$100,000 cash the approximately 420 acres of the real estate
owned by the Estate with farm buildings and right-of-way
over private road to Violet Avenue lying west of Mariches
Creek to the Hudson River. In that offer it is stated that
the parties propose to form a corporation for the purpose
of purchasing and developing real estate in the area in a
manner wich will preserve and enhance the existing National
Historic Sites located in the area, and that necessary
commercial services would be limited to a minimum and
restricted as to use, architecture and ownership with
objectives in sympathy  with the development. As a result
of a conference which Mr. Hackett and Mr. Koons had with
Mrs. Nisonger and Mr. Boos and their attorney Mr. Mylod at
Mr. Hackett's office in Poughkeepsie on March 28, 1947 it
developed:
 
          (a) The offer of $100,000 is for all practical purposes the
              maximum amount which will be offered for the property.
 
          (b) The offer of $100,000 is a gross offer subject to the
              customary Dutchess County real estate brokers' commissions
              of 7-1/2%.
 
          (c) The principals in the transaction are John R. Evans,
              President of the First National Bank of Poughkeepsie,
              Herbert Pell, Ex-Minister to Portugal and Hungary, and a
              former friend of President Roosevelt, and William Victor
              Oglay, a friend of the Roosevelt family and the
              unsuccessful democratic candidate for Dutchess County
              assemblyman in the last election. The foregoing contemplate
              the formation of a corporation in which others will be
              invited to participate in the event the offer to purchase
              should be accepted.
 
          (d) The parties desire to purchase the property for the
              purpose of promoting a high-class residential and hotel
              development to be passed upon by an architechtural
              committee of leading Dutchess County residents.
 
          (e) In arriving at the figure of $100,000, the parties
              placed a valuation of $90,000 on the approximately 300
              acres and farm buildings east of the Albany Post Road, and
              $10,000 on