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This prestigious Philadelphia-area mansion is the quintessential Main Line estate. It’s stately and refined, while packed with luxury amenities.
And there’s little doubt it’s one of the most extraordinary properties in the tony town of Gladwyne, PA.
So why hasn’t it sold? It’s been on and off the market for five years, at prices ranging from $28 million to the current price of $11.9 million.
The reasons are varied, notes the listing agent, Misha Haghani, the founder of Paramount Realty USA. He says the lack of activity over the years can primarily be chalked up to timing and pricing. After listing the elegant property three weeks ago, he’s currently handling serious offers.
While it’s proved tough to sell, there’s no doubt about the property’s value. It covers over 32 wooded acres on Pennsylvania’s prestigious Main Line, the bucolic area outside metro Philly, where the city’s wealthiest families have been establishing grand estates for more than a century.
The current owner, Andrew Barroway, a hedge-fund manager and minority owner of the Arizona Coyotes hockey team, purchased the property in 2006, then spent several years on construction. He made sure the exteriors of the Gothic Revival mansion possessed Old World charm and blended in seamlessly with other historic estates in the area.
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Barroway spent $1 million on geothermal heating and air conditioning alone, according to the Wall Street Journal.
“It would be impossible to duplicate now,” says Haghani. “The materials, the craftsmanship, the details, would be cost-prohibitive today.”
The interiors are equally impressive, merging the feeling of Old World elegance with the function of modern technology. There are classic chandeliers, detailed plasterwork, inlaid stone floors, crown moldings, and arched doorways, as well as art deco-inspired wood-paneling.
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Meanwhile, state-of-the-art appliances and electronics are installed throughout. Many millions were invested in the property’s development.
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The huge home features seven bedrooms and 11 bathrooms, on
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Conveniently located about 10 miles outside of Philadelphia, the estate offers total privacy, at the end of a country lane and completely surrounded by mature foliage.
“You feel as if you’re living on a remote European estate,” says Haghani.
So while it’s easy to think that a property like this would fly right off the market, Haghani pointed out that timing is also a key factor.
The pandemic has been driving wealthy buyers out of the city, in search of elegant retreats where they can live and work from home. Since the estate also has convenient access to both New York and Philadelphia, the timing finally appears to be ideal for the sale of the sale of the estate.
Haghani has found that the property is of interest to families hoping to upsize, as well as some couples looking to downsize. It’s also appealing to professional athletes who ply their trade in the area.
“The bottom line,” he says, “is that it’s a really wonderful home, with all the amenities anyone could desire.”
The post After 5 Years on the Market, Has This Mansion Finally Hit the Sweet Spot? appeared first on Real Estate News & Insights | realtor.com®.
source https://www.realtor.com/news/unique-homes/elegant-mainline-mansion-five-years-on-the-market/
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