Home News It Cost $35 Million to Create. But This Elaborate Pennsylvania Home Just Sold for $9.26 Million.

It Cost $35 Million to Create. But This Elaborate Pennsylvania Home Just Sold for $9.26 Million.

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After spending about $35 million to create a Gothic Revival-style property in a Philadelphia suburb, hedge fund manager Andrew Balloway sold the property for $9.26 million, according to real estate records.

The buyer of the approximately 32 acres of land is a trust tied to the family of Thaddeus Bartkowski, chief executive of digital advertising firm Catalyst Experiential, Bartkowski said. Bartkowski said he rented the elaborate property for about 14 months before buying it.

The property spans approximately 32 acres.


Photo:

Devin Campbell

Located in Gladwin, a wealthy community on the Philadelphia Main Line, the property first hit the market in July 2016 for $28 million.Mr. Balloway announced in 2019 after repeated price cutsintend to sell the property at auction The reservation price is $14.9 million. The property was listed for rent after no buyer was found during the auction process.

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Request $40,000 per month in 2021.

Bartkowski said he was drawn to the property because of its “architectural quality and style,” which is reminiscent of more historic homes in the area, and the privacy afforded by the property’s square footage. US dollars, he said, but the complex deal also involved the sale of a number of other assets not reflected in its price. He declined to specify the amount of money involved or what assets were involved.

Balloway, a minority stakeholder in the Arizona Coyotes ice hockey team, did not respond to requests for comment on the sale. It took more than three years and about $23 million, he told The Wall Street Journal in 2019.

The six-bedroom home has a classic stone exterior and limestone accents. Resort-style amenities include a Jacuzzi, movie theater, and wine cellar with multiple tasting rooms. The glass-door gym overlooks the indoor lap pool. The property also features a seven-car garage, tennis courts, and trails designed for all-terrain vehicles. The grounds are also home to two of his historic buildings that date back to the 1700s.

As of 2019, Balloway, who is a managing partner at hedge fund Merion Investment Management, said he is an Arizona resident and only lived in Gladwine’s estate for a short period of time. After he and his ex-wife divorced in 2013, she and their children remained on the property, he said.

Mr. Balloway spent approximately $35 million to create the estate.


Photo:

Devin Campbell

Several real estate agents were involved in the transaction, including Harrison Todd of Keller Williams, Lavinia Smerconish of Compass and auction house Paramount Realty USA.

EXP Realty’s local agent, Harry Cherry, who was not involved in the sale, said the deal demonstrates that buyers are always willing to “pay a premium for someone else’s vision,” even in high-end markets like Gladwyne. said to be proof. When we were able to build our dream home from scratch. He said that spending exorbitant amounts to build a house often doesn’t result in comparable resale numbers. This is especially true in the large Philadelphia market, where prices hit about $10 million, Cherry said. He noted that luxury home sales in the region have declined over the past few months amid concerns about the economy. “Things are calming down and buyers are becoming more cautious,” he said.

In recent years, similar alerts have been unfolding in markets across the country. In Farmington, Connecticut, a nearly 50,000-square-foot, 52-room complex owned by rapper 50 Cent has been sold. for just $2.9 million In 2019, it is 84% ​​cheaper than its original $18.5 million asking price. With a nightclub adorned with a mural depicting the rapper’s G-Unit hip-hop basketball court with his group’s logo and a mural depicting his large back tattoo, the property is similarly marketable. was an outlier.

write destination Catherine Clark [email protected]

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