Henry T. Sloane mansion up for auction

May 27, 2011 04:42PM

After drifting on the market since it was first listed in 2008, the Henry T. Sloane mansion at 18 East 68th Street, between Madison and Fifth avenues, is hitting the auction block June 22, according to the New York Times.

The residence, which boasts more than 30 rooms and Beaux-Arts touches, has been bounced back and forth between brokerages and the asking price has gone from $64 million to the current asking price of $37.9 million. If the mansion had sold for $64 million in 2008, it would have been the most expensive single residence sold in New York’s history.

The current owner, an investment group managed by banker Joseph Ingrassia, has defaulted on more than $28 million in loans. The group bought the property for $20 million from an owner listed under a limited liability company. That company purchased it for $7.6 million in 2003.

A minimum bid will probably be set for the auction 10 to 15 percent higher than the $28.2 million owed on the property, Calin Onet, a marketing analyst for PropertyShark, told the Times.

The property is listed with Marcus & Millichap Real Estate Investment Services. [NYT]