Austral Hotel and Land Co. 1890 I/U Bond

Currency:USD Category:Coins & Paper Money / Stock & Bond - Certificates Start Price:40.00 USD Estimated At:70.00 - 120.00 USD
Austral Hotel and Land Co. 1890 I/U Bond

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New York, 1890. $500 I/U 6% Second Mortgage Coupon Bond, S/N 47, Black text with black border and red underprint, Embossed seal at bottom left corner. Fine condition with faint stain at left margin, also fragile fold lines. The Austral Hotel was a hotel and resort property located in Brentwood, New York. It was developed to rival the resorts at Lakewood, New Jersey, which were very popular at the time. Once considered one of the finest hotels on Long Island, the Austral Hotel could accommodate around 230 guests when it was opened in 1888. Originally an estate belonging to Robert W. and Elizabeth Pearsall, the grounds were designed by Frederick Law Olmstead, who also designed Central Park and Prospect Park in New York City. Despite its location and amenities, the hotel never received the business expected and went bankrupt and was forced to close by 1892. The property was then purchased by the Sisters of St. Joseph in 1896, and became the Academy of St. Joseph, a Catholic school which was closed in 2009.