Retiring Right in Palm Springs at The Thermal Club and Movie Colony

Retiring Right in Palm Springs at The Thermal Club and Movie Colony


– Welcome to Retiring Right,
the Greater Palm Springs area. I’m your host Amy Scruggs. We have an amazing episode for you. We saw an incredible
property in Palm Springs. We also got to go to the
historical Purple Room Supper Club. And in retirement, if golfing
isn’t quite your thing, we are headed out to Thermal, to a luxury race-course community with lifestyle you don’t wanna miss. We’re gonna get started right now. (upbeat music) (dramatic music) (car engines revving) (dramatic music) (relaxing music) – Dominic, thank you so much
for the world-class service you’ve shown us here today
at the famous Thermal Club. Tell us a little bit about where we are and what you offer. – Well we’re in one of
the member’s villas. We have about 360 members. And there’ll be about 250 homes total when everything’s built out. And the full facility’s 429 acres. So lots of land to have
fun on with your cars. Anything motor-vehicle oriented. – So tell me a little
bit about price point, where they start these villas. – Villas start around two
million, up to about four million. Property is about five to 700K, and you do have to buy
property to be a member. But you have five years to build. – And from what I understand, there’s different types of
memberships here that you offer. – There is. So there’s initial family membership, 85K, which is refundable,
it’s like normal clubs. But then you could have
either a corporate membership, where you have three families,
basically sharing a house. You start an LLC kinda. Or you have a full-family membership, where you just stay in the house yourself. Your family, and anybody in
your family line is a member. So pretty extensive list sometimes. – And it’s nice to have options. – Exactly. – I understand that we’re
heading to the clubhouse next. What type of amenities does that have? – Anything your five-star
resort, or club would have. So think of the most
high-end club we have. We really pride ourselves on the kinda white-glove treatment. Knowing our members,
knowing what they like, their specialties and
you know kinda really making that moment special for them, from on-track to when
their dining with us. – And one thing I’ve
experienced while I’ve been here is I’ve heard of cars that actually I didn’t
even know existed before. I think it’s amazing. Tell us a little bit about one of, some of the rare cars
that are featured here. – Well you name, from
very old vintage cars, that maybe have a great history in them, to ones that aren’t even out yet. There just, members are
on the list to get them. And they’re maybe only making
five, 10 of them in the world. But they all live here
on Thermal property, or travel in the summer when it’s a little toastier
out here, around the globe. So really neat experience, like a car show everyday out here. And I think that’s one
of the coolest things of a membership, right. – Right and we also have an
airport right around the corner. So people can just fly in. – Exactly. – And then don’t you have
some sort of a service where they call in and guys
have everything ready for them, as far as their vehicles,
to get right onto the track and start playing.
– Exactly. So we try to make as least
friction as possible right. So their cars are prepared,
they’re warmed up. They’re safety checked. That’s probably our
biggest concern out here. We want everything to
be safe, sound, running, not dripping oil on the
track for everybody else. So yes everything’s prepared. There’s amenities in the pits for them, to keep cool, refreshed. My big role here is for coaching. So we have data that we
can look at their driving, look at my driving. Kind of critique them,
just like a golf pro would, or any coach would, right. – Right, that’s great. – Neat technology we have. – So I get clients from
all over the country and I just wondered, what type of buyer are you seeing here? Not just the villas,
but for the memberships. Demographic, type of
member are you seeing? – Mostly families. Very family-oriented the whole facility. Especially with our new
members club opening, with pool, spa, tennis
courts, gym, all that. But very limited members that
actually race competitively. A lot of enthusiasts that
just love their cars. They’re not stuck in traffic
driving these gorgeous cars. They can come out here and
really experience them. But yeah probably a third
of them, race competitively around the globe, all over the place. And then the other half
are just enthusiasts, or historic car owners. Have big collections. – Wow, well I’ve wanted
to come here for so long. Thank you for the wonderful treatment and I look forward to going
over to the clubhouse. – Thank you guys for comin’ out here. – Thank you.
