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Intrepid Trust Company is the sole executor of the late C.I. Angle's estate, which includes his ancestral home, "Langley." Algie Worms, Intrepid's Senior Administrator, worked closely with Angle during his lifetime and long admired the latter's abode, so much so that Angle devised the carriage house at the entrance of the estate to Algie. The 50-year-old main house was built of the finest available materials, but its slate roof, six bathrooms, butler's pantry and kitchen have never been reconditioned. From his long association with Angle, Algie is aware of extensive repairs necessitated by recurrent termite infestations and water damage.
Ostensibly in order to save their clients' expense in brokerage commissions, Intrepid's real estate department holds its own open houses for prime estate properties, inviting sealed bids. A special 3 percent fee is charged for this service, half the typical broker's commission. To be certain that they are getting good value, the trust company obtains two real estate appraisals from licensed brokers prior to each such sale. Both brokers were recommended to the trust department by the bank's mortgage department, which itself occupies most of their professional time.
Unbeknownst to his employer, Algie moonlights as a tax preparer and, by offering significant discounts to other tax service providers, including Intrepid, has converted a number of his trust company clients. Among these is the highly successful entrepreneur, Max E. Melon, whom Algie thinks of as a good friend. Max has told Algie that he is in the market for a new home whose price would fully absorb the anticipated gain on the sale of his present residence.
Algie is concerned about having a congenial neighbor in the big house and alerts Max to the upcoming sale. Then, using his own intimate knowledge of the property and of recent comparable estate sales by the bank, Algie counsels Max on the amount of his bid.
Sensitive to the fact that many other Intrepid clients live near "Langley" and that the brokerage community resents their practice, the real estate group uses considerable discretion in promoting the sale, mailing property descriptions to a hand-picked list of "qualified" buyers.
While the open houses are well-attended, only a handful of serious bids are received. Apparently, like Algie, most of the would-be buyers...