Last month, we reported that wealthy homeowners in one of America’s prototypical enclaves of wealth and privilege have begun to pull their stately mansions from the market as demand for high-end properties in Greenwich, Conn. Has plunged in recent years.
Despite sellers slashing prices, so far, only three Greenwich homes have sold for more than $10 million. In response, new listings have dropped 31% as sellers opt to wait out the gully in hopes of securing a higher price.
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But as it turns out, one of those three homes belongs to Stanley Druckenmiller, the billionaire founder of Duquesne Capital, who sold it at a considerable discount, according to Bloomberg.
Billionaire investor Stanley Druckenmiller sold his eight-bedroom Greenwich mansion for $25 million, the biggest sale this year in a Connecticut town where high-end listings have been piling up.
It took a discount to seal the deal. The purchase price was 21 percent less than the $31.5 million the seller originally sought, according to the listing. Druckenmiller bought the 12,238-square-foot (1,137-square-meter) home in 2004 for $23 million.
Druckenmiller’s sale was the third in Greenwich this year for more than $20 million, and the second to find a buyer after the owner agreed to a price cut, according to data from appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. There were 180 luxury homes on the market in Greenwich at the end of the third quarter, the firms said.
This post was published at Zero Hedge on Nov 21, 2017.
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