Copper Beech Estate’s Price Slashed by $50 Million

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gt0518gtestate-205Copper Beech Farm was touted as the most expensive listing in the country when it hit the market this spring. But here we are at the beginning of fall, and the asking price is now $50 million lower, with a new price of $140 million.

The French Victorian mansion was built in 1898, and sits on a 50-acre plot with sweeping views of Cos Cob Harbor and boasts two private islands. In addition to 12 bedrooms, a wine cellar and a grass tennis court, the estate also contains a carriage house complete with a clock tower, a greenhouse and a couple of pools.

Then there’s the debt.

Property records show that the house is carrying at least $124 million in mortgage debt.

“For all intents and purposes, it’s America’s largest short sale,” Frank Farricker, a residential and commercial real estate broker based in Greenwich told us this summer.

Even with the considerable price cut, the real estate website Curbed reports that Copper Beech is still the priciest mansion for sale in the States, while noting it has lost is title of priciest private property. Here’s how Curbed puts it:

gt0518gtestate-202Even at it’s new, uh, bargain-basement ask, Copper Beech Farm is still the most expensive private mansion on the market in the United States, but it’s been stripped of its title as most expensive private property: that honor has been reallocated to Jackson Land and Cattle, a 1,750-acre estate in Jackson Hole, Wyo., that’s asking $100K an acre, or $175M. (There several homes on that ranch, and most people would consider it a working farm with investment potential instead of, say, a single-family home.) As far as mansions go, next in line is a Dallas spread listed for $135M by business honcho Tom Hicks. If Copper Beach Farm sells at ask, it will top America’s biggest-ever sale, a Silicon Valley spread that sold in January $117.5M, by $22.5M.

But that’s if the estate sells at its current asking price. And while the town has its fair share of expensive listings and choice properties, Greenwich has never had a sale top the $100 million mark — despite at least one attempt.

Five years ago, the 40-acre property on Round Hill Road, named “Dunnellen Hall,” which was once owned by hotel and real estate tycoons Harry and Leona Helmsley was listed for $125 million. It took two years before the estate, which included an opulent, 28-room mansion, sold for less than one-third of its asking price: $35 million.

Whether Copper Beech can become the first Greenwich property to command $100 million or more remains to be seen.

 

Categories: General
Maggie Gordon

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