Mel Gibson blinks

Braveheart on his way to closing at 124 Old Mill

Started at $39.5 a few years ago, closed today for $24 million. (I’ll search – I think I predicted that price). But don’t cry too hard for listing agent Joe Barbeiri, he got both sides of the deal.

UPDATE: It seems that Joe, with his price reduction of 39% from original asking price, has approached  David Ogilvy’s own reduction of 52% 521 Round Hill (Leona’s place), from $125 million to $60 (it’s now down to $55 million). On a dollar scale, though, Ogilvy’s $65 million price cut dwarf’s Barbeiri’s mere $15,500,000 and of course, David lost his listing while Joe sold his to his own client. So I give this battle to Joe.

You know, at 75 acres, that’s only $320,000 per acre, with a huge mansion tossed in for free. Talk about your volume discount.

UPDATE: here’s an interesting calculation: if Mel’s land sold for $320,000 per acre with an obsolete house on it, how much is Leona’s 40 acres, also with an obsolete house worth? Says here, $12, 800,000. Now her land is higher, with better views, and Round Hill is a more prestigious address than Old Mill, but how much is that worth – 2X as much (I’m being wildly optimistic here) ? If so, the price is $25.6, not the current price of $55 million. And nowhere close to the original $125 million. I smell a bargain to be gotten here. And that smells T-r-o-u-b-l-e!

UPDATE: August ’09, I reported that Justin Timberlake was rumored to be buying the Gibson place. I don’t know about that but I did predict it would go in the high teens, low 20s.

8 Comments

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8 responses to “Mel Gibson blinks

  1. Stanwich

    Who is the buyer?

  2. Cos Cobber

    Timberlake supposedly bought in gated Conyers Farm….to keep out the riftraft.

  3. Anonymous

    Tough valuation of illiquid, discretionary one-offs like large blocks of land esp when local hedgie billionaires often choose to live on <<15 acres

    And many such savvy characters are reconsidering how much exposure to CT fixed assets (and taxation) they desire if want to flee: founders of 2 of London's 5 biggest HFs have already relocated their primary homes and offices to Geneva

  4. Dan

    So how much did Mel pay for it and when did he buy it?

    Yeah, its 75 acres, but it abuts the Merritt. How many acres are so bad you don’t even want to walk on them? That’d be my only comment when comparing the sale to Leona’s. Her dirt is truly awesome and the Round Hill address certainly helps too.

  5. Mel bought it for about $9.5 MM, and kept James Dolye on as caretaker/gardener.

    Estate of HerbertMayer had divided it into 4 parcels equal parcels, with a recorded subdivision.

    Surveyor of record? C’est moi!

  6. Teri Buhl

    I think we should also note that most of that Greenwich Time report was first reported here by Chris. He was to first to tell us Mell had sold and Tommy also. I know the reporters at Greenwich Time watch this site like a hawk for news tips and I find it absured that they don’t give credit to this blog for reporting. Or a least being right and first.

  7. armonk

    I would rather have Leona’s place on Round Hill Rd. Beautiful property which could presumably be subdivided into some prime lots.