535 homes bring $15 million
Dover, Idaho A new residential development west of Sandpoint sold more than $15 million worth of real estate Saturday during its first public sales offering.
Dover Bay will eventually feature up to 535 homes on a parcel that includes nearly two miles of waterfront on Lake Pend Oreille. About half of the 285 acres is set aside for wetlands, trails, a city beach and natural areas. The development is located three miles west of Sandpoint, in the city of Dover.
Saturday’s sale included 27 custom homes and home sites, with prices ranging from $195,000 to $780,000. Buyers came from as far away as New York and Florida, said Charles Wilson, Dover Bay’s project manager.
More than $18 million worth of real estate was sold during an earlier, private sales event.
Hecla backs out of Venezuela mine deal
Coeur d’Alene Hecla Mining Co. has terminated a previously announced agreement to buy a mining property in Venezuela from Triumph Gold Corp. of Vancouver, B.C.
The two parties failed to reach a consensus on final conditions for the purchase of the Guariche property, which would have doubled Hecla’s land position in Venezuela. The Coeur d’Alene-based company operates two gold mines in Venezuela, and will continue to explore the property around its existing mines for new prospects, said Phil Baker, Hecla’s chief executive officer.
Feds stress anti-piracy effort
Sunnyvale, Calif.
The Commerce Department is sending teams of experts into countries known for piracy and counterfeit goods in an effort to combat intellectual property theft abroad, U.S. Commerce Secretary Carlos Gutierrez said Wednesday.
The groups, called Intellectual Property Rights Experts, will operate in Brazil, China, India, Russia and elsewhere. They will follow up and monitor cases as well as have daily contact with officials in those countries, Gutierrez said in a speech to Silicon Valley executives.
A recent study by the BSA and the research firm IDC found that 90 percent of software used in China was pirated. The figure was 64 percent in Brazil, 74 percent in India, 87 percent in Russia, 70 percent in Thailand and 58 percent in the Middle East.
Kerkorian to boost stake in GM
New York Tracinda Corp., the private-equity firm owned by billionaire investor Kirk Kerkorian, said Wednesday it plans to boost its stake in General Motors Corp. to as much as 9.9 percent and may approach the world’s biggest automaker about getting representation on its board.
The Beverly Hills, Calif., investment group has been steadily growing its stake in GM while continuing to downplay suggestions that it is looking to increase its influence over the company.
On Wednesday, Kerkorian’s group said it plans to increase its 9.5 percent stake in GM to no more than 9.9 percent.