This sprawling custom estate found a new owner, but for less than a third of the money spent to create it.
In Pennsylvania, hedge fund manager Andrew Balloway spent about $35 million to build this mega-complex, but it recently sold for $9.26 million, a fraction of that price. I resold it. The Wall Street Journal reported.
After paying $12 million for a plot of land outside Philadelphia in 2006, the minority owner of the Arizona Coyote hockey team spent years building a 13,000-square-foot Gothic mansion. revival style. The 6 bedroom, 9 bathroom property includes a 7 car garage, indoor pool, tennis court, movie theater, ATV trails, wine cellar, 5 fireplaces, guest apartments, all on 32 rolling acres on top of a hill. .
Balloway only lived at the property for a short period of time, choosing to spend most of his time in Arizona following his 2013 divorce while his ex-wife and children stayed in their lavish mansion.
In July 2016, Balloway first attempted to unload the behemoth, putting it up for sale for $28 million. After failing to sell, prices plummeted until 2019 when they tried to put it up for auction at a reserve price of $14.9 million. was rented.
Now, the property is finally out of Balloway’s hands, albeit at a steep price cut. Property records show the home was purchased by a trust owned by Thaddeus Bartkowski, a digital advertising executive who has been renting the home for the past 14 months, he told the Journal. .
Advertising executives liked the compound for its secluded location, resemblance to houses in historic areas, and “the quality and style of construction,” he told the publication.
Although the sale was for a mere $9.26 million, the purchase process was very complex and in fact the total was significantly higher due to multiple other assets not included in the purchase price. He declined to provide figures on how much.The deal involved multiple real estate agents, including Keller Williams’ Harrison Todd, auction firm Paramount Realty USA and Compass’ Lavinia Smarkonish. was involved.