– Yeah we’ll see you next– (upbeat music) – Just finished up an amazing
meal here at the clubhouse. I’m all fueled up, time
to get on the track. (upbeat music) (engines revving) (upbeat music) (engine revving) – Just like drivin’
around San Diego I know. (engine revving) (upbeat music) (relaxing music) (upbeat music) – Hi, welcome guys. We’re here in the historic
Movie Colony neighborhood of Palm Springs, at this gorgeous
contemporary-modern home. Come on in, we wanna show you inside. (upbeat music) Hey babe, what are you doin’? – Hey, I’m just gettin’ this fire goin’. I really like that you can have this on and be able to have it this close in proximity to when
you’re preparin’ a meal, entertaining people in this
fantastic chef’s kitchen. I mean we got an
eight-burner Viking stove, caesarstone tops, custom cabinetry. You have a great walk-in
pantry over here too as well. And even a little wine fridge over here for your entertaining. – [Maria] Very important, yes. – But this is just such
a great space to be in with the clear-story
windows up on both sides of the great room. And you definitely
bring in the outside in, you know in this space. (upbeat music) – Well I’m gonna go get the casita set up. Do you wanna show them
the rest of the house? – Yeah absolutely. – All right. – Let’s head over this way guys. We’re gonna head over
to the master bedroom. (relaxing music) As you first enter, the master bathroom’s
right here on your left. (relaxing music) The first thing I really
like is that it’s on its own. It’s separate from the other bedrooms. But it’s nice and spacious
in here and quiet. This view I can’t say enough about. Just a really nice western view over to Mount San Jacinto Mountains. And I think I see Maria over there. We have a detached casita on
this property too as well. And she’s gonna love to show it to you. – Hi there. Here we are in the very
comfortable casita. Where the owners like to have
their friends, and family, and guests stay. We call little guest houses,
casitas here in the desert. So come on in. (upbeat music) Let’s go back in the main house. I wanna show you how everything connects
so well and cohesively. So this is the outdoor entertaining space. This patio, which you
have a lot of space here. And here we have one
of the guest bedrooms. Come on in. So very spacious room here with a gorgeous en suite bathroom, just like the other
guest bedroom also has. It might be hard to get
your guests to leave here, but that’s okay, we’ll
leave that up to the owners. (upbeat music) – Movie Colony is one of the
most important neighborhoods in Palm Springs. Arguably the most historical
neighborhood in Palm Springs. And it’s our favorite neighborhood. In the house that we’re in right now, we’re just a few blocks from downtown. We’re a few blocks from Ruth Hardy Park, which a lot of the local
residents love to go and spread out. They have tennis courts. A lot of green area too as well. Movie Colony also is famous because as you can tell with
the name of the neighborhood, that it was important for a lot of the Hollywood celebrities, back in the day to come out here and get away from the paparazzi. To come out here and be
able to have properties where they could be
private and left alone. And there’s a ton of
other industry executives that bought property here to
stay this close to downtown where they could go out
to dinner and have fun, but also get away from it all. (relaxing music) – Well thank you guys for
hanging out with us today here at one of our most favorite neighborhoods the Movie Colony in Palm Springs. – We appreciate you guys comin’ by and we’re gonna go get a bite to eat. It’s just a few blocks away and we’re gonna go walk
over there right now. Thanks for comin by.
– Let’s do it. (film reel clicking) – Well as you’ve seen there
are so many fun things to do in retirement,
but it’s also important that we also talk about
the financial aspect and planning, and I
have a great expert here to talk about just that. Alex you are the President
of Mutual of Omaha, Reverse Mortgage, and
that is quite a mouthful, and quite a title. (Amy chuckles) But I know we wanna talk
about a special loan program, that can really help retirees. Why don’t we dive into that. – Sure. So I look at this as really
a retirement planning tool, disguised as a mortgage. And the reason I say that
is, the Hecm for Purchase, it has a kind of a funny name. – [Amy] It does. – But that program, really allows retirees to buy a home in retirement,
with a one-time down payment of about 50%, and then the
Hecm for Purchase Program, pays the other half. So if you think about how powerful that is from retirement planning perspective. You know we were taught,
conventional wisdom is, you pay off your house, right. And why is that? It’s so that, you don’t have any mortgage
payments in retirement. We were also taught, not to put
all your eggs in one basket. Right?
