An ornate mansion that was originally listed for $39m has sold for just $4.6m after eight years on the market.
The Gloria Crest mansion, located in Englewood, New Jersey, is often referred to by the nickname “the White House of Englewood,” as it features a sprawling design and white brick exterior.
The estate, which was built in 1926 for Stefan Poniatowski, who claimed to be Polish royalty, also boasts eight bedrooms, nine full bathrooms, five half bathrooms, a home theater, gym, infinity pool and overlooks a private lake on its nearly five acres of land.
However, despite the luxury amenities, Michelle Pais, founder of Signature Realty NJ, who sold the home, struggled to find a buyer for a number of reasons, including the outdated style of the mansion, which features stained glass ceilings and ornate fireplaces, and the $168,000 annual property tax that comes with owning the home.
According to the New York Post, prior to the sale, Pais and her team tried a number of different tactics to make the property more appealing, including featuring the home on national TV and “bringing in celebrities, athletes and executives” to advertise the mansion.
“The estate is stunning and grandiose, but it’s definitely not for the faint of heart. My favourite thing about it is the history,” Pais told the outlet. “When you first step in, you feel like you’re time travelling into a different era.”
After being listed for $39m, the price was significantly lowered in 2014 to $25m. The home then saw additional decreases before the price was dropped to just under $10m in 2019.
According to Pais, the new owners of the home wish to remain anonymous.