Number of Overnight Guests: 24 Double Occupancy -- 41 Overall with additional pull-out and twin beds

 

Other:  In addition to living quarters and stalls. our campus has a theater and a cardio gym elliptical bicycles, rowers, etc.

There is also an electric sauna.

 

 

Onsite A/V Staff:  Yes supplemented by outside A/V suppliers when needed.

 

Food & Beverage:  There is a Town of Richmond Board of Health inspected kitchen in the Main House.  The kitchen is only available to TIARA EQUEST.  There is a Dining Room which seats up to 16 persons at one time.

 

Catering:  No - There is no in-house catering except for Breakfast / Brunches. Groups have the option of using their own caterer or their own food.  We provide warming facilities for meal prep, but not cooking.

​

.


"EQUEST"  =  the berkshire EQUESTrian center

3    Barns
32  Stalls -- 13 horse stalls in the Shaker Main Barn... 9 horse stalls in the "L" Barn... 4 horse stalls in the "I" Barn...

6 pony/stalls in the L Barn Annex...

15  Grazing Paddocks  -- 4 with run-in sheds to provide shelter and allow 24-hour turnout.

1   Large Tack Room in the Shaker Barn with lockers & 1/2 Bathroom.  It is heated.
1   Small Tack Room in the L Barn without lockers and a bathroom.  It does not heat it.
 
3   Arenas
2   Indoor arenas:    The large Scott Arena is 200'x 80' w twin level surface... fully lit and heated by 12 radiant heaters 
                             The smaller Morse Arena is 120'x40'... lit but not heated.
1   Outdoor arena:   250' x 150'  Euro-felt surface...  next to the indoor arenas
​
2   Courses
1   Variable Grade Turf Galloping Track -- Approximate length = 3 furlongs (3/8ths mile)
1   Variable Grade & Surface Cross-Country Track - Approximate length = 3 furlongs (3/8ths mile)
​
1   Jump Field
    is within a curved end-section of the Turf Galloping Track.

    Proximal To Property
    There is a Berkshire Natural Resources Preservation (BNRC) trail-head, "Hollow Fields," for trail-riding about 1/4 mile from the property.


EVENT VENUES

The Inn Entertainment "Campus" - The sum of the below venues creates one unique super-venue for memorable events. 

The Inn
The first floor comprises all common areas; Dining Room, Parlor, Library, Terrace Garden Room. 

I use all for functions of up to 50 guests.
Also on the first floor... off the Dining Room... is a modern Kitchen, that is inspected by the Richmond Board of Health, that is available for light prep & catering.

The Inn Barns
The Flag Barn is a three-level barn of which 2 levels are heated - a third level is piped for propane -- ready for a heater attachment.
The main level, which is accessible by an ADA compliant earth ramp, has 2 ADA compliant bathrooms.  The Flag Barn can hold up to 99 people.
The L Barn, which is across from the Flag Barn has 2 Meet 'n' Greet areas with a triangular lawn connecting them for smaller functions. It is unheated.

The Inn Garden & Lawns
The Terrace Garden is directly behind The Inn.  It is used for weddings & cocktail hours, small luncheons, plus other events.
The Terrace Lawns on either side of the Terrace Garden are flat lawns suitable for placing tents 100'x40' and 60'x80'.  Both sizes can hold 180 - 200 people.
The "Paddock" Lawn is directly beyond the Terrace Lawn.  It is a 165' x 185'.  It can be tented with one large or several smaller tents.
The "Dimple" Lawn is directly behind the L-Barn.  It is 75'x75' and perfectly flat.  It is ideal for placing a tent or playing games. 
The "Fire-pit" Lawn is directly behind the "Dimple." It is surrounded by massive Arborvitaes. It is a favorite of wedding parties.

TAKEN TOGETHER, WITHIN

A 250' RADIUS FROM THE INN,

ALL THE ABOVE VENUES ARE AVAILABLE

FOR INDOOR GATHERINGS AND OUTDOOR TENTED FUNCTIONS.

(Note:  Parking for small events (up to approximately 16 vehicles) is available around The Inn. 
For larger events, parking is accommodated by using space in a paddock just off Perrys Peak Road.
 

