(No title) August 13, 1998 – Posted in: Press
Put Family Jewels to Work
Guest Author: TOBINA KAHN
Published: August 13, 1998
Skyline News
Heirlooms finance Ivy League college educations
Late on a Friday afternoon, a locate Chicago matron arrives at House of Kahn Estate Jewelers buying office at 919 N. Michigan Ave. She is well dressed and easily recognizable from a number of organizations with which she is associated. She is a woman who owns jeweled heirlooms to rival the Queen of England. When asked why she has come to The House of Kahn Estate Jewelers or why she would chose to part with her family treasures, she points to the rising cost of college tuition.
Sought-after family heirlooms like these can help pay for the next generation’s education at an Ivy League school.
“I belong to Many Chicago associations, I have been involved in fund-raisers and have donated generously to many charities,” She says.
“Now I would like to do something for my family. With the cost of education being what it is these days, I can thinking of nothing better then to plan a head and set up a trust for that.”
In order to fund that trust, this grandmother and Gold Coast resident has elected to sell some of her prized jewels. From the House of Kahn Estate Jewelers she will receive $120,000 for three items; a diamond necklace, a brooch and a small ring. The money she receives is specifically marketed for the education of her grandchildren. Considering tuition costs, this is no small gift.
Presently most Ivy League schools cost more than $35,000 a year. What she has made from the sale of a few of her jewelers will almost pay for one grandchildren’s four years of college.
“It’s not like the old days,” she says “When one could live on one income. In this upcoming millennium, families will absolutely need two incomes and education is key.”
Years ago, it was highly unusual for one to sell family jewelry or heirlooms. Recently, this out look has changed and the House of Kahn Estate Jewelers, where many older society people have sold their jewelry, has noted this turnaround. In business for over half a century, we’ve noticed that more people than ever before have decided to sell their heirlooms.
Today, the older generation is rethinking what to lever their grandchildren and great grandchildren. More often, you will find they are willing to part with family jewels of significant sentimental as well as monetary worth if in return they are receiving something greater. And that is not simply money but an opportunity to invest in the future.
Our most recent client, the grandmother who lives on the Gold Coat agrees wholeheartedly.
“A college degree is far more useful that a diamond ring.” She states “My grandmother was correct in advising me to let go of the past- even selling something from the past-if it will pay for the future. That is what I’ve done.”