|Ragueneau and Lindy|
Crescent St might never been the same since a precious chunk on the east side between the alleys, including Thursdays and several other bars and eateries, went up for demolition to be replaced by we're-not-sure-what-exactly.
The Ogilvy's project, guided by Selfridges, ie: the Weston family (of Loblaw's fame and fortune) is a massive project that also entails knocking down the other property owned by Bernard Rageuneau, the beloved Hotel de la Montagne.
So why the owner Bernard Ragueneau sell out?
I'm told he got an offer that he couldn't refuse: $160 million.
It didn't all go into Ragueneau's pocket however, after paying off debts (mortgage, former partner Herman "Sonny" Lindy's share, and $1,000 per year for each worker). Ragueneau is expected to have about $50 million clinking around his bank account.
Ragueneau and Lindy, two former longtime partners who united rose from mere bar/restauranteurs to big time hoteliers, didn't always see eye-to-eye but remain on good terms. Both gained by being patient and there's a lesson in that because they had ample chances to screw each other over but always took the high road, an example for others in business.
A lot of Ragueneau's $160 million surely went to paying off a provincial capital gains taxes.
You will recall that both the PQ and slightly surprisingly, the CAQ, proposed big hikes to the tax. It was not hiked, however, in the new PQ budget.
But I overhead a guy on the 80 bus saying that he was going to sell his $3 million of property and that his bank instructed him to establish residency in Ontario first, a process that takes about two or three years to credibly do, he was told.
Such a move would save him around $70,000, the bank advised.
So when Montreal banks are advising you to move to Ontario, you wonder how many are already doing precisely that, taking their capital gains and all other money out of the province with them.
I mentioned this to my accountant and he chortled, "If you really want to save money, move to Alberta!"