 

There is more...

The Equestrian Arenas, Viewing Room & Penthouse (the ultimate "sky-box")
The Viewing Room is ideal for equestrian-related events.  It can hold up to 30 -50 people depending on the set-up.
The Arena, aside from its obvious lesson/training/horse-show functions, has been used for a gala wedding reception and

whatever one's imagination creates.
The Penthouse is the perfect "sky-box" for exclusive entertainment from cocktails to plated dinners and entertainment.

(Note:  Parking for small events (up to approximately 20 vehicles) is available around The Inn. 
For larger events, parking is accommodated by using space in a paddock next to the parking lot

and around the Main stable.
 

 

Property Infrastructure Details

​

ALL SEPTIC TANKS, PROPANE TANKS,
WATER / ELECTRIC / TELEPHONE / CABLE SUPPLY LINES
ARE BURIED AS ARE THE PROPERTY DISTRIBUTION LINES TO THE BUILDINGS.
NOTHING IS VISIBLE!

"Tiara Equest is a Mini Disneyworld"

​
WATER:          1 Private well on the property delivers 10 gallons per minute serves the entire property.  Water enters through The Inn where is it stored in 5 pressure tanks that provide even pressure.

SEPTIC           3 Main septic systems -- all are accessible for inspection/service through covers just below the surface.  They are...  
                           (1) a 2,000-gal tank w 1000-pump chamber serves The Inn, Apartment 7 & Cottage 8        -- location, parking area between #7 & #8;
                           (2) a 1,000-gal tank serves the Flag Barn, Cottage #10 & Suite #9                                    -- location, Inn's parking area (an intermediary 1,500-gal tank exists behind #10);
                           (3) a 1,500-gal tank w 1200-gal pump chamber serves the Indoor Arena, Stable, Apt.11     -- location: paddock across from Main Stable (an intermediary 1,500-gallon exists at the Indoor Arena).
                                         
PROPANE:      6 Propane tanks:   5 x 1000-Gallon Tanks;  1 x 500-Gallon Tank.  Tanks are rented from Suburban Propane.

HEAT:            The Inn & Apartment #7 are heated by oil; Cottage #8 and Apartment #11 are heated by propane warming air through and exchangers.  Cottage #10 & Suite #9 are heated by gas-log stoves in the units.
                     Indoor arena spaces are heated by propane, but differently:
                          The Viewing Room and Penthouse are indirectly heated by forced air heated through 2 heat exchangers (1 on each level w individual thermostatic control). 
                          The Arena -- which is fully insulated -- is directly heated by radiant heaters (warms objects not the air) suspended from the supporting structure of building.
                 
HOT WATER:  All water is heated with propane:  The Inn has an two 78/80-gallon tanks that serve The Inn and Apartment #7.  Cottage #8, #10 w Suite #9 have their own water heaters.
                     Apartment #11 has it own hot water heater which also provides hot water to the main Shaker Stable's half bathroom, service sink in the tack room, plus horse wash-stall.
                     The Scott Indoor Arena has new state-if-the-art water heater... a storage tank... and two pressure tanks the serve the entire building.
        
ELECTRIC:     The property is supplied by three Eversource Electric poles, each delivering 200-amp service.  There are three main circuit breaker panels with nine sub-panels.                      Without placing solar panels on the ground, The Inn, L Barn, and Pony/"I" Barn directly face toward the south thereby providing optimal exposure for efficient solar panels on existing black roofs
                     The main Shaker Stable, L Barn, the small indoor Morse Arena, and large indoor Scott Arena offer un-shaded western and southwestern exposure on black roofs.

TELEPHONE:  Service is provided by Magna 5 which bought Richmond Telephone.  There are 5 lines; 3 are for voice and DSL which lockout for fire alarms if necessary. The other two are dedicated to a fire alarm system. 

There is a legacy telephone system (switch & phones) that served The Inn and some cottages, but not the barns, stables, nor indoor arenas, the latter of which is separately served by one of the above-mentioned lines.  This telephone system's usefulness has been obviated by personal cellular telephone use.  The wiring still exists for re-use or re-purposing such as providing music.

