Home News Mansion on Philadelphia’s Main Line that cost $35 million to build sells for $9.26 million

Mansion on Philadelphia’s Main Line that cost $35 million to build sells for $9.26 million

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What is your nominal loss of $25.7 million?

That’s the difference between what it cost to build a luxury estate in Gladwin, a mainline suburb of Philadelphia in Montgomery County, and what it recently sold after multiple attempts to get a higher price. is.

The 32-acre land at 100 Maplehill Road was developed by Andrew Balloway, managing partner of hedge fund Merion Investment Management and minority owner of NHL’s Arizona Coyotes.Balloway said wall street journal He bought the land for $12 million in 2006, and over the next few years spent about $23 million to build the 13,000-square-foot mansion, built in the Gothic Revival style.

It was reportedly purchased by a trust tied to the family of Thaddeus Bartkowski, CEO of Catalyst Experiential, a Delaware County-based digital advertising firm that focuses on community-oriented projects. Bartkowsi told his WSJ that the deal was a complex one involving multiple realtors and included other assets that drove up the final price.

6 bedroom house feature ‘Sophisticated Man’s Cave’ with gym, indoor swimming pool, movie theater, wine cellar, pool table, vintage pinball machine and quirky curios including a jukebox similar to those seen on TV in the 1970s “there is. Series “Happy Days”.

Outdoors, you’ll find tennis courts, a 7-car garage, a hot tub, and a series of trails designed for ATVs. A guest house and another building, older than the mansion, remain on the site, dating back to his 18th century.

Balloway briefly lived at the property before divorcing his ex-wife, who stayed home until their children left for college. Balloway currently resides in Arizona, where he was the majority owner of Coyote until he sold his majority stake to Cuban-American billionaire Alex Meruelo in 2019. Balloway still has his 5% interest in hockey on his team. financial difficulties When debacleWhen the Coyotes are looking for a place to build a new arena, they Currently playing home games at Mallet Arenaa new facility at Arizona State University with a capacity of just 5,000, well below NHL gaming standards.

The Gladwine property first went on sale in 2016 at a price of $28 million, attracting interested buyers, but not at the price Balloway was hoping for, The Wall Street Journal reported. In 2019, Balloway tried to: Property puts up for auction with reservation price of $14.9 millionbut again could not find a buyer.

Ultimately, Balloway listed a rental property for $40,000 a month and found a taker in Bartkowski, who appreciated the property’s privacy and architecture. He finally decided to buy it.

EXP Realty real estate agent Harry Cherry, who was not involved in the transaction, told the WSJ that the Philadelphia market could be up to about $10 million. Most of the U.S. luxury real estate market is on a downtrend for much of 2022 after a feverish buying and selling war over the past two years due to the pandemic.

In the three months ending August 31, Redfin announced that sales of luxury homes in the U.S. Plunge 28.1% year-on-year, the biggest decline since 2012. During the same period, sales of non-luxury homes fell 19.9% ​​year-on-year. Much of the economic slowdown is due to rising mortgage rates, inflation, stock market weakness and overall economic uncertainty.

“People looking for luxury homes are in sticker shock after seeing the impact of rising mortgage rates on paper. “Someone who was looking to buy a $1.5 million home last year could now have a maximum budget of $800,000 thanks to higher mortgage rates.” When times of uncertainty force people to rethink their finances, luxuries are often the first to be cut.”

As for Balloway, bought a $7 million house In 2015, on eight acres of hillside land in Scottsdale, drew him in with a breathtaking view.

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