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Len Penzo dot Com

The offbeat personal finance blog for responsible people.

Grandfather Says: A Lesson on Real Estate Development

By RD Blakeslee

Original oil painting by: Grandfather’s wife

Do real estate developers necessarily build a whole subdivision of houses or something like Donald Trump’s tower?

Well, Grandfather says … “No.”

When integration came to America’s public schools, a “colored” school in Union, West Virginia, became surplus and Grandfather decided to buy it:

He fixed the roof, painted it, added a flower box and built a proper entrance:

He installed interior trim, milled from wood off an old barn Grandfather pulled down. Then Grandfather wallpapered the walls and brought in an old Steinert piano he brought with him when he moved to West Virginia. He stripped off its original black lacquer finish to reveal rich mahogany underneath:

And, not to be outdone by signs like “TRUMP TOWER” on a high-rise building, Grandfather painted a sign naming the new institution, on a little billboard which once advertised rooms for rent where he came from. The lettering is classic Greek, learned when he was studying to be a commercial artist in technical school. Instead, Grandfather became, among other things, a (shudder) real estate developer.

***

About the Author: RD Blakeslee is an octogenarian from West Virginia who built his net worth by only investing in that which can be enjoyed during acquisition and throughout life, as opposed to papers in a drawer, like stocks and bonds. You can read more about him here.

Photos: Courtesy of the Blakeslee Family

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6 Comments April 19, 2018

Comments

  1. 1

    Jason says

    Pretty work, Grandfather. Pretty work.

    Reply
  2. 2

    RD Blakeslee says

    Thank you, Jason.

    As an old man now, I sometimes think back on these projects, done years ago, and feel content with the fact that I cannot do them anymore.

    Jason (and others):Try and do as well as you can with your talents (EVERYBODY has them – different from everybody else’s).

    When you are old, there will be few regrets.

    Reply
  3. 3

    RD Blakeslee says

    It’s interesting sometimes to follow the adaptations and use of buildings.

    Eventually Grandfather bought some land surrounding the studio and used a part of the land as a homesite for his mother.

    When the studio was no longer needed, it was sold to a church congregation. They added a sanctuary wing to the original studio and used the remainder of the vacant land as a parking lot.

    (the piano’s subsequent history is circuitous, but that’s another story …)

    Reply
  4. 4

    Jason says

    Your studio certainly does have an interesting history! Of course, being in my late 20s from central Maine, the concept of a segregated school is somewhat foreign to me. Around my area there is something of a tradition of moving buildings around. Once they are no longer useful to the current owner, a new one is found nearby, and the building is moved. When I was in high school we moved a barn from our neighbors place into our backyard. It was certainly a great way to create the extra space we needed, while relieving the neighbor of a tax and maintenance burden that he didnt need.

    Reply
  5. 5

    RD Blakeslee says

    Jason,moving buildings around is interesting, too! Sounds like your part of Maine is more down to earth than most places in the U.S. today.

    Still to come in “Grandfather Says”: An episodes about Baxter State Park and one about moving a house.

    Reply
    • 6

      Jason says

      Im looking forward to them!

      Reply

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