Hake’s house sells

Hake’s house sells
Date March 14, 2006
Section(s) Local News

Associated Press Writer

The house built for Maytag Corp. chief executive Ralph Hake has been sold by the real estate company that listed it.

The 4,200-square-foot brick home located on nearly two acres in Newton was listed for $759,900.

Surrounded by 10 gardens and two patios, the 4,200 square feet of above-ground living space includes three fireplaces and cherry woodwork, floors and cabinets, a formal dining room, family room and a den, according to Iowa Realty’s listing. There are four bedrooms, 31/2 baths, two custom outdoor patios and a six-car garage.

The house also has a 3,200-square-foot poured concrete basement. It is assessed for tax purposes at $533,970. The annual tax bill is about $10,000.

Hake and his wife, Robin, had the home built in 2001, when Hake was named chairman and chief executive of Maytag.

The buyer gets to keep the dishwasher, microwave, refrigerator and stove.

Maytag officials confirmed in October that Hake had put his house on the market, calling it a “personal family decision.”

Maytag is in the process of being bought by rival Whirlpool Corp. — Hake’s former employer — for $1.79 billion, or $21 a share. Including the assumption of $977 million of Maytag debt, the entire deal is valued at about $2.7 billion.

Justice Department officials are reviewing the antitrust implications of the deal and asked last month to have until March 30 to study it.

Some industry analysts have serious doubts about whether the deal would be approved and some questioned the need for Newton’s Maytag corporate headquarters if the deal with Benton Harbor, Mich.-based Whirlpool goes through.

Hake’s home was listed as sold on Monday on the Web site for the West Des Moines-based Iowa Realty Inc.

Real estate agent Mary Kay Mickelson said she showed the house about a dozen times and the buyer is a Des Moines resident, who was attracted to the Newton community and the house itself.

She declined to identify the buyer. Officials with the Jasper County Recorder’s Office said today that no deed information on the sale has been filed.


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