A $39 million mansion in New Jersey sold for $4.6 million due to its substantial need for upgrades and the $168,000 annual property tax bill that comes with owning the property.
While the 1926 Gloria Crest mansion, known as the ‘White House of Englewood,’ was made to be the perfect home for self-proclaimed Polish royal Stefan Poniatowski, it left much to be desired for the modern day buyer, and spent eight years on the market before finally selling for almost $35 million less than its original listing price.
‘The estate is stunning and grandiose, but it’s definitely not for the faint of heart,’ said Michelle Pais, founder of Signature Realty NJ who sold the home.
The estate features gold decorations, eight bedrooms, nine full bathrooms, five half bathrooms and covers 4.9 acres at 83 N Woodland St.
The marble entry has a double staircase, and there are multiple living rooms, one of which has a fireplace.
It also houses a home theater, gym, infinity pool and a cabana that overlooks the property’s private lake.
Although the Mediterranean-style villa is said to capture the ‘grandeur of a classic Hollywood estate,’ the style is considered dated, and it will likely be completely renovated by its new owner.
Pais and her team worked relentlessly to finally find a buyer for the home since it was first listed in 2013, the NY Post reported.
The home was originally set to sell for $39 million before the price dropped to $25 million in 2014. The following it year it went down to $24 million and then dropped again by half in 2018.
In 2019, the priced went even lower to just below $10 million before settling on the $4.6 million price this year.
The buyers, who wished to remain anonymous, will also enjoy an undisclosed discount to the $168,000 annual property tax bill.
The originally belonged to Poniatowski and his wife Elizabeth, the daughter of a prosperous Paterson silk mill owner. Poniatowski took over the silk manufacturing business before going bankrupt in the 1929 stock market crash.
Edward Turn – CEO of Control Equity Group, which offers facility management and security for commercial properties – paid $4.8 million for the home in 2000.
Turen had taken out mortgages on the home for more than it was worth, causing it to nearly go into foreclosure auction in 2017.
