Was $9.95 Million – Sold $4.4 Million!

Was $9.95 Million – Sold $4.4 Million!

Was $9.95 Million - Sold $4.4 Million!
Overlooking the #18-hole of Indian Hill Club golf course, this dramatic traditional mansion has just been purchased by new owners who must feel as though they have hit the real estate lottery! Having put millions into expanding this residential treasure just before the market nose dived, the sellers no doubt have experienced financial disaster, having to sell at over a $5m loss, estimated to be what they put into the expansion.

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Purchased in 1995 by the sellers, they were only the third owners of this grand manor since it was built in 1928. With the real estate market in full swing at that time and with a deep-seated belief in the concept of The American Dream, they proceeded to enhance their investment further. With painstaking care in maintaining the integrity of the structure, they reproduced the original details and finishes in their new 3-story addition on the back of the home. They also proceeded to update the remainder of the home and added an eye-popping basketball gym in the vaulted attic. Even the coach house was lovingly restored to its architectural period. When they initially took up residence in 1995, the previous owners had left behind a 1920's ice box. They immediately had it gutted and restored to working condition and gave it a place of prominence in the newly refurbished kitchen.

In 2006 it was put up for sale at $9.95m. With the market starting to go into decline, the home had no takers and was taken off the market. From there it was placed on and off the market at increasingly lower prices. Finally, last November it re-entered the market for the last time at $4.995m. and sold on February 17th for $4.4m., only 46% of its original 2006 asking price!

Source: www.rubloff.com