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Midcountry home sale ranks at the top for 2018 Top-selling Greenwich mansion went for half the original price

December 26, 2018

GREENWICH — A midcountry mansion has sold for $17.5 million in Greenwich’s largest real estate deal of the year.

But even with the high selling price, the 16,900-square-foot home at 110 Clapboard Ridge Road changed hands for 50 percent less than its original asking price of $35 million in 2015, according to listings site Zillow. It had gone on and off the market, most recently listing for nearly $25 million.

“The owner made a business decision that he was ready to sell the house and accepted this offer,” said Leslie McElwreath, senior global real estate adviser for Sotheby’s International Realty. “It’s truly one of the finest houses built in Greenwich.”

McElwreath listed the home with fellow Sotheby’s Realtor, Joseph Barbieri. They worked with seller Camellia Sinensis LLC.

The Wall Street Journal reported that the sellers were Ara D. Cohen, co-founder of Manhattan-based hedge fund Knighthead Capital Management, and his wife, Hilary Bangash Cohen.

McElwreath declined to identify the buyers, but she said they already owned a home in Greenwich. At least a dozen “high-profile” individuals looked at 110 Clapboard Ridge, she said.

Robin Kencel, a founding agent of real estate brokerage Compass’ Greenwich office, was the buyer’s agent. She declined to comment.

The sale netted about $44,000 in local conveyance taxes and $215,000 in state conveyance taxes, according to town property records.

2019 outlook

McElwreath attributed the gap in the sale and asking prices of 110 Clapboard Ridge to “current market conditions being such that we don’t have as many buyers as we used to in the higher end.”

She said she is still optimistic about demand for ultra-luxury homes. Sotheby’s most-expensive Greenwich listing is a nearly 6-acre estate on Vista Drive, overlooking Indian Harbor, that was once owned by President Donald Trump. Its current asking price is $45 million, compared with an original listing of $54 million.

Other available eight-figure homes include a 75-acre estate at 124 Old Mill Road in the town’s backcountry. Once owned by Mel Gibson, the Tudor-style manor now lists for about $20 million. The subsequent owners initially listed the property for $31.5 million in 2015.

“People are still interested in the quality of life that Greenwich affords,” McElwreath said. “They want to come here for the same reasons that we all live here — proximity to New York and access to the incredible town services, including our schools.”

The nearest public schools to 110 Clapboard Ridge are North Street School, Central Middle School and Greenwich High School. A number of private schools are within a few miles.

Completed in 2011, the stone Georgian house sits on 5.3 acres. It houses 27 rooms, including six bedrooms, as well as a five-car garage. It also comes with indoor and outdoor pools and spas.

The home also features a two-story entry hall, a living room with two fireplaces, a library and a billiards room. The lower level includes a home theater and lobby, wine cellar, gym, family room and indoor pool.

The property also features a two-bedroom guest house.

Annual property taxes for 110 Clapboard Ridge run about $151,000, according to the Sotheby’s website.

Greenwich’s previous top residential seller this year was a $17 million deal in the spring for a mansion owned by Bob Weinstein, younger brother of disgraced film producer Harvey Weinstein, according to the Wall Street Journal.

In Stamford, Sotheby’s most-expensive listing is a 1.7-acre home on Saddle Rock Road, in the city’s waterfront Shippan section. Its asking price is nearly $12 million.

pschott@scni.com; 203-964-2236; twitter: @paulschott

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