The market for homes in Greenwich has been going through a slow patch lately, as well-off buyers have gravitated towards nearby New York City instead.
The recent sale of a massive 27-room Georgian estate in Connecticut shows just how weak the local market has gotten: Despite going for just 50 percent of its original listing price, the $17.5 million sale will still be Greenwich’s most expensive sale of 2018.
The sellers were Ara D. Cohen, co-founder of Knighthead Capital Management, and his wife Hilary Bangash Cohen. The couple had purchased the then-unfinished home in 2010 for just $10.5 million. After completing construction, they put the estate back on the market with an asking price of $35 million in 2015.
The property had been on and off the market with several price chops until it sold last week to an unidentified buyer. Leslie McElwreath and Joseph Barbieri of Sotheby’s International Realty represented the sellers, while Robin Kencel of Compass represented the buyer.
The 17,000-square-foot property, located at 110 Clapboard Ridge Road, sits on a 5.34-acre plot and includes a billiards room, a home theater, a wine cellar and indoor and outdoor swimming pools. [WSJ] — Kevin Sun