Up above the clouds on the hilltops of Vermont is an eponymous property.
Nestled among the Green Mountains of the region is Above the Clouds in Stowe, Vermont.
At US$9.95 million, the property is the most expensive in the town, near the Canadian border in the north-eastern neck of the United States.
Built on Stowe's highest point in the Green Mountains on a rock ledge over 6.1 hectares, the property is literally above the clouds on some mornings, according to Christie's, where it is listed.
The approach to the property is through a pass similar to a canyon, to enhance the feeling of living in the middle of nature. Designed by Stowe's architect GA McDermott and the owners, the pictures of Above of Clouds show a shining facade as the sun falls on its white marble from Danby, Vermont. The marble, known for its light veining, was also used in the construction of the White House.
The property's roof tiles are 80 years old, recycled from a hospital in Staten Island, New York.
The hand-craved wood doors lead to the foyer and a dining gallery with marbled floor and cathedral skylight, a suspended staircase and Phantom chandelier.
The three-level house towers above the grounds with views of the surrounding hilltops and valleys. It covers 1,670 square metres with its two wings spreading out from a main area comprising a kitchen, dining hall and living room. The house has four bedrooms and nine full baths.
While the east wing is dedicated to the master suite with a sitting area, exercise room and a bath made from Statuario marble, the west wing has a more official look. It has a black-walnut lined library, offices, a laundry room and a three-car garage.
The upper levels offer views of the mountains as far away as New Hampshire.
Q&A
What do the upper levels of Above the Clouds offer?
The second level comes with two bedrooms overlooking the Ranch Valley to the south. A separate apartment has a family room with kitchen, dining area and a bath. The mezzanine floor is complete with a games room with a marble fireplace and an indoor swimming pool with a spa and waterfall. The house also comes with large windows to maximise the views of the surrounding valleys and landscape.
What outdoor attractions are there in Stowe?
Hiking, rock climbing and skiing are popular in the area. The town hosts a balloon festival each summer. In the third week of September it holds a British Invasion week, which is a car show rather than a political affair. The event showcases British automobiles and this year it is expected to feature Jaguar and Land Rover. The area’s Stowe Theater Guild, Hyde Park Opera House and Waterbury Festival Playhouse offer plays in the summertime.
Any other places of interest in the area?
Mount Mansfield, highest peak in the Green Mountains and the highest in the state, is an ideal hiking destination. And the 1,000-hectare Trapp Family Lodge is a popular mountain resort owned by the von Trapp family, whose story inspired The Sound of Music. The family made the land their home upon settling in the United States after their escape from Austria during the Second World War. Their original home was burnt down in 1980 and replaced with a new 96-room resort.
ssahoo@thenational.ae
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