​

INTERNET:       Onsite wireless connection:  3 DSL modems (Inn, L Barn, Indoor Arena) connected to three of the above lines provide coverage to all corridor buildings.   Additionally,  WIFI is broadcast from The Inn via an Ayerstone antenna.  This system, if upgraded, is capable of providing WIFI coverage over the entire property.
​
CABLE:             There is TV cable entering The Inn which is distributed to the rooms and buildings around The Inn.  However, the service is disconnected in favor of television over WIFI via ROKU. Though the original TV cable still exists, it may not optimally meet the demands for the higher speeds of the Internet and the broader bandwidth of 4K.  TV cable was not extended to the Main Shaker Barn nor the Scott & Morse Arena.  These buildings require signal access via a satellite dishes or WIFI-based ROKU which is used.

​

ALARMS  There are no entry alarm systems nor surveillance cameras on the property.  There are two fire alarm systems (at The Inn and The Scott Indoor Arena) that are under repair.
 

Future Development

Available Land:  There are three valuable plots -- roughly 3+ acres each furthest from Perry's Peak Road with existing improved gravel access -- that have been surveyed and designed
to meet the Town of Richmond's requirements.  These lots can accommodate single family and/or duplex apartments/condos.  Presently, these desirable lots are undeveloped.

Location

TIARA EQUEST is located in the "Heart of The Berkshires" of Western Massachusetts USA.   Richmond borders New York State. 
TIARA EQUEST is 1.25 miles "as-the-crow-flies" from New York State Line; and 2 miles by a vehicle driving Route 41 to Route 295.

"EQUEST"  =  the berkshire EQUESTrian center

 

3   Barns

26 Stalls  13 Stalls in Shaker Main Barn... 9 Stall In "L" Barn... 6 Stall in L Barn Annex... 4 Stall in "I" Barn

15  Grazing Paddocks

  1  Main Tack Room with Lockers & 1/2 Bathroom.

 

3   Arenas

2 Indoor arenas:    Main 200'x 80..twin level surface... fully lit and heated by 24 radiant heaters

1 Outdoor arena:   250' x 125'  Eurofelt surface.  Adjacent to indoor arenas

​

2   Courses

1 Variable Grade Turf Galloping Track

1 Variable Grade & Surface Cross-Country Track

​

1   Jump Field

Jump Field is within a curved end-section of the Turf Galloping Track

​

 

Property Infrastructure Particulars:

​

​

 

Location: 

In the "Heart of The Berkshires" of Western Massachusetts USA --

Richmond borders NY State. 

TIARA EQUEST is

1.25 "as-the-crow-flies" miles from New York State Line;

2 miles by a vehicle driving Route 41 to Route 295

Common Border State & Towns: 

 

Common  Border Towns with Richmond...

Massachusetts     Lenox, West Stockbridge, Stockbridge, Hancock, Pittsfield
New York              Cannan

Common Border Counties with Berkshire...

Massachusetts     Hampton, Hampshire, Franklin
New York              Columbia, Rensselaer, Dutchess (very little)
Vermont                Bennington
Connecticut          Litchfield

 

Nearby Cities & Number of Miles from TIARA EQUEST -- TOTALLY CONVENIENT

 

Pittsfield, MA - 10 Miles to Downtown (.25 hours by car) / City border is 1.5 miles north of TE

Albany, NY - 38 Miles (1 hour by car.  One traffic light to the Interstate.  All Interstate roads thereafter.

Springfield, MA - 54 Miles (1 hour by car).  The first traffic light is in West Springfield

Hartford, CT - 111 Miles (2 hours by car).  The first traffic light is in Springfield

Boston, MA - 166 Miles (3 hours by car).  The first traffic light is when one exits the MA Turnpike / I90 in Boston

New York, NY - 167 Miles (3.5 hours by car)  One traffic light to the Interstate.  All Interstate roads thereafter.

