A cautionary tale about market value in the ultra-luxury real estate world…
The CNBC article by Robert Frank can be viewed here.
10-Acre Estate with Equestrian Features Located in one of Forbes’ Most Expensive ZIP Codes
Miami-based luxury real estate auction firm Platinum Luxury Auctions has announced the upcoming auction of a 10-acre mansion located in the upscale community of New Vernon, New Jersey. Although initially asking $8 million, the property will now be offered without reserve, meaning that the home will be sold to the highest bidder regardless of the high bid price. Platinum, a firm specializing in the sale of multimillion-dollar homes at auction, was hired by the property owner to manage the sale in cooperation with New Jersey listing brokerage Kienlen Lattmann Sotheby’s International Realty. Listing agents Berly Teele and Lisa Geoffroy are representing Kienlen Lattmann for the sale.
Located within only 40 miles of the heart of New York City, the exclusive hamlet of New Vernon was ranked 55th out of 500 on the 2017 Forbes list of “America’s Most Expensive ZIP Codes.” In addition to its proximity to Manhattan, the area is also close to Newark and Philadelphia, making it an ideal location for wealthy executives who commute to their city-based offices.
“We’re really excited to present his property to the international marketplace with the Kienlen Lattmann SIR team,” stated David Ashcroft, Platinum’s director of development and sales. “It’s certainly unique to have a property in such an upscale, suburban setting, while also having equestrian amenities and immediate access to miles of riding trails. Not to mention, the property has a substantially reduced tax rate due to its ability to utilize a partial farmland assessment.”
Situated on 10 acres in a quiet cul-de-sac, the property offers plenty of privacy amidst manicured lawns and pastures. Structures include a tri-level main residence, separate pool house with in-ground pool, and a 6-stall barn. The main residence offers 6 bedrooms, 7 full and 3 half baths, while the pool house adds another full bath. Living spaces total more than 12,000 sf, with approximately 11,000 sf in the main residence and 1,040 sf in the pool house.
For those always looking for more storage space for the holiday decorations, there is also an additional 2,600 sf of finished attic space and a finished lower level totaling more than 4,900 sf. The lower level is ideal for conversion into the ultimate “man cave,” with ample space for a billiards area, enclosed home theater, fitness center, and more.
Upper-level bedrooms are large, and include en-suite baths. The vast master suite includes a sitting room and office, while an opposite guest wing offers 2 bedrooms, a full bath and its own office, making it ideal for in-laws or live-in staff.
Due to the property owner’s construction experience, the residence was built with various commercial-grade components that are rarely used in residential homes, such as Pella premium windows, a whole-house generator and TJI® floor joists.
Additional features include a grand foyer with dual staircases, two-story great room with wet bar and patio access, gourmet kitchen, gentlemen’s study, a pine-paneled fitness/yoga room, and a temperature-controlled wine closet with a +1,000-bottle capacity.
Beginning Monday, March 5th, the property will be open for previews between the hours of 12pm and 5pm (ET), until the auction date. Additional information is available at NewJerseyLuxuryAuction.com, or by contacting a member of the Platinum’s project management team at 800.674.3325.
Perfect for the Philadelphia executive!