Once the sensation of the New York real estate market, Stone Mansion has suffered a $30 million price reduction and long eight years on the market. This extravagant spec home boasts features like a 65-foot saltwater pool, motor court, and ‘subterranean’ basketball court.
Owner and Developer Richard Kurtz, however, has yet to find the right buyer for his proud creation. His search is becoming even harder this year as the luxury market is saturated with plenty of unique, high-end spec homes to impress a limited pool of buyers.
- Stone Mansion is currently listed at $39.9 million after eight years on the market
- The 30,000-square-foot palace features 42 bedrooms and plenty of impressive luxury amenities
- It’s common in the super-luxe market for sellers to accept offers 50% below asking price
Like many spec homes, the Stone Mansion was built for an exclusive buyer — perhaps too exclusive. As incredible as the house is, there just weren’t buyers willing to pay more than $50 million for a home in Alpine with six acres of land.
Located on the famed former Frick Estate, the property had lush gardens, a 65-foot saltwater pool, tennis court, Jacuzzi, large pool house, and motor court for 11 cars.
The home is a massive 42-rooms, including a ballroom. It is festooned with Baccarat chandeliers, gilded moldings, and wood-paneled rooms — all which may not appeal to today’s more simplicity-minded rich. And people with that kind of money for a home could easily afford a nice penthouse in Manhattan.
To learn more about why some spec mansions often sit empty for years, and why more and more asking prices at the top seem like pure fantasy, “Secret Lives of the Super Rich” toured the home with its current broker, Noble Black. I asked Black what happened to create a price cut of more than 40 percent.
“They were trying to find the market,” Black told me. “They went with what they thought was the right price at the time. We’ve come in and right-priced it.”
As it turns out, the Stone Mansion’s price cut is not unusual in the super-luxe segment of the market. The former Playboy Mansion in Los Angeles, for instance, was listed for $200 million and sold for $105 million.
View the original article at CNBC