Every other day in New York City it seems, yet another billionaire shells out an unbelievable hunk of change to buy a massive apartment (see: this guy).
But outside of the city, developers holding onto expensive listings are not attracting the same kind of sales. Take this home at 18 Frick Drive in Alpine, New Jersey. At $48 million, it is by far the most expensive listing in the state — and that price is $20 million less than what it was asking in 2010.
The home was built by developer Richard Kurtz, who used part of a lot of land he purchased from Henry Clay Frick II to build what was supposed to be his and his ex-wife’s dream home in 2006. It has an indoor basketball court, a ballroom, movie theater, an 11-car garage, a pool and a tennis court.
When Kurtz and his wife separated, he decided to list the house, but he’s encountered quite a bit of difficulty selling it. Part of the reason for that, Kurtz speculates, is that high-end buyers may have a problem with the reputation of New Jersey (Bridgegate, Snookie, etc.).
According to a real estate expert with Sotheby’s, the home may also just be too expensive; there are a limited number of people who can afford a $48 million home, and many of them don’t seem to want to be in NJ.
Kurtz, however, defends his state, telling Bloomberg that the home’s location is really a benefit. “It’s for someone who wants to enjoy the outdoors, and to wake up in the morning to see deer, wild turkey—there are swans and coyotes. It’s in the country but just eight miles from New York. You really have the best of both worlds.” [Bloomberg]