Buy For $10 Million, Sell For $33 Million?
How's this for an investment? Newsday reports that investor Chris Knight bought Shorewood Manor a 7.5 acre waterfront property in Shelter Island, New York for $10 million in March and has now re-listed the property at $33 million. Apparently the reason for this ultimate act of real estate optimism is an appraisal that Knight received for securing the loan on the estate that gave the value as being estimated at between $1.25 million to $4 million per acre.
The estate seems to be a tear down waiting to happen, the Victorian manor on the property, though charming, is not exactly modern. In fact, the previous owner, a former governor of New York had been given permission to raze the home. The grounds are the perfect for a mogul's dream home however offering absolutely beautiful views. According to Albert Hammond, chairman of the Shelter Island assessor's office Knight's $10-million purchase is to date the highest anyone has paid for Shelter Island property making $33 million seem like true pie-in-the-sky dreaming. The listing is here with a few more exterior pics and one interior shot.
Reader Comments (Page 1 of 1)
TBDN Jun 30th 2007 12:24PM
Ah, glory be! Now my one room condo in the Chicago suburbs is worth $ 800,000! Life is good and God Bless Knight for bringing us hope!
Spectacular Bid Jul 1st 2007 7:53PM
It was Martin Carey - not the ex Governor, Hugh - who owned the property and sought/obtained the right to raze the manor house.
Martin has owned other historic properties, most notably the magnificent Winfield Hall (still for sale) in Glen Cove, which was the former Woolwoorth estate.
It would be a shame to have Shorewood razed. It fits the site so well and architecturally looks wonderful. No real value add long term in tearing it down and putting some oversized, bland "statement" house.