The Land Conservancy, supported by many individuals and organizations, purchased Abkhazi Garden through an intensive fundraising campaign in 2000. The negotiated price for the Garden was $1,375,000. With fundraising, legal, financing and other costs, TLC needed to raise approximately $1.6 million to secure the future of the Garden. Because of the relatively short period of time to raise funds, TLC opted to cover most of these costs with a syndicated mortgage. Due to the generous support of 18 individuals who came forward to invest in this mortgage, and many others who made donations, we were able to put together the necessary financing to acquire the Garden and save it from being turned into a townhouse development.
In early 2001 a second property, immediately adjacent to the Garden, became available. This second lot had originally been part of the Abkhazi’s property and was an integral part of the original Garden. As with the main Garden property, TLC put together a mix of loans and additional private mortgages to acquire the lot, with the intention of re-integrating it into the Garden. This lot cost an additional $210,000.
TLC currently holds a mortgage for $865,000 on Abkhazi Garden.
Find out more information about Christopher and Pamela Ball’s restoration of Abkhazi Garden.