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real LI: Real Estate and Real Lives in the Communities of Long Island

LAURA MANN; ELLEN YAN

July 18, 2008

Purple passion at Russell Simmons' annual fundraiser for arts education

For the ninth year in a row, Russell Simmons will open his East Hampton estate to benefit the Rush Philanthropic Arts Foundation's arts education programs for inner-city kids. The Art for Life East Hampton fundraiser draws 750 guests who pay at least $1,500 each to party at Simmons' six-bedroom, 6,200-square-foot country-style home.

Last year's benefit raised $1.4 million. This year, guests are asked to wear violet to the event, hosted by newscaster and St. James native Soledad O'Brien. Honorees include model Christy Turlington Burns, wife of filmmaker Ed Burns, and director Brett Ratner.

Real estate entrepreneur Don Peebles and his wife, Katrina, will host an intimate cocktail party for Simmons and guests the night before the fundraiser at the Peebles' 10-acre Bridgehampton estate. Peebles, who recently purchased a $1.91 million Sag Harbor property, is said to be in talks to host a fundraiser in the Hamptons for Barack Obama.

-LAURA MANN

Second thoughts on down payments

Something recently happened to John Marquis from Coach Realtors, something he's never experienced in his 25 years as an agent.

He was at a closing in which everyone was waiting for the lender's attorney. An hour later, they reached the lender's attorney.

"We're told the closing had been canceled by the lender," Marquis said. "The lender decided to change the rules and wanted more down payment from the buyer."

The lender's representative said a message had been left for the buyer's attorney, but no one in the office said they had gotten it, Marquis said.

The lender was California-based IndyMac - which the federal government took over last week.

-ELLEN YAN