 

Nearest Airports/ Number of Minutes:

 

Private Business Class Jets (Gulfstream V Class)

     City of Pittsfield Municipal Airport / Jetport - Pittsfield MA -  (KPSF) 4.5 miles / 0:10 minutes

     

There In Not A Red Traffic Street Light Between Us & 

Access to U.S. Interstate Highway Systems and

Pittsfield Executive Jetport in the Berkshire 

​

http://berkshireeagle.com/stories/faa-backs-66m-pittsfield-runway-project,517418

 

The Pittsfield Airport is recently upgraded by

$22.5 million in physical improvements, overall:

Increased the length of the main runway to 5,790 feet.

Cleared obstructions from the approach and departure routes.

 

Commercial Airlines

     Albany International Airport - Albany, NY / 45 miles / 50 minutes -- There is 1 red traffic light between us.

American Airlines | Boutique Air | Cape Air | Delta Airlines | Elite Airways | Jet Blue Airways | One Jet

Southwest Airlines | United Airlines

 

     Bradley International Airport - Hartford CT / 62 miles / 1:15 hours -- There is no red traffic light between us.

Aer Lingus | Air Canada | American Airlines | Delta | JetBlue | Norwegian Air | OneJet | Southwest Airlines

Spirit | United Airlines 

​​

Nearest Amtrak Service:  Pittsfield MA - AMTRAK's Lake Shore Limited stops daily in late afternoon heading east & west.

 

Public Transportation Options:  None.  Must have a car or rent one.  (Hertz, Enterprise, and Limo services are available.)

 

Onsite Wireless Internet:  Free

 

Onsite A/V Staff:  Yes... supplemented by outside A/V suppliers when needed

 

Food & Beverage:  There is a Town of Richmond Board of Health inspected kitchen in the Main House. 

                                        The kitchen is only available to TIARA EQUEST.

​

Catering:  No - Currently there is no in-house catering except for Breakfast / Brunches. 

                               Groups have the option of using their own caterer or their own food. 

                               We provide warming facilities for meal prep, but not cooking.

 

Alcohol Permitted:  Yes - BYOB

 

Packages:  Yes - Custom Priced

 Rates and Packages:

Special Rates for Charities etc:  Determined request by request.

Event Rental Policies:

A 50% non-refundable deposit of the Owner's and Non-Owner's estimated gross fee for rental of TIARA EQUEST facilities and a $500.00 Security Deposit is due at the time the contract is signed. There will be an initial walk-through at the start of the program and final walk-through to ensure that the rented space/s is/are left as found, and to determine if cleaning fees are to be deducted from the Security Deposit.  A Member must obtain liability insurance -- including alcohol rider if alcoholic beverages are served -- and present proof of the same two (2) weeks prior to the event. A Member may cancel the rental agreement (less the 20% deposit) within 3 months of the program move-in date. If the Member cancels the program thereafter, a payment of 15% of the estimated gross fee will be due to the LLC.  BMV LLC recommend 

 

Pets or firearms allowed under the following conditions:   Policies are currently being updated.

 

Land In the Back:  There are three plots in the back that have been surveyed, perks, and designed to meet the Town of Richmon frontage requirements.  These lots can accommodate duplex apartments/condos for rent.  Presently, these lots are undeveloped.
 

​​

Terms of the Offering

 

Valuation:

 

The property is valued at $7.5 Million Dollars, USD.  This amount reflects the initial purchase price, major capital improvements,
on-going modification and enhancements, and a modest R.O.I. when Berkshire Meadow View sells its final 20%.  Regardless, for the potential members, the valuation is more dependent upon the usage that is derived, the years holding the fractional share and the "side" money that the member may obtain via sub-letting stays to family, friends, and business contacts. via two programs to support this incidental, individual income

 

There are seventy-five (75) units of ownership being offered at $100,000 per unit.

 

This offering is not an "all or nothing" transfer.  Each member will immediately obtain the benefits of membership. 

 

Currently, Dunham is the sole member of the LLC.

 

Memberships.  There are several types:

Full Member  -- Two adults

Family Member -- Two adults plus an added fee per child

Corporate Member  -- Full & Weekday Only

Equestrian Member -- Priority given to an Owner in one of the above categories

                                           Vacancies can be contracted by Non-Owner but may be bumped by an Owner 

Guest Member -- Non-Owner, one-time use

Social Member  --  Non-Owner, full use as defined by the membership agreement.

