Posted by GL(ON) on July 05, 2002 at 13:11:16:
You have the first chapter of a Stephen King novel there LOL.
I’m not sure if it could be set up that it can’t be sold. If it was, there are a hundred ways to get around it.
I know of one case where a rich man knew his son was a bum and would soon blow his inheritance so he left his property to the son, with the provision that he could never sell it but had to pass it on to HIS son (the old man’s grandson).
The son sued the grandson and took him to court on the death of the old man. He did this when his own son (the grandson) was 2 years old.
When the grandson came of age, he got his inheritance but it was worthless. His father couldn’t sell any of the property, but he had it all mortgaged to the hilt.The grandson couldn’t pay for the mortgages and he lost almost all of the property.
Ironically the grandfather was one of the most successful lawyers in New York City in the late 19th century.
In the case of the house you name, it would probably be possible to get the deed if you really wanted it, but a 1000 year lease would be just as good.