Falling down the charts: Tommy Mottola’s Greenwich estate sells for a 25% discount

It was listed for $19.95M in 2017

Tri-State /
Apr.April 09, 2019 02:00 PM
Tommy Mottola and his Greenwich Estate (Credit: Getty Images and Compass)

Tommy Mottola and his Greenwich Estate (Credit: Getty Images and Compass)

Legendary music executive Tommy Mottola had to face the market’s music with the sale of his Connecticut mansion. The former CEO and chairman of Sony Music sold his gargantuan Greenwich estate for $14.9 million, 25 percent below the asking price.

Mottola originally listed the nine-bedroom home for $19.95 million in 2017, the Wall Street Journal reported. Mottola and his wife, Mexican pop star Thalia, had been living there for several years at the time. They spent about three years designing and building the house.

Compass’ Robin Kencel and Brian Milton represented Mottola. Sotheby’s International Realty’s Steve Archino represented the anonymous buyer.

Though he didn’t get the price he had been seeking, Motolla did well on his investment. He purchased the 5.7-acre estate at 33 John Street for $2.85 million in 2010. The mansion spans over 12,000 square feet and features a great room with a stone fireplace, a gym, a play room, a beauty salon and a massage room. It also has an outdoor swimming pool and a carriage house that’s been used as a recording studio.

The sale comes as the Greenwich market has cooled. According to a 2018 fourth-quarter report from Douglas Elliman, average sales prices were down nearly 19 percent year over year, to $2.3 million, while total sales dipped 2.2 percent from a year earlier. Brokers have said that demand for over-the-top homes has slowed, with extravagant properties generally requiring price cuts to sell.

During his time in the music industry, Mottola helped propel the careers of singers such as Céline Dion and Gloria Estefan. He’s also a restorer of luxury homes. [WSJ] — Meenal Vamburkar


Related Articles

arrow_forward_ios
Yue-Sai Kan and 6 Sutton Square (Getty; Google Maps)

Sutton Square townhouse listed by “China’s Oprah” for $28M

Sutton Square townhouse listed by “China’s Oprah” for $28M
President Donald Trump (Getty)

Realtor groups sue to block federal eviction ban

Realtor groups sue to block federal eviction ban
(iStock)

Mortgage applications skyrocket in holiday week

Mortgage applications skyrocket in holiday week
(iStock)

Manhattan market’s “steady upward slog” persists as suburbs and Brooklyn see gains

Manhattan market’s “steady upward slog” persists as suburbs and Brooklyn see gains
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)

You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse

You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Residential construction accounted for 44% of spending in October. (iStock)

Housing drives rise in construction spending October

Housing drives rise in construction spending October
1616 President Street in Crown Heights (Google Maps; iStock)

Crown Heights renters protest New York’s “worst landlord”

Crown Heights renters protest New York’s “worst landlord”
48 Willow Place and 568 First Street in Brooklyn (Google Maps, Unsplash)

Brooklyn sees $49M in luxury contracts signed during holiday week

Brooklyn sees $49M in luxury contracts signed during holiday week
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...