Posted on November 11, 2009
In the early 1970s the marketplace and economy of Bellingham was much different than today. Bellingham was less than 1/2 the size and was a fishing and pulp town of 40,000 peaple. The Bellingham Towers the Tallest Building in Bellingham, was listed for sale. Ken Imus who was born in Bellingham and had moved away and become very successful in the Ford business and various Real Estate investments was called by a local Realtor ( Frank Muljat Jr.) and told about the The Towers being offered for sale. Ken sent up $50,000 cashiers check for a deposit, with a "lowball" to The Stimpson Family who owned the Towers at the time. The offer was verbally accepted. Ken flew up to Seattle and met with the Sellers their agent and attorney and Frank Muljat and Ken's Attorney. The Sellers said that they wanted $50,000 more than the agreed upon price ( The sellers said that the personal property needed to be added in) Ken had his briefcase with him and said that he needed to look at his "notes" before he made his decision. With the Realtor and the Attorney looking on, Ken opened his briefcase and looked at his toothbrush and fresh underware ( which was the only thing in there) and then closed the briefcase and said that he wold stick by his first offer, then stood up to leave and walked out of the room. While driving back to the Hotel, Ken told the Realtor to stop by a pay phone and call the seller and said "this is a cash buyer and is prepared to close today or he was leaving". The Sellers agreed and Ken Bought the Towers. Within 2 month's, Ken called Jas Bolster and asked if he would manage the Towers for him for a fee. Mr. Bolster said no, but he would like to buy in as a partner and manage the Bellingham Towers for free. Jim Bolster ( also know as Jas) did a great job of Managing the Towers and eventually bought out Ken many years later. The whole deal was less than the price of a modest home in Bellingham today.