Home News John Catsimatidis Buys 87-Acre Chappaqua Estate

John Catsimatidis Buys 87-Acre Chappaqua Estate

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John Catsimatidis and 48 Haights Cross Road (Getty, Elite Auctions)

Billionaire John Kachmatidis no strangers To bankrupt assetswhich raked a large Westchester estate from foreclosure for less than a fifth of its original asking price.

The developer at the supermarket mogul has purchased 87 acres of land at 48 Haights Cross Road in Chappaqua for $5 million, he said. built in 2004 According to the listing, the property was on the market for $27.5 million in 2012, according to Stewart Dorman, CEO of debt collection firm Vision Financial.

However, Dorman filed for Chapter 11 bankruptcy before selling it, and the property was put up for auction 2019. At some point thereafter, it became the property of the town of Newcastle, According to RFP Published in June, Catsimatidis could slip in and buy for $5 million, he said.

Katsimatidis said the facility will be used as a family retreat.

The on-site 6-bedroom, 12-bathroom Georgian stone mansion covers over 20,000 square feet. It features a front-to-back living and dining room, a chef’s kitchen with a windowed breakfast room, a butler’s pantry, and a two-story mahogany library. We also have a billiards room with theater, an indoor gym, 4-car parking, and an indoor basketball court. There are also eight fireplaces.

Outdoors, there is a pool and pool house, and acres of lawn and woods with two baths, tennis and basketball courts, and hiking trails. Catsimatidis says the property occupies his third of Chappaqua, a small hamlet in the town of Newcastle.

According to one person, actress Catherine Zeta-Jones once had an eye on the estate. 2014 segment of CBS 2At the time, it demanded $19.9 million.was still in it Westchester’s most expensive pad In 2019, that price was reduced to $13.75 million at that point.

Catsimatidis is the founder and CEO of Red Apple Group. The Red Apple Group includes his Gristedes Foods grocery store chain, oil and gas interests, and active real estate development operations in New York. His recent projects include 450 unit oceanfront condominium Coney Island and 46-story tower apartment St. Petersburg, Florida. He also hosts his talk radio show “The Cats Roundtable” on WABC.

Westchester home sales, which were strong a year ago, have fallen in recent months. New signing contracts for single-family homes fell 19% year-over-year in September, according to Douglas Elliman’s appraisal firm Miller-Samuel. Inventory also he decreased by 17%.

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