Start the clock: fifty acres in Mead Point, waterfront, $190 million

Mead PointComes with a house. Back in 2010 I predicted that this same broker’s Helmsley property’s ask price vs actual selling price, $125 million to $35 million, or a $90 million difference, would be a record long unbroken. I may have been wrong.

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69 responses to “Start the clock: fifty acres in Mead Point, waterfront, $190 million

  1. FRF

    The 90 million dollar difference was Mel Gibson’s former residence correct?

  2. Cos Cobber

    I posted about this listing around 10am….

    Its zoned to Julian Curtis, keep that in mind when your showing it. Also you’ll need a FICO score of 800 to schedule a viewing.

    On the plus side, its walkable to Bruce Park Grill and the Cos Cob train station. The Mianus Boat Club is also nearby. These are all important attributes for high-rollers, keep that in mind.

    • anonymous

      If you need credit you can’t afford it.

      • Cos Cobber

        Gee Whiz, really?

        • Anonymous

          Patriot Bank is offering a 150mm interest only.

        • AJ

          If I remember correctly it was the “Connecticut Business News Journal” that reported on a regular basis the closing price of homes sold and the amount financed. You would be surprised at how many high end houses were purchased with huge mortages. If a development company were to buy it to be subdivided and developed, it’s very likely that it would be a highly leveraged purchase if that’s still possible these days.

    • AJ

      I remember one night when some drunk as a skunk plumber had left the Bruce Park Grill and drove up Bruce Park Avenue towards the Avenue, and just at the top of the hill managed to plant his pickup truck with all those heavy diamond pattern steel plate built in tool boxes dead center on the roof of a car with all four wheels hanging in the air. He got out of his truck and went back to the bar to have a few more where the police arrived a short time later.

      • AJ

        From your above link:

        “… John M. Rudey—the 59-year-old father of one of Harvard’s wingers who police said hosted about 30 players at his house in Greenwich—was arrested at the same time and charged with providing alcohol to minors and reckless endangerment.

        Police released Longo and Boutwell, who is also a Crimson editor, on $100 cash bond—on the condition that they appear in Stamford Superior Court with Rudey for an arraignment on May 14. …”

        You’d think a tycoon-baron would be smart enough to serve alcohol to minors without being held culpable. If not he should have at least put dog collars on the young Havardians so that they couldn’t make it past the invisible fence.

  3. Mickster

    I look at us and at David and wonder who has got it right?
    When you have no comps you ask an “outrageous” price and go from there. The point being that being outrageous it will garner massive media attention and that will help eventually sell the property – market will eventually tell us it’s value..

    • AJ

      Perhaps he’s hoping for some shrewd person who just fell off the back of a turnip truck to most cleverly place an offer at $5000 less. You wouldn’t want to come in at too far below asking: you might offend the seller and have him refuse to talk to you even if you counter at above asking price.

  4. anonymous

    link to listing?

  5. Spencercat

    That picture is quite a photoshop job! Most existing traces of civilization/neighbors skillfully removed.

    • DWR85

      No disrespect but that picture has not had any “traces of civilization/neighbors” removed. Unfortunately I cannot post a link to the actually listing which includes several aerial view photos. In your defense, this particular aerial view does look like other homes have been erased.

      • You’re quite right, DWR – it’s meadows and fields stretching along the harbor for quite a distance – no (immediate) neighbors. Truly exceptional land. I have no idea of its “proper” price but I think Mickster’s got it right: stick an outrageous price on it and see who steps up, and at what level. It’s about as unique a property in Greenwich that’ll you’ll find so someone will pay up to get this. How much up, we’ll probably have to wait a couple of years to find out.
        PS: there is a link to the listing here: click “comes with a house” and you’ll find those pictures you refer to.

  6. FAR more impressive than the cottage in my neck of the woods that went for $117.5m

  7. The New Normal

    12.6x assessment lol

  8. FRF

    What did it look like in 1934?
    😉

  9. anonymous

    OK, there, Sparky, that’s nice. Now put on your Brenda Starr ace reporter hat and find out who owns the place.