– [Amy] Right. But what ends up happening
is the average retiree has two thirds of their net worth– – [Amy] In that basket. – In that basket. And that basket actually has
a steel trap on top of it that you can’t get to those eggs, right. So this program really
allows you to have access to that equity you’ve built-up over time. Either in the form of purchasing a home, which is what we’re talkin’ about today. Or you can also use it,
to refinance your home. So the Hecm for Purchase
is the name of the program. It’s FHA insured. – [Amy] Which is huge. People wanna know that. That stands out, I’m glad
you brought that up, sorry. – It is, I mean this is an FHA program, insured program, so
there’s some protections that are built in there. And it’s a variation of the traditional
reverse mortgage program, which is what we specialize
here at Mutual of Omaha. – ‘Cause a lotta people have questions, or they don’t really know about it, I mean it’s so good that we’re
getting the word out there to talk about this. But when you talk about, no
this is a secure program. We can get you information on it. This is something that
people wanna know about. So they don’t feel like
they’re getting scammed, or should I do this. Talk to their financial planners. But this is really powerful. And like you brought up this
is a retirement planning tool. Let’s discuss that a little bit more. – Yeah so, and advisors
are really starting to take notice of this program. It’s the reason why Mutual of Omaha decided to start an offering. This program is, like I had mentioned, there’s so much home
equity that is tied up in average retiree. That not having access to
that is really detrimental to their retirement plan. You know cash is king in retirement. That’s the reason why
conventional wisdom is pay off your mortgage. But unfortunately, not
everybody’s been able to do that. And making those mortgage
payments in retirement is not something you wanna be doing. So this program allows
a financial planner, or an astute individual
to really get access to that basket of eggs if you will. We know it’s a very little
known program at this point. We’re hoping to get the word out there. Which is why we’re thankful
to be on the show here today. But what we did do is put
together a 28-page magazine really that goes into all the particulars
of how the program works. Tells you what you qualify for. What the consumer protections are. What the FHA insurance provides to you. It’s really a comprehensive book that once you get to the end, you’ll really understand what’s involved. – [Amy] People can do their
due diligence on that. – Absolutely. And there is, we have 180
specialists across the country. So chances are there’s somebody close by, to some of your viewers. We’re more than happy
to sit down with them and go over the particulars. – Alex this is such powerful information. And everybody can do their due diligence, and look at the numbers and see it. But I wanna ask you off the cuff, what impact has this made on the clients that you’ve witnessed, and those that you have
seen choose this program? – So this is actually
the best part of my job, because I get to hear the stories that are really
life-changing in many ways. Most people that stumble
across this program, were planning on paying cash
for their retirement home. And when they learned, that they only have to put
half of that money down and they get to put the other half into their retirement accounts, there are stories where
folks have chosen to retire, three, four, five years earlier than they otherwise would have. – That’s life-changing, that’s incredible. – It really is, or just the ability to pad their retirement accounts, with that much more money,
gives them peace of mind. Being able to live a
comfortable retirement without having to make
monthly mortgage payments. – It is, it’s exciting. That makes your job exciting. Like look what we get to do. It’s wonderful and I’m so glad that we get to share this on our program and actually have people
see this is a resource. You can have this too. And I hope that everybody reaches out and gets more information. Go to the home buyers’ guide. Reach you guys for questions. I know that there’s a lot
they probably have to ask, but it really is an incredible program and definitely safe to jump into and say, we can change our life, right? – That’s right.
