Stunning $27M NJ Mansion Hits Auction with $10M Reserve Price.. Uncover This One-of-a-Kind Luxury Gem!
An extraordinary mansion in southern New Jersey is heading to auction with a reserve price of just $10 million. This estate, which cost $27 million to build, is open for bids until October 9, 2024. Located near Philadelphia, the property spans approximately 40,000 square feet and features unique amenities.
The owners, Calvin and Orsula Knowlton, decided to auction the property after struggling to sell it traditionally. The auction is being managed by Paramount Realty USA and Kurfiss Sotheby’s International Realty.
Key takeaways:
- The mansion cost $27 million to build.
- It has a reserve price of $10 million.
- Auction ends on October 9, 2024.
- Located near Philadelphia, NJ.
Unique Features of the $27 Million NJ Mansion Up for Auction
This mansion boasts remarkable features that make it stand out in the New Jersey real estate market. The Knowltons originally purchased the 7-acre property for $640,000 in 2017, intending to renovate an old farmhouse. However, they ended up constructing a massive estate that includes:
- A chapel
- A home theater
- A wine cellar
- Six fireplaces
- A golf simulator
- An English-style pub
- A large reflecting pool
Why the Knowltons Chose Auction for Their Unique Estate
The Knowltons faced challenges selling their home through traditional listings. After investing significant time and resources into the estate, they opted for an auction to reach a broader audience. Misha Haghani from Paramount Realty USA noted that the home is “extremely unique” for its location, making it difficult to find comparable properties.
The Construction Journey of the NJ Mansion: Challenges and Triumphs
The construction of this mansion was not without its hurdles. Initially, the Knowltons planned to restore the existing farmhouse. However, they discovered it was beyond repair due to mold issues. This led to a lengthy bureaucratic process involving zoning and planning authorities before construction could commence.
Current Status and Future Prospects of the Auction
As of now, the auction is open, and potential buyers can place bids until October 9, 2024. The mansion, with its luxurious amenities and unique design, is expected to attract attention from affluent buyers. The Knowltons have already moved to their home in Florida, allowing them to focus on the auction process.