 

Owner Memberships include

Stays in various units

Ability to sub-divide ownership/membership, but must have one contact responsible for all and to managers

Ability to assign upon LLC manager approval -- acceptance of all agreement & policies approval -- no deed

 

Owner Member's Usage, Privileges & Discount

Usage

Guest Rooms, Suites, Cottage, 

Stable & Paddocks

Outdoor & Indoor Event Space Life & Business Events: Wedding / Anniversary  /Receptions / Reunions

                                                                                                      Meetings/Conferences/ Training  Retreats

Privileges:  

Discounts: 

 

Calendar & Season:  Currently BMV LLC's prime season is from June 21 to October 21.

 

Blocked Dates:   LLC holds Labor Day Weekend to the week past Columbus Day for Destination Weddings

 

Thanksgiving...Christmas, New Years, days and included weekends are blocked as well

If demand is greater than supply the allocation will be by lottery to members first and

then to the public.

 

Membership Sharing:  Yes

 

Non-Use is Credited to a Member Account if rented by the LLC

Member may release his/her allotted time to LLC

          Revenue Share  50/50

          LLC assumes responsibility for a non-member guest.

 

No Credit is given if rented by the Member

Season Ticket Rule:  Renter is responsible for non-member guest's behavior and damage if any.

 

The Owner cannot advertise his/her Membership via Air B&B, VRBO, or ads, social media, etc.

 

Transferability of Ownership.  Yes, but subject to approval and willingness to pay the cost.

There are costs for the update of LLC registration with the state, plus the "vetting" of the new member.

The future owner

1) Must be willing to freely accept our charter/mission/agreement

2) Must be in "good standing"  i.e. not on a no-fly list, bad-actor list, etc.

3) Must be sponsored by an Owner or management team and initially approved by managers. 

     After full subscription by 70% of the then existing Owners.

 

• Who may "buy-in":   National restriction - None.  However, persons must be identifiable by photo & not on a "watch list."                                                  Corporation or LLC - OK |  Accredited vs. Non-accredited Buyer - No Issue - Not a security offering

• Minimum Membership Number & Amount:  One membership -- $100,000 per membership

• Maximum Initial Memberships Per Person & Amount:  Negotiable.  Buy all memberships; own the LLC

• LCC's Membership Solicitation: Website, LinkedIn, Opportunity, Equestrian Realtors, Ads, Qualified Lists, Finders.

• Finder's Fee:  BMV LLC will pay a Finder's Fee for new Owner/s.  However, BMV LLC will also discount the same amount from an Ownership fee for a self-referral.  In short, the Finder's Fee does not affect a potential owner, for were it not for the Finder, the potential member would not have heard of the opportunity, which knowledge has value, in itself, which we deem to be equal to the Finder's Fee.

• Documents:  The potential owner must sign all documents which are presented at the time of closing... and agrees to sign any further documents which may become necessary by policy, business, or law so long as all other Owners are required to sign the same document.

• Anti-Dilution:  While Carl Dunham, owner, holds even one share there will be no dilution through increased members.  After Dunham sells all of his membership units, the then existing members can vote on any further dilution or even consolidation.

 

Risk Factors

 

• Risks related to the company:  Though it is mentioned in this Memorandum that the offer may be modified or withdrawn, there is absolute certainty that the Founding Member is committed to selling his entire interest in the LLC, which owns the property, or if an out-right buyer desires to the sell the property itself, thus leaving the LLC as a shell.  Therefore, the risk is not in the complete transfer of ownership, or that it will happen as soon as possible through dedication.   Notwithstanding,  because the fractional membership is not sold on an all or nothing basis, there is the risk that the sales of fractional Ownerships are in progress when and the Founding Member dies, thus putting this LLC into his estate.  

