Luxury Mansion Auction: A Unique Opportunity Awaits
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A 40,000-Square-Foot Mansion Up for Auction
How big is too big when it comes to your personal residence? For healthcare moguls Calvin and Orsula Knowlton, the answer appears to be limitless. The couple constructed an impressive home in New Jersey that spans over 40,000 square feet, not including the finished basement. The Knowltons embarked on this expansive project in 2017 with plans to renovate an 1800s farmhouse on 7.7 acres; however, upon discovering significant mold damage that rendered the original house unsalvageable, their vision evolved into the grand estate we see today.
Details of the Opulent Residence
The Knowltons' dream mansion is now on the auction block, with a reserve price set at $10 million. Calvin Knowlton, known for his role as the former CEO of Tabula Rasa Health Care, has seen his property attract considerable attention as it seeks a new owner. Following its construction, this four-story home took five years to complete and features a facade reminiscent of Philadelphia’s City Hall.
A Look Inside the Mansion
The opulent residence boasts seven bedrooms, each with ensuite bathrooms and walk-in closets. Additional highlights include six fireplaces, a tavern room for entertaining guests, a state-of-the-art home theater, a vast wine cellar, and even a private chapel. The owner's suite offers a cozy sitting area and a luxurious bathroom designed for relaxation, complete with a tube elevator that conveniently transports residents to a well-equipped gym.
From Dream Home to Auction Block
The mansion was originally intended to accommodate the couple's large family of eight children, but as they transitioned to empty nesters, they decided it was time to sell. Initially listed for $24.95 million, the property set a record for being the highest-priced listing in the South New Jersey area. Kevin Steiger of Sotheby's International Realty noted that potential buyers would likely need a net worth of at least $100 million, targeting affluent individuals such as hedge fund managers or professional athletes.
The Future of the Property
Currently, Calvin and Orsula Knowlton reside in Amelia Island, Florida, after relocating from the Northeast. They hope for a favorable outcome from the auction as they navigate the luxury real estate market full of competitive dynamics. Such auctions can provide liquidity for sellers while presenting unique investment opportunities for buyers who appreciate prestige and luxury.
Previous High-Profile Auctions and Market Insights
The auction route is not entirely new for luxury properties, especially those that have lingered on the market for extended periods. Owners often seek liquidity through auctions, but they must also be willing to accept the final sale price. A well-known instance is basketball icon Michael Jordan's attempt to auction his nine-bedroom estate in Highland Park, which failed to meet its reserve price of $13 million in 2013 and remains unsold.
Strategies for Investment Without Ownership
For those looking to capitalize on real estate opportunities without direct ownership, several platforms offer innovative investment options. One such platform is Arrived Homes, which has launched a Private Credit Fund. This fund provides access to a pool of short-term loans secured by residential real estate, with targeted returns of 7% to 9% net annual yield paid monthly to investors. What's compelling about this investment vehicle is the low entry point, with a minimum investment requirement starting at just $100.
Conclusion: A Rare Opportunity
The upcoming auction of this remarkable mansion owned by the Knowltons presents an uncommon opportunity for affluent buyers to acquire a luxurious estate at a competitive price. With high-interest rates creating an enriching environment for potential investors, it is an excellent time to explore real estate investments without necessarily owning property outright.
Frequently Asked Questions
What makes the Knowlton mansion unique?
The Knowlton mansion is unique due to its expansive size, opulent features, and high-quality construction, with over 40,000 square feet of living space and amenities fit for luxury living.
What was the initial listing price for the mansion?
The mansion was originally listed for $24.95 million, setting a record for the South New Jersey area.
What are some features of the mansion?
Features of the mansion include seven bedrooms, a home theater, multiple fireplaces, a wine cellar, and a gym equipped with a tube elevator.
How does one invest in real estate without owning physical property?
Investors can explore platforms like Arrived Homes, which offer access to short-term loans backed by real estate, allowing for investment without direct property ownership.
What is a reserve price in an auction?
A reserve price is the minimum amount that a seller is willing to accept for their property at auction. If bidding does not reach this price, the property may not sell.
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