“ It can be the reason people come here in the first place , or it can be the reason they come back .”
History can also be timely . “ Historic places become destinations especially these days because they conjure images of longevity ,” said DiRienzo . “ In troubled times people can look back in historic places and find it comforting that those walls have seen troubled times and managed to survive .” Or they can be a foil . “ My niece is 22 and works for a high tech firm . After dealing with engineers all day in that sterile environment , she loves to go home to history .”
Many historic properties were homes , such as Oheka Castle Hotel and Estate in Huntington , New York . The business model is preservation ; the well-rounded business model works to keep the estate
vital . Tours are key to its success . The core philosophy is helping to preserve the authenticity of the historical site . To do so , profit is necessary .
“ All of these elements are very important in maintaining the estate ,” said Nancy Melius , director of marketing and design for the past 12 years , and daughter of Oheka developer and owner , Gary Melius . “ Without funding we wouldn ’ t have the same place . You simply need funds to have a wonderful experience .”
Construction of Oheka began in 1917 , and it ultimately became the second largest private residence ever built in America . The Biltmore House in Asheville , North Carolina , built by George Washington Vanderbilt II between 1889 and 1895 and now a historic hotel and convention center , is the largest privately-owned home in the United States . Its 250 rooms comprise 175,000 square feet .
Otto Kahn spent summers there with his wife , Addie , and their four children . After Kahn ’ s passing in 1934 , the estate went through many different owners . By 1936 , Kahn ’ s image became the inspiration for the character Rich Uncle Pennybags ( later known as Mr . Monopoly ) in the wildly popular board game . It was eventually purchased by the Welfare Fund of the Sanitation Workers of New York City and became a retirement home . Later the estate became a training facility for the Merchant Marine . By 1979 , the Cold Spring Hills Civic Association sought to preserve the Oheka .
But eventually costs ran too high and the estate fell into disrepair . Melius purchased Oheka in 1984 and vowed to restore
San Antonio , Texas , has a high concentration of thriving historic businesses in a small area near the Alamo and Riverwalk . The Emily Morgan , pictured here , is reputedly haunted . The bar at The Menger Hotel , adjacent to the Alamo , is a replica of the House of Lords pub in London , and is the place where Theodore Roosevelt recruited cowboys to form his Rough Riders brigade . Those two , as well as the Crocket and La Mansion del Rio , are members of Historic Hotels of America . The Gunter Hotel is also said to be haunted and is on the National Register of Historic Places .
www . MoAF . org | Spring 2018 | FINANCIAL HISTORY 37