• Risks related to the hospitality industry:   "The Berkshires" is a marketing concept which started in the 1930s  Since that time its popularity has grown. In 2009, National Geographic Magazine with the guidance of 434 experts in the field of hospitality, environment, sustainability, etc rated The Berkshire 14th overall in the world and 7th when grouped with locations having the same rating.  There are key anchors to The Berkshires continued viability:  Tanglewood which has been owned by the Boston Symphony Orchestra since the 1930s has just committed $30,000,000 to the expansion of its music presence to 365 days.  Likewise, Jacob's Pillow -- center for world-renowned dance -- has also committed to 365 days of operation.  There are other anchors such as Norman Rockwell Museum, Berkshire Theatre Group, The Mount, Hancock Shaker Village (and the list goes on) that attract visitors.  So the anchors are not a problem.  Their seasonality... or perceived seasonality is.  There are "anchors" everywhere... in every segment of travel, leisure, entertainment, resorts, etc.  However, they have different core, "prime-time" seasonalities which already attract away visitors to The Berkshires.  And so, the impact of The Berkshire's anchors off-season presence is yet to be determined.

• Risks related to the local hospitality industry:  However, the anchors have attracted investments in resorts, inn, bed & breakfasts, etc which may provide more "beds than heads," a term the hospitality industry like to use to replace supply and demand.  Further, the disruptive technology, which Air B&B provides, further exacerbates the "bed for heads " supply and demand equation.  More supply than demand decreases prices and thus margins overall.  It is more than likely that this will cause a "shake-out" in the mid-priced market since Air B&B sell value through price and ubiquity... while the high-end markets-- Canyon Ranch, Miraval-Cranwell, Ocean City Management-Blantyre, Travassa sell price through value and exclusivity.  Therefore, for the free-standing mid-market inns and B&B which are caught in the middle of the price-value polarity, it will be challenging for those businesses which are privately owned and operated for real profits over "lifestyle," which accommodate an owner through a modest living with great benefits of satisfaction, positive reviews, and wonderful acquaintances and friendships.

• Risks related to the fractional sales offer, per se:   Faced with the above, the greatest risk to Ownership, which is predicated on no annual fees accomplished via non-member rentals and event, is the depression of room rates in the mid-market properties.  BMV LLC management has no control over this price adjustment.  Notwithstanding, BMV LLC does have more control over non-room related pricing, i.e., events which utilize more than just the rooms... barns, paddocks, the entire property... for the regional "inventory" for our venue and elements type is less than rooms which are everywhere!   However, there are entrepreneurs in addition to Air B& B which are attempting to organize farms, industrial venues, and other non-standard venues to become the "new normal."  Additionally, there is growing threat presented by non-profit organizations, of which The Berkshires are saturated, that are now competing with for-profit businesses in the area of events under the banner and cry (i.e. whimper) "if we cannot bring in "this money" our donations are not sufficient and we will not be able to deliver our benefit," of which many benefits are already so thin that they should be challenged by the IRS.

• Risks related to the Fractional Owners & Their Memberships:membership:  

• (i) Other Owners. For the most part, these risks mirror the risks in any neighborhood, condo association etc.... one may not like another member.  Further, since BVM LLC does not discriminate based on race, religion, etc, for bigots, membership could become unacceptable though, at the time of becoming a member, it was since there was no member which was the victim of the already established member's bias.  BMV LLC is not an association of exclusivity as even allowed by IRS 501-c7 code (religious or race-related organizations).  Bottom line, BMV LLC is a prima facia risk to people and entities who do not espouse diversity. 

• (ii) Managers.  On a daily basis, BMV LLC  managers have to make decisions, perform duties, prioritize repairs, and even adjudicate matters (hopefully few) which may not coincide with a Fractional Owner's thinking or opinions.  The non-managing Owner's sole remedy is to discuss the matter with the managers.  If the problem is more widespread than one member, then a meeting should be called, but again, there is no guarantee that the will of the group will become the dictate to the managers.  

 

Use of Proceeds

 

Buying-out the Founding Member:  One for one transaction. 

