Summit Site Becoming Townhouses for Rich
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GENEVA — The site of the first summit session between President Reagan and Soviet leader Mikhail S. Gorbachev is being turned into a townhouse development for the wealthy.
City authorities said Wednesday that transformation plans have been approved for the Fleur d’Eau (Flower of the Water) villa and park on the shores of Lake Geneva.
The villa itself and the poolhouse where the two leaders held their fireside chat on Nov. 19, the first day of the summit, will be preserved as historic sites, officials said.
The 172-acre property in the lakeside suburb of Versoix was bought recently by a Geneva architect and real estate developer for a reported $15 million. Townhouses will sell for an average of $500,000.
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