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LANDMARK, SINGLE-FAMILY HOME SALE IN U.S. HISTORY .... $120 MILLION !!!

Posted by zzz - Lorea Thomson on Thursday, April 24th, 2014 at 10:37am.

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Photo courtesy of LuxuryRealEstate.com.

Congratulations to our respected associates within the Luxury Real Estate network for handling the biggest single-family home sale in U.S. history!  An undisclosed buyer, through the “Conservation Institute, LLC”, purchased the $190 million (asking price) Cooper Beech Farm in Greenwich, Connecticut.  Cooper Beech Farm first came to the market in May with an unprecedented asking price of $190 million.   Built in the late 1890's, Cooper Beech Farm became the most expensive home for sale in the United States. By September the staggering asking price was reduced to $140 million.

According to listing Realtor, David Ogilvy & Associates, “the home has been a landmark in Greenwich for generations. Originally built in 1896 by New York City native John Hamilton Gourlie, the property was purchased Andrew Carnegie’s niece Harriet Lauder Greenway in 1905. At the time of her purchase, the estate included 57 acres and was home to everything from fruit-bearing orchards to chickens and pigs, as well as the house, to which the Lauder-Greenway family added two wings in the early 1910s.

In the coming years, the sprawling stone-and-shingle mansion, built in the French Renaissance fashion, would crown an estate that grew to more than 100 acres at one time, before the Lauder-Greenway family began donating large parcels of land for various causes. In 1918, for example, Lauder Greenway and her husband James gifted one of the islands to the town of Greenwich; the property, located about two miles south of Greenwich Harbor, now serves as the popular Island Beach. The couple donated the first ferry providing transportation to the beach for town residents two years later.

After the death of Harriet and James’s son in 1981, the property was purchased by timber tycoon John Rudey in a private sale for a total price of $7.5 million. Under his ownership, 45 of its 50 acres were classified as forest, providing about $720,000 in tax savings annually.”

The paperwork filed for the Cooper Beech Farm indicates it sold for $120 million.  The next most expensive recorded residential real estate transaction was recorded in California for $117 million.

Waterfront Properties and Club Communities is a proud member of the Luxury Real Estate network.

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