“ 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