Tag Archives: Leona Helmsley

Trouble in paradise

Leona Helmsley’s place, proud owner of the largest price cut in Greenwich real estate, is now the problem of Greenwich Fine Properties, David Ogilvy having been dumped.”We’re changing the narrative” says GFP’s owner, Lyn Stevens. Oh, and dropping another $5 million off its price. Whatever. Looks like the same old story to me, but I suppose one must say something.

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Going out on a limb

So here, for the record, are my predictions of sale prices for the larger estates currently for sale:

Leona Helmsley: 521 Round Hill Road : $27.5 million

Mel Gibson – 120 (?) Old Mill Road: $19.5 million

30 John Street: $18.5 milion

North Street (whatever the address, the big brick mansion place with land, across from Dingletown): $8.5 million

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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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Breaking news from March

Greenwich Time has caught up with the second price reduction on the Helmsley place today,just six weeks or so after it happened. No rush, though, as this property will linger for years, I suspect. After all, even if you could afford it, would you want the national press attention you’d receive were you to buy such a prominent piece of real estate? Not until the A.I.G. kerfuffle dies down.

I did love Russ Pruner’s (deliberate? Ironic?) echo of the listing broker’s famous quote,”How do you price a piece of art?” We know that at least in this case, the art appraiser missed by at least $50 million. Oh well.

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Forget Nantucket, how about a bargain on Round Hill Road?

A sharp-eyed reader picked up what I missed when it was reported Wednesday afternoon: Leona’s place on Round Hill has just plummeted again and it can now be yours for just $75 million. That’s a saving of $50 million from its original price. Why, if it drops again, you’ll just about be getting it for free! Only in America.

UPDATE: It occurs to me that if a client ever again berates me for mispricing her house I can now reply, “yeah, but at least I didn’t miss by fifty million dollars.  At least I didn’t do that!”

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Maybe the Madoff boys should buy Leona’s house so the kids can visit Granny in Bedford Prison

Folks are beginning (?!) to wonder what role Bernie’s wife Ruthie played in his Ponzi. Nothing yet but as Leona could have told the boys, it’s an easy trip up to Bedford Women’s Prison, just up the road – visiting hours are 10-2, Tuesdays and Thursdays. Now that Ogilvy has lopped $30,000,000 of the Helmsley place, it’s ripe for a low ball offer – say, $85 million? Is any price too dear to maintain contact with Granny?

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