Palazzo Riggi in Saratoga Springs sells at auction

Palazzo Riggi, the lavish stone mansion in Saratoga Springs, has found new owners in an evening auction last week. 

The winning bid came from Joe Gross — the owner of Gross Electric, an electrical contracting company based in Queensbury — marking the end of a year-long journey on the real estate market, the Times-Union reported, citing information from the Albany Business Review. 

Margie Philo, a representative from Berkshire Hathaway Adirondack Premier Properties, revealed that 11 prospective buyers participated in the auction for the property at 637 North Broadway. However, she remained tight-lipped about the final sale price, citing contractual obligations. 

The specifics of the transaction will only be disclosed once the property officially transfers to its new owners in 30 days. The successful bidders secured the property with an all-cash offer.

The Palazzo Riggi, formerly owned by Michele Riggi and her late husband Ronald, initially hit the market for nearly $18 million, but saw its price slashed to $12 million over the winter. 

The trophy property saw a few potential buyers — including Adam Weitsman of Upstate Shredding and former NFL wide receiver Antonio Brown — come close to a purchase, but nothing was finalized.

Built in 2003, the luxe three-story home has six bedrooms, 13 bathrooms, two kitchens, four fireplaces, a bowling alley, and a home theater. Outdoor amenities include a pool adorned with waterfalls and stone fountains. The interior has marble floors and elegant chandeliers.

Michele Riggi, known for her love of dogs, affectionately referred to her numerous canine companions as her “palazzo pups.”

The Riggi family’s wealth stemmed from their involvement as co-founders of Turbine Services, a company specializing in selling replacement parts for General Electric gas turbines. 

The auction event was managed by Platinum Luxury Auctions, a Florida-based firm renowned for handling high-end properties. Participation in the event required prescreening and a substantial $100,000 refundable entry deposit.

Across the street, retired art history professor James Kettlewell, author of “Saratoga Springs: An Architectural History, 1790-1990,” observed the auction’s proceedings with a critical eye. He told the outlet the architectural features of Palazzo Riggi, particularly its window trim, to be somewhat “aggressive.” However, he acknowledged that the mansion “comes out looking OK.”

— Ted Glanzer