17 Mar Connecticut – Most Expensive U.S. Home Sale Ever
Most Expensive U.S. Home Sale Ever: Connecticut Estate Goes For $120 Million (As published April 16, 2014)
Greenwich’s $120 Million Copper Beech Farm
Ladies and gentlemen, a new record has been set: Copper Beech Farm is now the most-expensive home sale in the United States–ever. The estate, at 499 Indian Field Road in Greenwich, Connecticut, closed Friday for $120 million.
That figure shatters the prior record held by Softbank SFTBY +% billionaire Masayoshi Son, who paid $117.5 million for his Woodside estate in November 2012. It also beats the highest home sale of 2014 to date, the $102 million purchase of the Fleur de Lys Estate in Los Angeles’s Holmby Hills by someone whose legal firm shares an address with Michael Milken.
David Ogilvy & Associates, an affiliate of Christie’s International Real Estate, had the listing, and Christie’s confirmed the sale to FORBES. The buyer was not disclosed, but purchased through an LLC.
inRead invented by Teads
The 50-acre estate originally listed for $190 million in May, then dropped the price by $50 million in September to $140 million. Subsequently, the listing dropped another $10 million before closing for $120 million last week. That’s a very speedy sale–less than a year–for a house at such a high price point.
“It was 11 months from start to finish,” Ogilvy told FORBES. “But if you find the right buyer, there is nothing else that would fill the bill. There’s just no other 50-acre waterfront piece–nothing within 45 minutes of New York.”
Recommended by Forbes
Named for the copper beech trees populating the property, Copper Beech Farm was built in 1896. Harriet Lauder Greenway (whose father, George Lauder, helped Andrew Carnegie create U.S. Steel) purchased the property in 1904 and lived there for more than 75 years. The seller, timber tycoon John Rudey, bought the home three decades ago in an off-market deal. Until last year’s listing, the estate had not been publicly available for purchase for more than a century. The property is the largest waterfront estate on the coastline between Greenwich and New York City.
The estate includes a 13,519-square-foot main house with 12 bedrooms, seven full baths and two half baths and a wood-paneled library. Additional selling points: a solarium, a wine cellar, and a three-story-high, wood-paneled foyer. Most of the house’s rooms include fireplaces and sleeping porches, which were used as more breezy bedrooms during the oppressively hot summer months prior to air conditioning.
“The buyer plans to keep the home intact,” Ogilvy said, rather than tear it down or do a gut renovation. The front door is 40 feet above main high water, he noted, and although that provides incredible views across Long Island Sound it also helps allay concerns about potentially disastrous natural events.
The local paper, the Greenwich Time, was the first to report the sale.