boca Raton company that met the same fate as BioNitrogen, once called itself “Tivo for travel.”)
Despite the tall talk, Kornegay’s company had no revenue, and it faced a lawsuit from a Canadian company that said BioNitrogen failed to repay an $845,000 loan with a hefty interest rate of 30 percent.
BioNitrogen later moved to Miami, and Kornegay left the company.
Former Los Angeles Dodgers owner Frank McCourt just sold a nine-acre parcel in Wellington for $12 million, according to property records.
The deed identifies the buyer as Elite Equestrian Estates LLC of New Haven, Connecticut. The deal includes a seven-acre property at 13700 Quarter Horse Trail and two acres at 13664 Quarter Horse Trail, both in Wellington’s Mallet Hill neighborhood.
While the Palm Beach County Property Appraiser shows buildings on one of the parcels, the sites were marketed as vacant land. The land is just south of Microsoft billionaire Bill Gates’ assemblage of properties. Gates has spent $27 million on Wellington real estate in recent years.
Ziegler, 59, was the co-founder and managing partner of Artisan Partners, an investment firm with $100 billion under management. He retired in 2014. Ziegler also owns a 13,658-square-foot spread in Wellington, which is on the market for $16.5 million.
His nearly 3.5 million shares in Artisan Partners Asset Management (NYSE: APAM) are worth about $100 million.
Office Depot has revived the 1974 hit “Taking Care of Business” as its theme song, making the classic-rock standard a centerpiece of its new national ad campaign.
“‘Taking Care of Business’ was instantly recognizable by all of our customer segments and gave us distinct brand differentiation,” Diane Nick, senior vice president of marketing for Office Depot, said in a statement Monday.
Boca Raton-based Office Depot tested the Bachman-Turner Overdrive song in a 2,000-person survey and found even college students consider the tune “fresh” and “innovative,” Nick said. Office Depot designed the campaign with Zimmerman Advertising of Fort Lauderdale, which took over as the retailer’s ad agency in March.
Office Depot has used “Taking Care of Business” off and on for years, most recently in 2011.
Office Depot first used “Taking Care of Business” in the 1990s, when the retailer was on a roll. Back then, big-box office supplies stores were driving mom-and-pop shops out of business and elbowing their way onto the Fortune 500. Staples ponied up for naming rights to the Los Angeles Lakers’ arena. Office Depot featured comic strip character Dilbert in ads, turned the Florida Marlins’ foul poles into giant pencils and put its logo on a car that competed in the Daytona 500.
However, amid shrinking demand for pens, pencils and printer paper and increased competition from Wal-Mart and Amazon, the once-growing chains have fallen on hard times. A federal judge last year rejected the proposed merger of Staples and Office Depot (Nasdaq: ODP), leaving the two struggling companies to figure out a Plan B. Office Depot has been working on its “store of the future,” a 15,000-square-foot format that offers services such as smartphone repair.
The last time real estate prices were in record territory, the National Association of Realtors‘ most visible spokesman was an unabashed cheerleader. But during the latest record run, NAR’s new chief economist is calling the boom “unsustainable.”
What a difference a decade makes. During the boom, NAR’s top dismal scientist was David Lereah, author of the unfortunately titled book Why the Real Estate Boom Will Not Bust, published in 2005.
During a 2006 visit to West Palm Beach, Lereah spoke to Realtors and pointedly bashed the media for reporting signs of a slowdown.
“Is this a bad year? Yes. Your numbers will be down,” Lereah said. “Are you going to bust? No.”
After a painful and massive bust, Lereah is out, and he has been replaced at NAR by Lawrence Yun, who takes a decidedly more cautious approach. In Wednesday’s monthly housing report, Yun noted that the median home price hit a new record of $252,800 — and he then promptly downplayed the potential for further price increases.
“Home prices keep chugging along at a pace that is not sustainable in the long run,” Yun said in a news release.
Price appreciation is outpacing income growth by an unhealthy margin, Yun has warned.
President Donald Trump‘s political rise has sparked sales for his two big hits as an author, The Art of the Deal (published in 1987) and Time to Get Tough (2011).
As of July 15, 2015, Trump reported less than $50,000 in royalties for The Art of the Deal and less than $100,000 for Time to Get Tough. In the latest disclosure, dated June 14, 2017, Trump reports royalties of up to $1 million apiece for those two books.
In other words, over the past two years, Trump made as much as $950,000 in royalties for The Art of the Deal, and as much as $900,000 from Time to Get Tough.
Authors are known for making very little money from their books, and even the world’s most visible man seems not to be raking it in from sales of many of his tomes. Fully 10 titles authored by Trump have generated less than $200 apiece in royalty income for the prolific author, according to a new financial disclosure Trump filed with the U.S. Office of Government Ethics.
Trump reports royalty income of less than $201 from the following titles:
Think Like a Billionaire (2004)
The Art of the Comeback (1997)
Why We Want You to Be Rich (2006)
Trump 101: The Way to Success (2007)
The America We Deserve (2000)
Never Give Up (2008)
The Best Real Estate Advice I Ever Received (2005)
The Way to the Top (2004)
Think Big and Kick Ass (2007)
Trump: Surviving at the Top (1990)
The precise dates covered by the report are unclear, but the disclosure appears to tally cumulative income over the past half-decade or longer.
Two other titles — The Midas Touch and How to Get Rich — have totaled between $5,000 and $15,000 in royalties. Another, Think Like a Champion, has brought in between $15,000 and $50,000.