Leona’s place and assessments

A reader close to my heart claims that the tax assessor knows nothing about Greenwich values so I thought I’d check out what the assessor has to say about the late Leona Helmsley’s estate at 521 Round Hill Road, which I estimated to be worth $40 million when it was first listed some years ago at $125 million. The listing broker took the largest price cut in Greenwich history: $65,000,000, but still couldn’t sell it at $60,000,000 and now it’s off the market while the estate regroups and decides what to do with the place. My advice would be to hire me but that’s not likely, so let’s see what the Town of Greenwich thinks it’s worth:

Turns out, $47 million or, at 70%, $33,437,000. I rest my case.

UPDATE: checking out my old posts, I see that I started at $40 million on this place but as the years passed without a sale I dropped my estimate to $27 million. That seems about right to me. Which makes 30 John Street’s price laughable, but only if you listen to me – my  brother Gideon will probably sell it at full price.

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One response to “Leona’s place and assessments

  1. My rant

    I have admired 521 Round Hill Road since the early 1970’s, when I saw it featured on the front page of the New York Times (for selling at a then unheard of $3 million). The buyer at the time was oil tycoon, Ravi Tikoo. As many of your readers know, “The Great Estates of Greenwich” also has a nice feature on “Dunnellen Hall” which includes some wonderful photos through the years.

    I was disappointed to see that Leona had made such a frightful hash of the interior/exterior renovations. It seems Harry let her be “Queen of the Palace” one too many times. A few thoughts:

    -The flat-roofed indoor pool addition is bad enough, but to try and blend it in, Jacobean-style, is pretty comical.

    -The free-form koi pond, trimmed with jagged rocks, might have worked at Larry Ellison’s place in Woodside, but it’s totally out of context here and if it was on your list of must-haves, couldn’t you tuck it away somewhere when you’ve got 40 acres to play with? –

    -All evidence of the ivy stripped away? The house looks stark without the ivy to break-up/soften the exterior

    -All of the grass around the fountain in the front courtyard tarred over? “Put a few hoops at each end and we’ll go full court!”

    Let’s hope the next owner has some respect for history.