American's Most Expensive Home - Greenwich Estate, is Listed for $150 Million

It has nearly one mile of private waterfront on Long Island Sound on the 50-acre site, which was sold for $120 million in 2014.

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In 2014, Connecticut's Copper Beech Farm was sold for $120 million, the priciest home sale in the nation's history. However, the buyer's identity remained a mystery to the public after the transaction. Currently, the house is on the market again for $150 million, a price that was set by the mystery owner who owns the storied 50-acre estate.

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Located in the affluent town of Greenwich, Copper Beech Farm has more than a mile of prime waterfront on Long Island Sound, making it one of the most significant single-family homes in the country. A former estate known as Kincraig, the estate dates back to the 1890s and once belonged to the Lauder Greenway family, Harriet Lauder Greenway's father helped Andrew Carnegie start the company that would later become United States Steel. Among the many intriguing aspects of this estate is the French-Renaissance mansion that spans around 13,500 square feet in size.

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Leslie McElwreath, one of the listing agents for Sotheby's International Realty, declined to comment on the current owners of the house, except to state that they are "Connecticutites."

According to her, the identity of the owners of the property has been kept a close secret in the community ever since they purchased the land from timber tycoon John Rudey. Records indicate that the company's owner is The Conservation Institute, LLC, a Connecticut-based company.

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Likely, the property will again be among the most expensive homes ever sold in the United States if it sells for close to its asking price, according to Ms. McElwreath. Current U.S. record holders include a sale of an apartment at 220 Central Park South in New York for approximately $240 million in 2019, which was purchased by billionaire hedge-fund manager Ken Griffin.

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As the listing agents mentioned, the main house of the property, which has eight bedrooms, has just been completely remodeled. There is a total of nine fireplaces in the home, which spans four stories and includes a partially finished basement with storage. Two stone towers are flanking the front door and the balcony on the upstairs floor. There are 12-foot ceilings in the main rooms of the house. A large solarium with coffered ceilings can be accessed from the living room through french doors. A plaster tracery ceiling is adorning the formal dining room, while oak paneling decorates the walls.

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The property does not only contain a main house but also a gatehouse with three bedrooms and a carriage house with two bedrooms and a clock tower, in addition to the main house. In addition to a private island in the sound, there are two private beaches, an octagonal bathhouse, and an octagonal bathhouse. A spokesperson for Ms. McElwreath stated that the current owner's children have paddled out to the island and camped there. There is also a grass tennis court on the premises, a heated outdoor swimming pool with a spa, and greenhouses on the grounds. The owners of the house renovated the kitchen and bathrooms as well as upgraded the electrical, plumbing, heating, and cooling systems and other unattractive parts of the house, according to McElwreath. 

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The property consists of two parcels, one with a total of 20 acres, and the other with a total of 30 acres. It is possible that the property could be subdivided into 10 or 12 building lots, but Ms. McElwreath believes the property will be sold more likely as a single-family home than a subdivision. 

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Greenwich's ultraluxury market, which was expected to experience an unprecedented boom in activity in 2021, has since experienced a slowdown, with the listing being a litmus test for the market.

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There has been an increase in inflation over the past year, as well as an increase in interest rates. Also, there has been an increase in war overseas, which has made the market less robust. The property is being marketed by her and her colleague, Joseph Barbieri, as well as New York agent Nikki Field who is also working on the project.

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There seems to be an uptick in demand for trophy residences in the United States from buyers in India and China, according to Ms. Field, and she predicted that the buyer would be from Asia. As she explained, "It is for someone who wants to arrive in Manhattan and immediately know that they are credible,"

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According to Ms. Field, the owners are selling the property because they feel it is time for them to move on, now that their children have grown up and moved out.

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“There is no one in the 75-foot pool, no one is paddling over to the private island, no one is swimming in the 75-foot pool," she explained. “It was a good time for them. They had a good time.”