2. INVESTMENT PROPERTIES

12 Months Ended

Dec. 31, 2011

Investment Holdings [Text Block]

2. INVESTMENT PROPERTIES

The components of the Company’s investment properties and the related accumulated depreciation information follow:

	December 31, 2011
			Accumulated
	Cost		Depreciation		Net
Commercial Properties:
Monty’s restaurant and retail mall (Coconut Grove, FL) - Building & Improvements (1)	$	7,052,051	$	1,476,559	$	5,575,492
Monty’s restaurant and retail mall (Coconut Grove, FL) - furniture, fixtures and equipment (F,F &E) (1)		1,998,216		1,427,889		570,327
Monty’s retail mall (Coconut Grove, FL) - construction in progress (1)		75,804				75,804
Corporate Office - (Coconut Grove, FL) – Building		645,362		246,669		398,693
Corporate Office – (Coconut Grove, FL) – Land		325,000		—		325,000
Other (Montpelier, Vermont) – Buildings		52,000		52,000		—
Other (Montpelier, Vermont) - Land and improvements (5.4 acres)		111,689		—		111,689
		10,260,122		3,203,117		7,057,005
Grove Isle Hotel, club and spa facility (Coconut Grove, FL):
Land		1,338,518		—		1,338,518
Hotel and club building and improvements		6,846,503		6,314,706		531,797
Spa building and improvements		2,332,303		807,996		1,524,307
Spa furniture, fixtures and equipment		436,107		382,859		53,248
		10,953,431		7,505,561		3,447,870
Marina Properties (Coconut Grove, FL):
Monty’s marina - 132 slips and improvements (1)		3,500,962		1,611,370		1,889,592
Grove Isle marina furniture, fixtures and equipment (6 slips company owned, 79 privately owned)		333,334		329,474		3,860
		3,834,296		1,940,844		1,893,452
Land Held for Development:
Hopkinton, Rhode Island (approximately 50 acres)		27,689		—		27,689
		27,689		—		27,689
Totals	$	25,075,538	$	12,649,522	$	12,426,016

(1) The Monty’s property is subject to a ground lease with the City of Miami, Florida expiring in 2035. Lease payments due under the lease consist of percentage rent ranging from 8% to 15% of gross revenues from various components of the property.

	December 31, 2010
			Accumulated
	Cost		Depreciation		Net
Commercial Properties:
Monty’s restaurant and retail mall (Coconut Grove, FL) - Building & Improvements (1)	$	7,011,747	$	1,213,284	$	5,798,463
Monty’s restaurant and retail mall (Coconut Grove, FL) - furniture, fixtures and equipment (F,F &E) (1)		1,876,377		1,267,012		609,365
Corporate Office - (Coconut Grove, FL) – Building		645,362		230,514		414,848
Corporate Office – (Coconut Grove, FL) – Land		325,000		—		325,000
Other (Montpelier, Vermont) – Buildings		52,000		52,000		—
Other (Montpelier, Vermont) - Land and improvements (5.4 acres)		111,549		—		111,549
		10,022,035		2,762,810		7,259,225
Grove Isle Hotel, club and spa facility (Coconut Grove, FL):
Land		1,338,518		—		1,338,518
Hotel and club building and improvements		6,842,732		6,251,062		591,670
Spa building and improvements		2,329,778		655,677		1,674,101
Spa furniture, fixtures and equipment		436,107		391,179		44,928
		10,947,135		7,297,918		3,649,217
Marina Properties (Coconut Grove, FL):
Monty’s marina - 132 slips and improvements (1)		3,483,225		1,380,912		2,102,313
Grove Isle marina furniture, fixtures and equipment (6 slips company owned, 79 privately owned)		333,334		325,202		8,132
		3,816,559		1,706,114		2,110,445
Land Held for Development:
Hopkinton, Rhode Island (approximately 50 acres)		27,689		—		27,689
		27,689		—		27,689
Totals	$	24,813,418	$	11,766,842	$	13,046,576