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Re: When Big Becomes Too Big, a Dream House Goes to Auction

By: clo in ROUND | Recommend this post (0)
Wed, 01 Jun 11 2:01 AM | 100 view(s)
Boardmark this board | De's Test Board 		Msg. 33194 of 45510
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A current article on the same house.
Wonder what the taxes are? clo

http://www.bloomberg.com/news/2011-05-24/greenwich-s-priciest-homes-languish-with-four-years-of-inventory-on-market.html

Greenwich’s Priciest Homes Languish With Four Years of Supply

By Oshrat Carmiel - May 23, 2011 9:01 PM PT
The 50-foot indoor lap pool at the Cheslock estate. Source: Higgins Group Real Estate via Bloomberg

The house was custom built by Stanley Cheslock in 2003. Source: Higgins Group Real Estate via Bloomberg

The house features a 3,700-bottle wine cellar. Source: Higgins Group Real Estate via Bloomberg

A dining room in Stanley Cheslock's 26,000-square-foot Greenwich home. Source: Higgins Group Real Estate via Bloomberg
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It’s been more than 500 days since Stanley Cheslock put his 26,000-square-foot Greenwich, Connecticut, “dream home” on the market for $17.95 million.

The house and its surrounding estate -- custom built by Cheslock in 2003, with a movie theater and 3,700-bottle wine cellar -- is waiting for a buyer who sees the current asking price, $15.95 million, as a bargain.

“It’s a steal,” said Cheslock, a co-founder of an investment firm, who has knocked almost 50 percent off the price he was asking when he first tried to sell the property five years ago. “It’s way underpriced.”




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The above is a reply to the following message:
When Big Becomes Too Big, a Dream House Goes to Auction
By: clo in ROUND
Wed, 01 Jun 11 1:54 AM 		Msg. 33193 of 45510

Heard about this on the radio today.
This article is dated. From what I understood, it hasn't sold. clo

Take a look:
http://www.nytimes.com/2008/07/12/nyregion/12auction.html
Published: July 12, 2008

More like a castle crossed with a palazzo, a lodge and maybe a manor with, as Mr. Cheslock put it, a “kind of French-Mediterranean-Italian thing going on.” The Cheslocks, who sold their previous home in Greenwich for $12 million, bought the property for $7 million in 2000, spent nearly $14 million and four years building the house, and put it on the market in 2006 for $31 million. No takers.

As the real estate market slowed and the overall economy worsened, the couple grew anxious, not least because a merchant banking firm that Mr. Cheslock co-owned lost $100 million in value, leaving his net worth at, by his own off-the-cuff accounting, “something just under $100 million.”

So, borrowing a page from the foreclosure world, the Cheslocks on Friday opened a five-week auction with bids starting at $19 million.

“Like two-thirds of what we think it’s worth,” Mrs. Cheslock said.

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