– Thank you so much Alex. – Thanks for having me. (film reel clicks) (upbeat music) – Well I think that everybody,
has heard amazing things about the iconic Purple Room. But today we get to hear it ourselves. I could talk about it
forever, but I don’t need to because we have the owner with us. Michael, this is fun
and amazing to be here. – Thank you, we’re so glad you’re here. – Well there’s a lot to talk about, we could probably sit here for an hour. But let’s just start with
the history first of all. Talk to me about the
history of this place. – Well this club was built in 1960, as part of the Club Trinidad resort. Now back in the day, across the street, they used to film all the t.v. westerns. And everybody stayed here, because when people were under contract, they could only be within
two hours of the studio. And this was on the edge. But it was a different climate than LA, so people fell in love with it. – [Amy] You can almost feel
the energy of it in here. – [Michael] There’s actually
a ghost or two here. – I would imagine, I mean
you can just feel the vibe and the history a little bit. But you’ve created a
whole new element here and a whole new supper club. So when did you come in
and establish this place? – Well I bought it in 2015. Before that it had many incarnations. It was a storage unit for 10 years. – You’re kidding? – Yeah it was completely shutdown
– Oh how tragic. – Yeah so we kinda brought it back. You know the 60s, the supper
club, the classic playground, to entertainment and
great food, and cocktails, and joy and laughter. That’s what I wanted. ♪Some ♪ Sang the wrong lyrics please (audience laughs) – You have a love for music. – I do. – ‘Cause this wasn’t just
I wanna have a supper club. – No. – This is your passion. – Yes, I’m an entertainer,
I sing, I do impersonations. – Raise your hand if you a Baptist. – [Man] Yo. – You a Baptist? You go to church? Then you a liar. (audience laughs) ♪Was Friday night, and ♪ (audience cheers) – Kenny darling. You were a little late getting it up and you went longer than I wanted to. (audience laughs) Let’s just try that one more time. I was playing here, performing here, and I had the opportunity to buy it. And we redid the whole place. – So what takes place here now? Talk to me about who comes
in here and what it’s like. Give me a day in the
life of The Purple Room. – Well during the week, we have some of the best entertainment in the Coachella Valley. It’s complimentary. Rose Mallett is a living
legend jazz hall of fame. She plays every Tuesday. I sing with a woman named
Keisha D’, who is unbelievable. On Wednesdays, we do
all Rat Pack era music. Thursdays is Sharon Sills,
va va voom, Sharon Sills. ♪You are mine ♪ ♪ You are mine ♪ ♪ You are mine ♪ ♪ At last ♪ Friday, Saturdays, we have ticketed shows with international stars. We’ve had Tommy Tune,
Carole Cook, Joanne Worley, Renee Olstead. ♪Liz Taylor’s not his style ♪ ♪and even Lana Turner’s smile. ♪ – So besides the music, you’ve also provided
an amazing supper club. That means you’ve got
incredible food and drinks. Let’s talk about that. – Let’s do it. We have the largest
selection of rare bourbons in the Coachella Valley. It’s Franks Bourbon Bar. My Chef Luis Mondragon is award-winning. We’re four years as one of
the top-rated restaurants in Palm Springs, since I took over. I’m very honored for that. And we’re a family here. Everybody has one goal, to ensure our guests have a great time. – Well I know that there’s
a great show tonight, and some fun is gonna be had. So can we come in and stick around and really get a feel for
the whole experience tonight? – You can come in and do
whatever you want, if you sing. – All right, I’ll think about that. What do you think? Are you gonna sing with me? – Ah, yes. (both laugh) – All right I think it’s
gonna be some fun let’s do it. – Let’s do it, cheers! ♪Keeps Georgia ♪ ♪ on my mind ♪ (audience applauds) – [Amy] Thank you. We had such a great time
this week in Palm Springs. And what a better way to finish it off than dinner, drinks, and live music with friends. I’m gonna get back in there, and we’ll see you next time
on the next Retiring Right. I’m your host Amy Scruggs,
and thanks for watching. (upbeat music)

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