Jacob Brown
A mansion around Georgica Pond in New York with neighbors like Steven Spielberg is selling for $38 million. Yet, there’s a catch. The buyer of the villa, sold by developer Harry Macklowe, can’t instantly live in it.
A lavish mansion situated near Georgica Pond in New York has been listed for sale, offering prospective buyers the chance to become neighbors with renowned filmmaker Steven Spielberg.
However, the hefty price tag of $38 million comes with a significant caveat – the new owner won’t be able to move in immediately.
Seller and Legal Issues
The seller of this opulent property is Harry Macklowe, an esteemed American real estate developer and investor based in New York City.
Despite the allure of the mansion’s location and celebrity neighbors, potential buyers should be aware of legal complications surrounding the property.
The mansion lacks a certificate of occupancy, indicating that it does not meet legal requirements for habitation.
This oversight has led to a string of violations, including illegal land clearing and unauthorized construction additions, resulting in fines and legal entanglements for Macklowe.
History of Legal Troubles
Macklowe’s history with construction-related legal issues dates back to the 1980s when he employed a mob-run company to demolish buildings without permits, endangering lives in the process.
While he paid a substantial fine, criminal charges were not pursued due to insufficient evidence of criminal intent.
Market Value and Price Discrepancy
Despite its prestigious location and grandeur, industry insiders estimate that the true value of the property is considerably lower than the asking price.
Valued at approximately $12 to $15 million, the mansion’s current listing price may not accurately reflect its market worth, considering the legal hurdles and necessary renovations.
Conclusion
While the prospect of owning a multimillion-dollar mansion near Georgica Pond may be enticing, potential buyers should approach the sale with caution due to the property’s unresolved legal issues and inflated listing price.
The allure of celebrity neighbors and luxurious amenities must be weighed against the practical challenges of obtaining proper permits and addressing violations before occupancy.
