oyster bay

Northwood Estate Finally Sells

Filed under: Estates

How's this for a price reduction? The Normandy-style estate in Oyster Bay, New York is finally under contract for $18 million. That sounds like a lot of money until you consider that the property was originally listed in 2006 for $43 million. The home was built by famed architect Charles P.H. Gilbert in 1906 and has ten bedrooms, staff quarters, a bowling alley, wine cellar and more. The grounds include a Tudor-style coach house, 12-stall stable, tennis house, both indoor and outdoor tennis courts and a pool. The property is listed as having approximately 26 acres surrounded by 114 preserve wooded acres. The listing back in 2006 described it as having sixty plus acres surrounded by 80 acres of conservation land and Newsday reports that last year, Nassau County purchased 33.5 acres of the estate for $11 million for preservation purposes. So it's more like a $32 million listing went for $18 million. Still, that's quite a price chop.

Northwood was once a 900-acre estate owned by banker Mortimer Schiff. Schiff built a massive 120-room Tudor house on the site but his son John replaced it with the comparatively modest home that is on the land today in 1948.

Gallery: Northwood