Ten Biggest Real Estate Price Drops
The most expensive real estate in the country has taken some pretty major price cuts over the past year or two. In the past, mega-mansions with huge pricetags would often sit on the market a year or two without a price cut with owners secure in the knowledge that the right buyers would eventually come along. These are uncertain times and there are some very motivated sellers testing their luck in the real estate waters. Our list of top ten reductions of U.S. properties we've covered in the past starts at a $10 million cut and it only gets higher from there.
10)The Sloane Mansion, was $64 million, now $54 million
Price Cut=$10 million
The Henry T. Sloane mansion on East 68th Street in New York City is located just steps away from Fifth Avenue on the East Side. The building has 18,500 square feet total spread out over five stories and there are 15 bedrooms and 17 bathrooms, seven fireplaces, a ballroom and a rooftop garden. The mansion was designed by architect Charles Pierrepont H. Gilbert for Sloane, the heir to a furniture empire, in 1905. The home is classic Beaux-Arts style and five of the rooms have all their original details intact including wood-paneled ballroom with original oil-painted murals. It has been on the market for over a year but may need to go lower than $54 million in this economy.
9) Buffalo Run Ranch, was $40 million, now $28.9 million
Price Cut=$11.1 million
Park City Utah is known for its ski resort but about 20 minutes from the ski lifts you can find the Buffalo Run Ranch. This 897-acre ranch controls 1.5 miles of the Provo River and adjoins National Forest on two sides. The property includes a 13,000 sq. ft. main house and a 3,300 sq. ft. barn. The seven bedroom, nine bath home is rustic on a grand scale with huge wood beams and a skyscraper of a stone fireplace. The home is designed to be a total retreat including everything from a home theatre to a wine cellar. The retreat can also be used as a livestock operation with over 100 acres of irrigated meadows and two homes for ranch staff. It was once listed at $40 million but it has had a price cut to $28.9 million.
8) Westerly, was $59 million, now $45 million
Price cut=$14 million
These days a $5 million dollar price cut in the Hamptons barely causes a world-weary eyebrow to life, but how about a $14 million price chop? The Westerly estate in Southampton is now with a new agent and a new low price. It was listed at $59 million with Prudential Douglas Elliman Real Estate who created a snazzy website for the home but it can now be yours for $45 million. What do you get for your money? The 14.5-acre estate is graced with a brick Georgian country house which was built in 1929. The 25 room mansion is surrounded by brick terraces and has a separate carriage house, large swimming pool, tennis court and formal gardens.
7) Locksley Hall, was $65 million, now $48 million
Price Cut=$17 million
In 2006 Locksley Hall made Forbes' list of the most expensive homes in America with a price of $65 million. It is located across the Golden Gate Bridge from San Francisco in the exclusive Belvedere area of Marin County. The house itself is 10,000-sq. feet and was built around the turn of the last century. It boasts 15-foot high ceilings, bronze and mahogany accents throughout and recessed lighting to highlight all the beautiful architecture. There are a total of six bedrooms, including four full bedroom suites with marble-finished bathrooms. After a few price reductions this home is now listed at $48 million.
6) Palazzo Chupi, was $32 million, now $22 million, was $27 million, now $19 million
Price Cut: a total of $18 million
Artist-turned-director Julian Schnabel has been trying for over a year to sell two units in his rose-colored Palazzo Chupi apartment building in New York City. We've discussed Schnabel's pink folly a bunch of times, watching as the penthouse fell from a starting price of $32 million to $22 million with no sale. His top-floor triplex and duplex listed for $22 million and $19 million which offer a total of six bedrooms are now also up for rent for $50,000 and $40,000 a month.
5) Les Baux de Palm Springs, was $35 million, now $14.9 million
Price Cut=$20.1 million
Les Baux de Palm Springs, a bit of faux Provence tucked into the hills of Palm Springs, California, belongs to Suzanne Somers and Alan Hamel and sits on 65 acres of desert land. The couple bought the land way back in 1977 and it came with a small home that the couple eventually enlarged and added to as well as putting in guest houses, an amphitheater and an updated pool on the property. The price was dropped by over 50 percent after the home was on the market for one year.
4) Bootjack Ranch, was $88 million, now $68 million
Price Cut=$20 million
BootJack Ranch is one of of the most expensive ranches in the Rocky Mountains of Colorado. This ranch is located in the southern San Juan Mountains and ranges over 3,100 acres of meadows, forests, lakes and streams. The main house is a 13,800 square foot residence made of rustic logs, timber and stone. The property includes multiple guest cabins, a separate lodge, offices and manager's housing that can accommodate over 50 guests. The ranch is a private residence but has also hosted concerts sponsored by Music in the Mountains and is a retreat for missionaries and business leaders.
3) The Penthouse at the St. Regis was $70 million, now $49 million
Price Cut=$21 million
Real estate mogul Victor MacFarlane first put his St. Regis penthouse for sale for $70 million which would easily set a record for San Francisco. The condo is roughly 20,000 square feet and was originally three unfinished units on the top two floors. He bought the property for about $30 million in late 2005. The property also features 2,900 square feet of terraces with 360-degree views of many San Francisco landmarks. There are six bedrooms, two offices, a wine storage room, a gym with a sauna, a home theater room and a two-story waterfall.
Terra Bella was $39.5 million, now $15.75 million
Price Cut= $23.75 million
Reaching the nearly ridiculous level of luxury that the Hope Ranch area in Santa Barbara, California is famous for, Terra Bella is a huge nearly 14,000 square foot mansion with an ideal location with ocean views. The gated ten-bedroom home aspires to a Tuscan fantasy of Italian architecture on a grand scale. Details include Venetian plaster walls, fresco finishes, hardwood marquetry floors, stone, marble and mosaic tile floors. The land also includes a small vineyard, a vegetable garden, and a children's play area. It started off with a price of $39.5 million but after a couple of years on the market, and a turn as a reality TV show house (it was used in the show "Momma's Boys") you can now get is for well below half of the original listing price.
1) Dunellen Hall: was $125 million, now $75 million
Price Cut=$50 million
Leona Helmsley's Greenwich estate, Dunnellen Hall first hit the market for $125 million last year. The home is a brick mansion with an entrance that features iron gates and a long driveway culminating in a courtyard with a 70-foot marble reflecting pool with a three-tier fountain. The home is approximately 23,0000 square feet with seven upstairs bedroom suites, a wood- paneled library with a 15th century fireplace mantel, formal dining room, family room with a bar and both indoor and outdoor pools. The Helmsleys bought Dunnellen Hall in 1983 for $9 million (paying an extra $2 million for the furniture) and later picked up another 14 acres bringing the total to 40 acres but even at $75 million it may be overpriced.