International Real Estate
April 28th, 2007
Sotheby’s International Realty, founded in 1976, is a luxury real estate network that offers a collection of luxury homes, estates and properties for sale throughout the world. It is owned by parent company Realogy, which was spun off in July 2006 from former parent company Cendant. Sotheby’s has real estate offices located in the United States, Anguilla, Australia, Bahamas, Bermuda, Canada, Cayman Islands, Costa Rica, Dominican Republic, France, Italy, Monaco, Netherlands Antilles, New Zealand, South Africa, Spain, St Barthelemy, St Martin/St Maarten, Switzerland, Turks and Caicos Island, and the United Kingdom.
Sotheby’s is known as the realty brokerage firm and network for representing extraordinary estates throughout the world and serves clients desiring a complete package of estate disposition services. Sotheby’s International Realty Affiliates, Inc. supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable, 260-year-old Sotheby’s auction house.
Realogy is a real estate services company that owns and franchises several well-known real estate brands. It was spun off from Cendant Corporation; on October 24, 2005, Cendant announced its decision to split into four separate companies, citing a necessity to diversify in appealing to stockholders and in an attempt to increase the value of the post-split up company. These four categories include “Real Estate, Travel Distribution, Hospitality and Vehicle Rental Companies.”
On July 31, 2006, the separation was completed, and Realogy became a separate company. Subsequently, the Cendant name has been completely retired.
On December 18, 2006, Realogy announced it had accepted a $6.6 billion buyout offer from private equity group Apollo Management. The transaction closed on April 2, 2007 See Wikipedia, International Real Estate.
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