16 months and $3M price cut later, NJ mansion hits auction block

TRD New York /
Aug.August 26, 2009 04:28 PM
alternate textImages from the Froh Heim property, from left: exterior shot, lounge, garden walkway

After spending nearly a year and a half on the market and seeing a $3 million price cut, the Froh Heim mansion in Far Hills, N.J., will hit the auction block.

West Palm Beach luxury real estate auction company Concierge Auctions
is handling the Sept. 26 auction of the seven-bedroom,
eight-and-a-half-bathroom house in conjunction with Prominent
Properties Sotheby’s International Realty. There is no starting bid
price, but there will be a $100,000 deposit required to place a bid.

“I think that no minimum bid creates a true transparent
atmosphere,” said Concierge Auctions President Laura Brady. “It’s not
unique for this property… I think a true auction is one where the
bidders determine the price.”

The Froh Heim — which is German for “happy home” — once hosted the Duke and Dutchess of Windsor and served as a filming location for two early-20th century silent movies.The house is owned by an investment team led by Heritage Premier Properties.

The 11-acre Froh Heim property — which has a swimming pool and fountain — was first listed for $8.9 million in April 2008 and had its asking price slashed to $6 million a year later. In addition to the main residence, the land includes a stable, barn, two caretaker apartments and a “gentleman’s retreat,” complete with wine cellar.

The home was originally built in 1887, but was later torn down to create the Froh Heim as it is today. The estate’s reincarnation was designed by noted architects Peabody, Wilson & Brown in 1917 and is considered an historic landmark.

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