1. Prospective member buys a unit, Dunham sells the unit.

2. No escalation in price as the units become more scarce

3. No dilution of ownership through the issuing more fractional units.

Transaction Expenses:  Administrative. Legal. Fees: Finder. Agency Selling

Purchase, Replace or Repair to Appliances, Heaters, Alarms Systems, Buildings: Estimated $75K - $100K

Purchase, Replace or Repair to Equipment:  Estimated to be $15 -20K

Industry Marketing Connections:  Association beyond the present are to be determined 

 

Financial Information

 

Valuation:  The Property is valued at $7.5 Million Dollars, USD.  This is higher than the Town of Richmond's assessment.

This amount reflects the initial purchase price, major capital improvements, on-going modification and enhancements, and a modest R.O.I. 

 

Further, this amount reflects the desire to offer membership shares WITHOUT ANNUAL FEES for expenses.  This is NO SMALL FEAT.  The hospitality industry is experiencing disruptions as are other industries due to competitions enabled by the Internet.

 

 

• Company Initial Capitalization:  The purchase... The immediate improvements... the ongoing major & minor repairs

• Historical financials:  None being provided.  Read Operating Disclosure

• Full Operation:  Yes.  The Guest Quarters, Barns, Arenas, Stalls, Paddocks, Courses & Fields are operational

• Forward-Looking Statements & Management Discussion

  • Expansion of Manager-Managed LLCs, a la BMV LLC:  

  • Expansion of sport-horse health and safety through advocacy:  WIP

  • Expansion of property through the building of 3 duplex condos: TBD

• Timeline To Achieve Full Retirement Of Founder/Owner: ASAP

• Commentary:  "Now Is The Time" based on the influx of big money into The Berkshires that is going to separate markets

 

 

Litigation | Taxes | Mortgages | Obligations

 

• Litigation:       There is no pending litigation in which BMV LLC is a defendant.                             

• Tax Matters:  Current with all related taxes are current.

• Mortgages:     There are no mortgages on the properties.

• Material Contracts:  There are no material business or long-term contracts involving BMV LLC as a party. 

​

Exhibits

Provided Upon The Qualification

of the Prospective Buyer's Interest

 

• Membership Purchase Agreement:  Presented upon qualification     

• Corporate Documents. Certificate of Formation/Incorporation, Operating Agreement for Manager-Managed LLC

 

Notices to Prospective Buyers

 

Nomenclature:  The purpose of all the words that follow and that are in Berkshire Meadow Views LLC's Agreements

is to clearly articulate BMV LLC's Ownership/Membership

 

KEY among the words is the distinction between owner/ship and member/ship. 

It will be easy for one to be confused if one does not appreciate the distinction from the start 

because of the common practice surrounding LLCs where owners are called members

whether they are managing and non-managing.

 

THIS IS NOT THE CASE WITH BMV LLC. 

 

There is a DIFFERENCE between owner/ship and member/ship.

This is primarily due to BMV LLC's unique underlying concept of

Fractional Ownership which attempts to finance all operational

owners’ expenses through Owners’ Add-on use; non-owner mem-

bership use, a la Social; and non-owner-non-member outside use 

by locking-out owners at scheduled times to generate

revenue from high-dollar events. 

 

• Ownership:  Fractional Ownership is absolute. It is based on X dollar(s) for Y fractions of Ownership(s).   Ownership relates to one's proprietary interest -- by the entirety -- in Berkshire Meadow View, LLC (BMV LLC) which owns the property and does business under the trade name of TIARA EQUEST. ™ As stated in the Ownership Agreement, ownership in the BMV LLC does not give a Fractional Owner a vested right to a sub-division or an easement or lien on the property.

• Membership:  Basic Owner Membership is the privilege (license) granted through Fractional Ownership.  The concept of a Basic Owner Membership is to provide parity across all Fractional Owners because Fractional Owners are neither all the same nor have all the same desires in ownership.  For these reasons, Supplemental & Class Memberships, such as Equestrian, exist to provide a la carte benefits & privileges for Owners as well as non-owners.    Membership classes, other than Basic Owner Memberships, DO NOT include ownership.  More detail is provided in the BMV LLC Membership Agreement.

• Benefits:  Membership conveys benefits based on the type of member and discounts which are equal across class types.  The Basic Owners Membership is based on double occupancy.  Regardless of type, one ownership gets one vote.

