We’ll always have Langhorne to kick around

Do you know what I am?

Do you know what I am?

At least it seems that way. 11 Langhorne, all 26,415 sq. ft. of it, has dropped its price again, down to $19,050,000.  This warehouse was just one of the many brainstorms that brought down the Antares Boyz back in the day. They originally offered it at as an unfinished shell for $28,000,000, reasoning that someone would gladly pay that much just to get a jump on the years it took to (illegally) drain the wetlands, gain building approval and frame this one up. That was back in 2007, height of the market, yet it still didn’t work. When the Boyz crashed and burned in 2008 a disgruntled creditor “bought” this for $13,750,000, though the talk at the time was that he just assigned it the value of an otherwise uncollectable debt.

Whatever the truth of the matter, the new owner tried reselling it for $14 and when that failed, spent the money to finish it and tried again in 2010, pricing it at $27,500,000. The success of that strategy is seen in today’s latest price cut, to $19. Somehow, I expect there will be more.

So what’s in a house this large? There’s a small indoor lap pool, but no pool outside, and not even a modest tennis court. There is what the listing promises is a “fiber optics trading floor” though at this price, you’d think that should be “fibre”. What looks to be a commercial food locker is pictured above; I think it’s a food locker, but it might be that trading floor. And then the usual high end stuff which, frankly, all starts to look the same after awhile. Have you ever seen a truly unique, one-of-a-kind toilet, for instance? Neither have I, and if you’re like me and hope never to see one then come visit here – its soil closets appear to be identical to those used elsewhere by lesser folks, maybe even the gardeners who till these very grounds.

As an aside, only a real estate listing could show a build date of 2011 for a house that was essentially finished six years ago. But that’s a quibble. The place remains empty and is still looking for a buyer. If you’re that special person, do drop in.

19 Comments

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19 responses to “We’ll always have Langhorne to kick around

  1. Cos Cobber

    Oh that reminds me…remember back at the height of the RE froth either Antares or their broker planted a story that Arod came up to look at the house? It was this place, right?

  2. Anonymous

    what kind of tool builds a TWENTY SIX THOUSAND square foot house with only a 6 car garage?

  3. That is a Kitchen that does not work! The reason the gas Range was not installed is because it does not fit. Compare the projection of the Hood to the opposite base cabinets, and even Twiggy could not squeeze by, let alone open the Oven. There is the possibility that no one was ever intended to really cook here?

    • Agree that the kitchen is cold and void of any character. Not to mention that you’ve have to be 15′ tall to reach for a pan on the ceiling pot-holder thingie. Some of the hooks are dead center over the island so not only would you have to be tall, but stretch like silly putty.

      Despite the excessive square footage, I do think the house is gorgeous. The lines of the exterior are exquisite, not too many zig zags and no turrets. The foyer is a knockout. And I’m a sucker for a porte cochere. But I want to meet the person who thought it was a good idea to put a fireplace in the bathtub area. Please pass the Claus Porto [women will get that reference]

      Did you happen to see the taxes? A cool New York vibe at $105,000.

  4. Haunted House

    Whoever ultimately buys and lives in this house will ignore the laughter behind his back. Hopefully the purchase price will give him/her the last laugh and enjoy the house’s tortured background.

    • If Malloy comes through on his promise to strengthen the laws for incarcerating the insane, here’s a good place to store the unfortunates and the inmates won’t care what was paid for it. It’s other people’s money, after all.

  5. TraderVic

    Chuck brings up a good point however when one lives in nosebleed territory, it is not so easy to pop out for a quick bite.

  6. Accolay

    Doesn’t look like a slate roof to me?!

  7. AJ

    Anybody got an idea of what the carrying cost is on this property?

  8. ML

    I always laugh a little when people can’t believe that someone would actually pay $20mm for a house. Well what’s worse is that some wealthy people will spend $30-40mm or even $60mm for the new Gulfstream 650 and nobody says a word. Those jet manufacturers have some very good marketing people!! And the maintenance of those things is outrageous! Not that I am complaining, I want one for myself. So what, spend $20mm on a house if you have it. At least you will use more than a jet!!

    Have you done the economics on a hedge fund? Making $20mm is not that far fetched.

    • I heartily agree, ML – everyone should buy as large and as expensive a house as they possibly can – even larger, in fact, assuming their credit allows it, and they should buy it through me! Hell, they want a Gulfstream, I’m sure I can provide that too.

      • ML

        My $20MM house will definitely have to be on the water so start looking! And deep water at low tide so I can have my $2MM boat in the back as well. I’m picky, what can I say. The backcountry kind of house would be fine but since I dont have an affinity towards horses nor does Greenwich allow a helipad, Ill stick to the water. Oh, since we have all this global warming/climate change, I may need Fudrucker to get me approval for some flood gates :)

    • AJ

      Jets are usually paid for with corporate money, though I suppose it could be set up so that could be the case with a $20mm house. Seeing as how it’s been on the market for five years I guess there aren’t any hedgies out there with $20mm burning a hole in their pocket for that house. I think that most people with that kind of money to spend are not interested in spec houses and want to build one of their own design. When Commadore Benedict’s house came up on the market for $20mm a number of years ago, had I the money to purchase and carry it, I would have bought it in a second, even without its former 80 acres. Unless the house is accompanied by a $20mm piece of land, I can’t see anyone purchasing this copy of Nathaniel Witherell even at 50% off. As for the old McCormick property of IH McCormick in Field Point Circle atop the cliffs opposite Indian Harbour Yacht Club, the old Langeloth property or the Lowther property both in Riverside, I would gladly pay that much for any of those properties and feel only slightly guilty for about five seconds for having stolen it.

  9. Anonymous

    I remember going to the opening of this house and the two other Antares Mansions back in 2007. A real gagfest and a clear sign of a market top.

  10. kraftynewbroker

    for those of us new to this blog.. and by the way, i really enjoy it..

    1) what is the reference to fuddrucker all the time? is that related to the hamburger restaurant?

    2) who is this Walt guy?

    I am just trying to play catch up and understand the context of some of the comments..

    thanks..

    the new guy..

    • “Fudrucker” is Francis X. Fudrucker, Commissioner of the Connecticut State Lottery, perennial sacrificial lamb of an election candidate for Greenwich Democrats and an ardent Objectivist who sleeps with a signed copy of Atlas Shrugged in his pajama pants.
      Walt is, or says he is, Walter Noel, formerly of Bernie Madoff fame, who appeared on this blog December 18th, 2008, the day Bernie was arrested and Walter scooted free with a stolen $400 million. Despite repeated, numerous pleas, he refuses to go away.
      Some of us have our doubts that he is really Walter Noel, but if you can’t trust a man’s word on the Internet, who can you trust?
      Hope this helps

  11. reader

    Kraftynewbroker, you’ll soon figure out what Fudrucker’s real name is. Chris has a sense of humor. He’s especially humorous with his closest friends.