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FORBES
February 2006

OUTFRONT

Clicks to Bricks

They were revered for their entrepreneurial acumen and vilified when the tech boom went bust. More recently former tech execs like Steve M. Case and James Clark have been riding a second wave - the real estate market. Case, former chairman of AOL Time Warner, is now the majority owner in Miraval, a spa in Arizona. Thomas Jermoluk, former head of ExciteAtHome, partnered with Clark, founder of Silicon Graphics, Netscape and Healtheon, to build a pair of luxury condo towers in Miami. They say they learned enough not to get buried twice. That makes us wonder: Are these guts leading indicators of a real estate bust? Some other former dot-commers: ~ Sara Clemence

They were revered for their entrepreneurial acumen and vilified when the tech boom went bust. More recently former tech execs like Steve M. Case and James Clark have been riding a second wave - the real estate market. Case, former chairman of AOL Time Warner, is now the majority owner in Miraval, a spa in Arizona. Thomas Jermoluk, former head of ExciteAtHome, partnered with Clark, founder of Silicon Graphics, Netscape and Healtheon, to build a pair of luxury condo towers in Miami. They say they learned enough not to get buried twice. That makes us wonder: Are these guts leading indicators of a real estate bust? Some other former dot-commers: ~ Sara Clemence

Timothy Koogle Was chief executive of Yahoo. NOW: Developing el Banco, a luxury luxury community on Mexico's pacific coast. Lots of 1.5 to 2 acres start at $4.7 million; a boutique hotel is scheduled for 2007. WHY: "It's a huge amount of fun to take a bare piece of land and create a great product for it".

Christian Jagodzinski Founded Telebook, German online bookstore bought by Amazon.com. NOW: President of Villazzo, a Miami Beach company that rents vacation villas with amenities such as private chefs and daily maid service. WHY: "You have these guys who have a lot of money, and all of a sudden they start looking for the ultimate vacation."

Ben Adams Was media and marketing exec for broadband's ExciteAtHome, which was liquidated in 2002. NOW: Cofounder of luxury residence club Quintess. Members pay a fee, plus annual dues of $10,500 to $30,500, to stay in mansions around the world. WHY: "All of us that went through the boom and the bubble have traded that high-risk, high-rewarded experience for something with a little more predictability."

Jonas P. Lee Founded Giftcertificates.com. NOW: Managing partner of Redbrick Partners, which buys single-family homes around the U.S. WHY: "I didn't look at this as a real estate play. It makes all the sense in the world - you go from one entrepreneurial industry to another entrepreneurial industry."

For further information:

Corporate Contact
Villazzo, LLC
Christian Jagodzinski
President
christian.jagodzinski@villazzo.com
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