  10. Walt

    Dude –
    In anticipation of our Powerball win, I would like to visit this property. Can you schedule a showing tomorrow, or should I contact this David Ogilvy fellow directly? And how did a Jew become a high end Greenwich dirt “professional”? Him. Not you.

    The $190 million price tag does seem a tad high, and I hear it needs updating. But I am envisioning transforming it to a Playboy Mansion East. Is it private? How are the neighbors? We don’t want a bunch of blue haired biddies named Muffy cramping our style now, do we. Does it have a tennis and volley ball court? Dungeon? A bocce ball court in case we invite some Cos Cob folks over to tend the landscape? A boat slip so we can do booze cruises? How far from Beamers?

    And the Powerball jackpot is up to $600 million, so your half is up to $20 million!! Did you buy our tickets yet?

    We will be in a position to do a cash deal on this one, so Je…so tell David he takes a haircut on the commission.

    Your Pal,
    Walt

  11. anonymous

    Hmmm. The gatekeeper feeds the wild turkeys..

  12. AJ

    A negotiating point, does he need cash:

    So of course Wilson, WY is not AFLC’s real headquarters. Those are in New York City, at the offices of John M. Rudey, a real estate and timber tycoon. Rudey’s company AFLC (stands for American Forestry Land Company) owns about 45,000 acres of commercial forestland in Central Washington. These forests are in danger of being infested by budworm, a deadly beetle that slays trees in three to five years by eating their new growth. Once a tree is infected, it cannot be processed, so harvesting must be selective to avoid infected trees. As a result timber supply dried up and all wood mills in central Washington closed, making future timber economically infeasible due to high shipping costs.

    Even worse for Rudey, Spotted Owls were spotted on his property and endangered species protection was imposed. So AFLC a.k.a. Rudey lost his investment. Unless he can find another use for the land.

    http://www.csrhub.com/blog/2011/04/solar-energy-no-pot-of-gold-if-it-rains-all-the-time.html

  13. 160k per year taxes seem reasonable on this one…

  14. Linda in Poughkeepsie

    I just love how all the answers that inquiring minds would want to know are answered in this blog by Chris or his loyal readers. Add in Walt’s delightful comments and I can try to forget all the mishegas in Washinton. Carry on all!

  15. Anonymous

    I would much rather have 30 acres on converse lake for 1/10th the price.
    Not that I could, but!

  16. anonymous

    Plot thickens. He and the misses unloaded their NY apt for a cool 16 mil. Fire sale.

    http://observer.com/2013/01/mexican-media-mogul-alfonso-de-angoitia-buys-16-5-m-co-op/

    • AJ

      Well, not really a shrink, but a Clinical Social Work/Therapist, LCSW. So CF, for one hundred and fifty to two hundred and fifty dollars an hour — maybe less because she works on a sliding scale and, as a real estate agent, that would put you somewhere between a used car salesman and a life insurance agent — you could rub shoulders with these people. But I am not impressed: even my wife has a degree in child developmental psychology, besides being certified by the Royal Conservatory to teach piano, and worked for the juvenile court system and on some Indian reservation as a social worker (need I say an extreme Liberal). I am her only client, though I keep telling her I’m not interested and don’t want to be, but that’s okay because I pay her nothing and am very good at tuning out background noise.

  17. Anonymous

    How many low income housing units could you fit on 50 acres? Bridgeport East.

  18. Patrick

    Did u see the window Air Conditioning unit in the front picture? You would think they would have teaken those out before taking the picture and you would certainly hope that for $190 million you would get central air.

  19. ShedLessToolMan

    They need to take out a classified advertisement in the Russian Oligarch Real Estate Monthly Gazette.. Other than that, not sure anyone else would pay such a price for such a parcel.

    • anonymous

      2 acre zone, a couple islands.. 15 – 20 lots.