• Distinctions:  There are two regarding BMV LLC's Fractional Ownership:

(1) The first is that Fractional Members are assigned various rooms... though there are limits to the assignments due to family memberships (infants and young children require cottages) and perhaps pets (currently there is one pet-tolerant cottage).  A membership does not match that member to a particular room.

(2) The second is that members will cover all expenses (see Risks) through the renting of the property to non-members.  In essence, the goal is that there will no annual expenses which are the bane of most other timeshare arrangements. This may not happen for two reasons:

(i)  The members decide that they would rather pay expenses than have non-members using their facilities. 

(ii) The hospitality market in The Berkshires becomes so glutted that guest and event prices fall to meet competition.

Due to this possibility, it is important for BMV LLC to stay above the nominal market and remain exclusive

where price sensitivity does not exist.  Sell price through value... not value through price.

• Stages:  There are two stages in the development BMV LLC Fractional Ownership which meet TWO GOALS of the Mission

(1) The first stage exists as long as Carl M. Dunham Jr -- Founding Member -- is a fractional owner.  This distinction exists to assure that through the execution of the mission/s stated in this website, the value of his memberships, which are liquidated by sale to new members, remains steady. 

(2) The second stage begins once Dunham's fractional ownership is zero. The then-existing members have complete control over the future of the LLC.  In this way, Dunham will have preserved and hopefully guided the continuation of the LLC as a historic farm and stable. 

• Market:  There is no public trading market for the sale of fractional memberships in the LLC.  There are limitations on selling.

• Risk:  There is a nominal degree of risk in the purchase of a fractional membership.  It is discussed in RISKS.

• Restrictions on transfer of memberships:  Memberships must be sold back to the LLC or transferred with approval by the LLC-- which approval will not be unreasonably withheld.  Failing the sale success of either of the previous, the member may advertise the sale of his/her/its memberships ONLY WITH THE EXPRESS APPROVAL BY THE MANAGERS OF THE LLC FOR THE EVENT, THE ADVERTISING AND THE SALES PRICE. 

• Representations:  No one is authorized to make representations outside the offering materials presented by the LLC.  The prospective member cannot rely on statements or casual remarks made “on the side.”  They are not incorporated by reference into our Sale and User Agreement with Exhibits, plus any other representations made in this official offering website that qualify their authenticity.

• Advice:  No legal, business, or tax advice is provided by BMV LLC.  Prospective fractional buyers and outright buyers need to hire their own counsel or choose to not hire counsel, but they CANNOT rely on BMV LLC or our legal counsel. Regardless, the next two Notices are posted because "latitude" has been built into the Member User Agreement to sub-let stays.

• Moonlighting: Via BMV LLC's Membership Agreement, BMV LLC allows "moonlighting" -- the sub-renting a scheduled visit.  Moonlighting does not convey any further privileges or discounts to the replacement guests. There are two ways that this may be accomplished; and, there are regulations for each process.

Member rents to a sub-renter -- the Member is fully responsible for the sub-renter. Member takes full amount. 

Member turns over the date/s to the LLC to attempt renting - LLC is responsible. Member gets a % of rental, if rented.

• Tax Deductibility of Membership:  Yes... No... Maybe.  Depends upon member's use.  See your attorney or tax advisor.  The following are listed only to illustrate some possibilities... They are not advice.

If the dates are given as rewards to employees/customers/prospects.  Perhaps "yes" to the extent of IRS rules. 

If not for rewards, but for business; selling art... shopping for a horse...etc.  Perhaps "yes" to the extent of biz expense.

If pure pleasure ... Tanglewood, Museums, etc.  Probably not unless there is a non-profit activity related to the visit.

 

• Buy Back:   Fractional Owners at the time of the withdrawal due to an outright sale will be paid their initial purchase price.  Any stays, discounts, or other benefits garnered during this time will not incur a charge or charge-back.  They are our gift!  

• Withdraw Offer:  This offer may be withdrawn without notice or reason or for an outright sale.

 

 

 

Further Interest

 

The opportunity prospective fractional or out-right buyers to ask questions is without limit: 

Contact John David Sottile, General Manager,  for fractional and initial out-right sale questions.