$2,000,000 Over The Asking Price

460 North Street, just closed at $22M. Five owners over twenty years, none did better than this one! List: Helene Barre. Sell: Fran Ehrlich.

As I mentioned earlier, way back in June, 1997, I sold this place for the pocket-change amount of $4,700,000. Besides the 2.5% sell-side commission, listing broker Ogilvy had arranged for a selling bonus of $40,000, so I celebrate that June 16th closing date each year with a fine cigar.

Twenty years, and five owners later, 460 North Street has closed again, this time for the somewhat more impressive price of $22,000,000. The ask was $20M, so was there a bidding war? My guess is no. I think that extra $2M was for furnishings, possibly even a few pieces of art (see photos)?

Each of the previous owners of 460 North Street put their “stamp” on it, lavishing millions in renovations, decorations, and expansions. Some made money, some did not. This most recent owner paid $7,987,250 in 2012, so I suspect money was made this time.

8 thoughts on “$2,000,000 Over The Asking Price

    • Cos:
      Possibly, but do we know that for sure? We do not. I will point out, however, that the (damned) State of CT “conveyance”taxes would be applied to the reported purchase price, which might be a deterrence to including adding art into that price.

      • Wouldn’t paying the conveyance tax be better than having to pay a sales tax? I suspect the state of CT would want to collect a full boat sales tax on large dollar art transfers.

      • “Collectibles”, which includes artwork, have their own special tax, which is 28%. The IRS would look askance at any transaction that appeared to be an attempt to sell art at the much lower conveyance-tax rate applied to real estate, or the much lower capital gains rate that is applied to real estate.

    • AntFount:
      Readers, this is an example of the famous Fountain family sarcasm that makes everyone love us so much. My brother, you see, is disputing the use of the word “art” being applied to the works of Andy Warhol, and I’m not sure I disagree with him!

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