      • Figure fifteen – there’s some fairly extensive swampland in those meadows, if I remember. Fifteen lots ±, $12 million per lot? Seems steep for those not on the water, although some of the nicer lots would certainly fetch a large price. Brother Gideon sold the five (?) acres across from here for $23 million some years back, and we have that recent sale for $13 million right down from there, so ….

        • anonymous

          Most of the land is being held in some sort of conservation easement to keep the taxes down. Open that up to apply for sub division, and the taxes soar. That’s when you start the clock.. and watch for P and Z members starting to mysteriously acquire the Lambos and Lears.

        • anonymous

          That makes Gid the poor man’s Ogilvy.

      • Flash

        Cost to put in roads, sewer, water, drainage could be $100,000,000!
        And require a permit from the Army Corp of Engineers. One way to recoup cost is to spend another $100million putting in marina and create a Sardinia of the Atlantic.

  20. Walt

    Dude –
    So I ordered a new Maserati, a Lear Jet, and we have 20 hot Mao Mao’s flying over here right now!! And we still have money to burn!! What time do we look at this crib tomorrow?

    The gooks will be here first thing Monday, so we need to move fast. Can you pick up some fish heads and rice? And if you don’t have silk pajamas, go buy some. My treat!

    Anyhows, I think we should give something back. Don’t you? I think it is the right thing to do. And I watched this video and got all pissy eyed:
    http://www.businessinsider.com/girl-first-pitch-rays-2013-5

    So we set up a College Fund for this kid, and send them to Disneyworld. OK? It comes out of your take.

    Want to go get some tattoos?
    Your Pal,
    Walt

  21. Long Time Central Greenwich Resident

    Listing says TAXES REFLECT 45 OF THE ACRES DESIGNATED FOREST UNDER CT PUBLIC ACT 490 GIVING VALUE OF 1,000 PER ACRE. Can only 5 acres be developed? What is the story here?

    Seems not to be a permanent designation although there may be a penalty to the seller for ending the easement. See

    http://www.ct.gov/doag/cwp/view.asp?a=1366&q=259834

  22. Riverside Chick

    Who is the listing Broker?

  23. Anonymous

    I guess whatever gets built will need to be elevated since its in a flood plain?

  24. So .. The impossible sale at the impossible price and this clown offers a super discounted commission?

    I know nobody pays full boat 6% on a sale this size .. But, seller is asking for a lot here ..

    • Flash

      After looking at Anon lawsuit with painter, listing broker will get zilch and be embroiled In a lengthy lawsuit. And, selling broker will be suing listing broker because of MLS contractual relationship.

  25. anonymous

    Ouch!

    “If you want to change the use, then you have to pay back the taxes you got as a credit,” Pruner said.

    Read more: http://www.greenwichtime.com/news/article/Greenwich-estate-on-market-for-190M-4526914.php#ixzz2Tbz0pboe

  26. Perfect place for a couple of thousand “affordable housing units” and we could not stop it….but would it get us over the 10% Demokratick Mandate ???

  27. Ogilvy is a Scottish name meaning high place. I think David goes to Christ Church Greenwich……..

  28. `

    Yes but what about Chiam Ogilvy, founder of the Reform Sect of Scottish Israelites in 1842?

  29. Flash back

    Just heard that the Greenway’s sold off part for the Cobb Island subdivision years ago. The rest of the story is the finding of Indian bones and the very delayed development of the subdivision. Anyone ever head this?
    I guess Indian Head Road is aptly named.

  30. Riverside

    This may shed some light on this sale…. My understanding is the estate was used to secure the man’s troubled business loan with BofA and has recently been in foreclosure. Not sure of current status of the suit.

    http://dockets.justia.com/docket/connecticut/ctdce/3:2011cv00453/92527/

  31. `

    Fire sale. See above. Mrs. Rudy, call yourself for counseling.

  32. Anonymous

    List at 100mm+, say there are no buyers, hold off the courts for another 10 years.