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.