New Jersey Mansion With Massive Maintenance Sells For Just $4.6 Million Eight Years After It Was Listed For $39 Million
All that glitters… New Jersey mansion, richly decorated in gold, sells for just $4.6 million eight years after it was listed at $39 million, with ostentatious decor and poor condition driving the price cut
- Gloria Crest mansion in Englewood sells for $4.6 million, a fraction of its value
- The house originally stood at $39 million in 2019, but the price continued to fall year after year after no buyers came forward
- Broker Says Price Dropped Due to High Tax Bill and Needed Upgrades
- Known as the ‘White House of Englewood’, the property has eight bedrooms, nine bathrooms, gym, home theater and private lake
- Anonymous buyers also get a discount on the annual property tax
A $39 million mansion in New Jersey was sold for $4.6 million due to the significant need for upgrades and the $168,000 annual property tax associated with owning the property.
While the 1926 Gloria Crest mansion, known as the ‘White House of Englewood’, became the perfect home for the self-proclaimed Polish royal Stefan Poniatowski, it left much to be desired for the modern buyer and spent eight years on the market before it eventually sold for nearly $35 million less than its original price.
“The estate is beautiful and grandiose, but it’s certainly not for the faint of heart,” said Michelle Pais, founder of Signature Realty NJ, who sold the home.
The Gloria Crest Mansion is located at 83 N Woodland St., in Englewood
Built in 1926, the property is known as the White House of Englewood
It features nine full bathrooms and five half bathrooms with classic designs
The estate features gold trim, eight bedrooms, nine full baths, five half baths and spans 4.9 acres on 83 N Woodland St.
The marble entrance has a double staircase and there are several living rooms, one of which has a fireplace.
It also houses a home theater, gym, infinity pool and cabana overlooking the property’s private lake.
Although the Mediterranean style villa would display the ‘grandeur of a classic Hollywood estate’, the style is considered dated and will likely be fully renovated by its new owner.
Pais and her team have worked relentlessly to finally find a buyer for the home since it was first listed in 2013, the NY Post reported.
The house was originally set to sell for $39 million before the price dropped to $25 million in 2014. The following year, it dropped to $24 million and then fell by half again in 2018.
In 2019, the price went even lower to just under $10 million before settling on the $4.6 million price this year.
Pictured, one of the eight bedrooms in the mansion
The Mediterranean style villa has golden decorations throughout the interior
The house originally belonged to Stefan Poniatowski, a self-proclaimed Polish royal
The buyers, who wished to remain anonymous, will also enjoy an undisclosed $168,000 annual property tax discount.
It originally belonged to Poniatowski and his wife Elizabeth, the daughter of a prosperous owner of a silk factory in Paterson. Poniatowski took over silk production before going bankrupt in the 1929 stock market crash.
Edward Turn — CEO of Control Equity Group, which provides facilities management and security for commercial real estate — paid $4.8 million for the home in 2000.
Turen had taken out mortgages on the house for more than it was worth, nearly putting it up for auction in 2017.