After reading about the real estate downturn in Greenwich, Connecticut in a recent issue of The New Yorker, I wondered what effect this will have on homes still on the market, in particular, Mel Gibson's Old Mill Farm. A quick look at the listing reveals that Gibson, who has had the property on the market for $39.5 million for over a year now, recently dropped the price to $35 million.
The home is one of Greenwich's treasures. No McMansion, Old Mill Farm is a design by architect Charles Lewis Bowman built in 1926 and is one of the last great manor homes in Greenwich and is significant not just for the architecture but for the fact that it has 77 acres of land which includes formal gardens, a maze, pool tennis court, greenhouse, stable staff houses, log cabin and a pond. The home itself is an Elizabethan-inspired Tudor mansion of 15,800 square feet and the property has 15 bedrooms and 18 bathrooms total. The great hall has a 40-foot cathedral ceiling with a stone minstrel's gallery, walk-in fireplace and leaded glass ceilings. In this real estate climate, will a $4.5 million price cut be enough or does Mel need to lower the price a bit more?
Reader Comments (Page 1 of 2)
9-07-2008 @ 7:19PM
Graffitimonkie said...
Unless living in a home that Mel Gibson has lived in already carries a hefty premium for the house it is no different than any other mansion and I think he should lower his price to $30 million possibly for a quick and easy sale, I mean that thing has been on the market for a year. It is harder for people to get loans for homes, and jumbo loans are no exception.
Don't fall in love with the homes anymore, they're starting to be seen more for what they're worth as shelter now which makes people price them more realistically.
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9-10-2008 @ 10:52AM
ron said...
do you think a person who can afford a 30 million plus home needs a mortgage. there needs to be some other motavator.
9-10-2008 @ 11:25AM
Jacob said...
Dude, I really don't think that someone's going to pull out a loan for a +30 million dollar home. If you can't afford a house that big, settle for a "smaller" mansion. Only people that will be looking at that house are musicians, actors, or hedge fund managers and none of them are going to need a loan.
9-10-2008 @ 11:56AM
Dave said...
YOU HAVE AN ECONOMICS BLOG! You think that someone with a 30M+ buget is going to the local bank of america to get a mortgage? Jumbo loan limits don't come anywhere near this property. You are a complete moron and shouldn't attach your web sites to this crap... it won't help your cause. Silly man... must be a liberal.
9-12-2008 @ 12:52AM
Michael said...
All the people who replied to Graffitimonkie are the ones who are stupid
Why would a competent investor throiw down $35m for a nice house like this in cash???
If they are good enough to have a $35 budget for a single home I'd guess they are good enough to earn a better rate of return on that $35m than the annual repayments would be, meaning it makes most sense to take on finance in this case
9-07-2008 @ 11:17PM
Patricia said...
What an incredible home. Is that a Maxfield Parrish mural in the dining room? I have a few Parrish prints and books and don't remember ever seeing a reference to a mural in this house.
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9-08-2008 @ 12:48AM
CK Dexter-Haven said...
Patricia,
It is indeed a Parrish. I was in there recently. There is also a "breakfast" room just off the dining room that has three walls of murals, but not by Parrish nor in his style.
CK
9-08-2008 @ 11:51AM
just me said...
absolutley stunning, love everything about it, wish i could buy it furnished. and not a television in sight.
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9-10-2008 @ 9:22AM
Ronald Whitney said...
Perhaps it would make a great brothel.
whitnet
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9-10-2008 @ 9:35AM
Murray said...
35 million for a home? move into a 200,000 house and use the difference to feed hungry kids!
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9-10-2008 @ 11:21AM
Don said...
Why bother feeding children? We should exterminate some.
9-10-2008 @ 9:43AM
Ridiculous said...
Who the hell needs a home this large, and at 35 million? Just the upkeep alone is probably a fortune. Stupid waste.
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9-10-2008 @ 9:45AM
Ben Trovato said...
I have a great idea. Why doesn't Mel sell his "house" to the pope. The pope could invite all the child abusing priests, etc. there and they could relive all the good times they had with all the perverversities they performed in the past. It'd be great fun for them.
and, they certainly could afford the bargain price.
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9-10-2008 @ 9:51AM
ron said...
ID JUST LIKE TO SAY THIS ABOUT THAT.
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9-10-2008 @ 9:51AM
joy said...
Darn! I can only get a mortgage for $34M...Beautiful house. MG's got about 10 kids, so if anyone needs a large house I guess it would be him!
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9-10-2008 @ 9:58AM
denyswall2 said...
it's obvious, the Jews are responsible for the house not selling.
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9-10-2008 @ 10:04AM
CHRIS said...
THESE HOUSES ARE INVESTMENTS AND TAX WRITEOFFS FOR THE RICH, NOT TO MENTION THAT IT IS A UNIQUEHOME. CRIME IS UP, PROTECT YOUR FAMILY, STUN GUNS, TASERS, PEPPER SPRAY, HOME SECURITY SYSTEMS, PROTECTION VIDEOS, WWW.YOUBSAFE.COM
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9-10-2008 @ 10:35AM
Steve said...
He has a big problem. The Jews have the money but will not buy his place. They wanted to buy it and burn it down.
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9-10-2008 @ 11:20AM
Don said...
Hell with the jews, they're the cause of this economic meltdown.
9-10-2008 @ 10:49AM
Rick said...
Mel your just scewed up.. And you dont know how to play the game. You could of been offeredcwhat you wanted.. But must come off as a regular guy,,, Yaes your a big star, but you want to keep it, that your just the guy next store to.... eeven if you fake it... And are secrectly in control,,, you have to play the game,,, dont come off as a putz in real life... Make your self SEEM aproachable, and a regular guy whos is OK woth anyone.... Not this wigged out drunking
dumb loud mouth... Play the game so your a regular guy....... Geez
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