Historic Long Island estate to be auctioned at 73 percent off original asking price

The 21-acre Old Westbury estate of late polo player and steeplechaser A.C. Bostwick is set to be sold at auction Nov. 18, and with the opening bid set at $4.9 million, auctioneer Richard Maltz told the Post that the property, most recently assessed at $10 million, is likely to be a “steal.” The 122-year-old estate was asking nearly $18 million just last year, but the international investment fund that purchased it for $13.3 million in 2006 has since become increasingly eager to unload it, Maltz said. The historic property contains a Georgian revival manor house with nine bedrooms, a library and 10 fireplaces, stables, a pool tennis court and formal gardens. It also comes with permits to build three more mansions, should the new owner choose to subdivide the property. [Post]