Following price slide, Starwood former chairman raises asking price of Conn. home

Barry Sternlicht, former chairman and one of the founders of Starwood Hotels & Resorts Worldwide, has raised the price of his Greenwich home to $5.95 million, from $5.495 million. The 5.8-acre property at 121 Old Mill Road, which went on the market in June 2008 with an asking price of $8.25 million, slid down in market value over the past year and a half, as average Greenwich home prices deflated by 40 percent this year through September, Bloomberg reported. Sternlicht had bought the estate for $2.93 million in 1994. The property includes a tennis court, shuffleboard court, pool and guest house. Sternlicht has expressed optimism about the residential market, stating his belief that the system will rebound. “The U.S. creates one million-something households a year and has for 20 years and will for the next 20 years. And that will create demand,” Sternlicht said. “It is a question of when you’ll make money, not if you’ll make money.”