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Tri-State

Scrap metal magnate drops $18M on Saratoga Springs estate

Adam Weitsman strikes again

Upstate Shredding's Adam Weitsman and 637 North Broadway (Upstate Shredding, Julie & Co.)
Upstate Shredding's Adam Weitsman and 637 North Broadway (Upstate Shredding, Julie & Co.)

Scrap metal must be having a banner year because an industry magnate keeps locking down luxury homes.

Adam Weitsman, owner of Upstate Shredding, signed a contract to purchase the famed “Palazzo Riggi” in Saratoga Springs, the Times Union reported. The ask on the property at 637 North Broadway was $17.9 million, however, it hasn’t closed. But Weitsman said he’s agreed to pay “significantly less.”

The 20,000-square-foot stone mansion sits on more than an acre of land. The home includes six bedrooms, 13 bathrooms, two kitchens and four fireplaces. There’s a five-car garage and an elevator if Weitsman wants to skip the stairs. The grounds include fountains and a swimming pool with a spa and pool house.

637 North Broadway (Julie & Co.)

The home is being sold by Michele Riggi, who lived there with the late Ronald Riggi, a businessman and philanthropist. The home was listed this summer; he died in August.

Weitsman expects to close on the property within the next 60 days. He’s never been to the property, only viewing it remotely.

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Julie & Co. Realty’s Amy Farchione-Sgromo brought the buyer. Julie Bonacio of Julie & Co. and Margie Philo of Berkshire Hathaway Adirondack Premier Properties share the listing .

This purchase is a bit closer to home for Weitsman — who lives in a Syracuse suburb — compared to his other string of recent real estate deals.

In March, Weitsman spent $23.5 million for a penthouse in Sunny Isles Beach, Fla. The 11,700-square-foot property was once listed at $30 million.

About the same time, Weitsman also made a move in Manhattan’s Upper East Side, buying a unique property next to the Frick Museum for $5 million. Billionaire John Paulson was the seller of the 6,500-square-foot French Classic property, which is part home, part art gallery. Weitsman is a big supporter of the arts, donating one of the world’s largest collections of 19th-century American decorated stoneware to the State Museum in Albany in 2014.

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— Holden Walter-Warner

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Luxury Real Estate