Up for Sale for $100 Million!



Mansion_092315BIf you’re thinking about buying that dream home—or your family is outgrowing your present space and you’d like to remain in Great Neck to take advantage of the schools, parks, LIRR transportation and other great amenities—then maybe this new Kings Point listing will interest you.

But, if you’re reading about this for the first time, you might be too late to make an offer as this property overlooking Long Island Sound drew worldwide media attention early last week when its asking price was listed at $100 million.

The property is a compound that has a main house and two additional houses spread over 8 acres with more than 60,000 square feet of living space. It has 13 bedrooms and 35 bathrooms and was built in 1928.

And, a potential buyer should know that the yearly real estate and school taxes on the property, according to the most recent public record, are $362,000. That figure does not include an additional tax levied by the Incorporated Village of Kings Point, estimated at $60,000 a year.

The pool of buyers that can afford a property with this steep price is naturally limited, so it makes sense to market it on a worldwide basis. Coldwell Banker Residential Brokerage, which is listing the property, may have an advantage in finding an interested buyer through its long-established luxury division, Coldwell Banker Previews International.

“This magnificent property is incomparable to others so it is not possible to determine how long it will take to sell,” said Laura Rittenberg, president of Coldwell’s Long Island Division. “Having a resource like Previews International, with access to a global network of real estate professionals, enables us to readily reach consumers worldwide who have the resources to purchase a property like this one. This is a rare opportunity to own an estate on the renowned Gold Coast of Long Island Sound and I expect the property to draw significant interest.”

Mansion_092315CMansion_092315DColdwell, which has offices in many foreign countries, builds each of its foreign websites in the appropriate native language, rather than using translations. This makes it more likely that potential buyers, who do Internet searches, will find Coldwell listings.

Coldwell’s Diane Polland is representing the current owner, who wishes to remain anonymous. “I am honored to represent this remarkable compound which offers more than anyone could wish for. This one-of-a-kind compound has the space and amenities for large-scale entertaining in a most breathtaking setting overlooking the Manhattan skyline,” said Polland, who has an impressive record in marketing high-end homes.

“This is truly a premier residence that offers the discerning buyer immense privacy less than an hour away from New York City.”

Among the features of the European-style property are a ballroom, a bowling alley, several indoor and outdoor pools, a racquetball court, saunas and Turkish baths, and interiors constructed with unique stonework. It’s also been updated with advanced automated electronics and lighting that you can control with a smartphone.

Cars can be easily accommodated in a two-level garage that’s equipped with a hydraulic lift.

In addition to extensive landscaping with walkways and fountains, there’s a tennis court as well as a pier that can accommodate a 200-foot yacht, according to Coldwell.

The property has an interesting history as its previous owner, the late Tamir Sapir, emigrated to this country more than 40 years ago from the former Soviet Union and drove a cab in New York City for three years before creating a real estate empire.

Sapir, who died last year, paid $40 million for a townhouse in Manhattan in 2006, setting a record at the time for the highest priced paid for a city townhouse. He also owned an apartment in Trump Tower.

Since Sapir sold the property just about two years ago for $15,850,989 and the current asking price is more than six times that, the steep increase has given rise to some questions. Sapir purchased it in 1992 for $8,300,000.

“There has been some misinterpretation in some of the reporting regarding the [new asking] purchase price,” said Roni Boyles, regional director of public relations for NRT Northeast, who works with Coldwell.

“The purchase price of the property that is on public record does not take into account the replacement value of the property when you consider the materials, stonework, gardens, specimen trees, artwork, statuary and more that are part of the property.

“The current owners did, in fact, make extensive renovations over the time period that they had the property, including employing European craftsman to complete the extensive stonework. In terms of their purchase, this property was just one part of an overall portfolio of properties.”

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