Helmsley’s Dunnellen Hall Estate Reduced by $50 Million
By: Whitney Tyner, Zillow PR Specialist | April 22, 2009
Remember the late Leona Helmsley? The “Queen of Mean” New York billionaire-turned-tax-evading-convict who famously left her Maltese puppy, Trouble, $12 million in her will? She’s back– in the news, that is — because Helmsley’s massive Greenwich, CT home just underwent a 40% price cut.
Her estate, know as Dunnellen Hall, was recently reduced by a whopping $50 million (it was listed a year ago for $125 million) and is now down to an asking price of $75 million. It is located at 521 Round Hill Rd, Greenwich, CT. She and her late husband, Harry, paid $11 million for Dunnellen in the early 1980s.
Much like the homeowner herself, the property is quite flamboyant with soaring views of Long Island Sound, a 70-foot reflecting pool with a fountain, a 52-foot indoor pool, 47-foot reception hall, more than 13 bedrooms (six for servants), and a walk-in silver closet. The grounds also contain a pool cabana with a kitchen, a tennis court and two brick cottages. (See photos of Dunnellen Hall).
The Helmsley estate must be sold per the terms of her will, and all proceeds will benefit the Leona M. and Harry B. Helmsley Charitable Trust. Although the avid dog lover was adamant about her fortune going exclusively to dog-related causes, a judge ruled in February that the trustees could donate to other causes. According to the New York Times, only $1 million of the estate’s $5 billion value was donated to care for dogs.
It’s doubtful there will be a speedy sale to the Helmsley estate, and to nearby neighbor Mel Gibson’s Old Mill Road estate, since luxury home sales are reported to be at “glacial” speed in the Greenwich, CT area.
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- Categories: Celebrity Real Estate
Comments
11 Comments so far
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Tony Sena on April 22, 2009 11:05 pm
$50 million is a pretty large drop in price! Guess they just want to get rid of it.
Tom Pugh on April 23, 2009 4:22 am
The price may have declined but bet on it that the taxes increased by, oh, 40 % this year. And the speed at which they’ll be collected won’t be “glacial”.
make money from home on April 23, 2009 5:58 am
It is bad that they have had to reduce the cost to make money on the home as per the will. I think people should be able to leave money to who they want, if they have made a will it should be their choice.
Keepin It Real on April 23, 2009 7:25 am
Agreed. I guess the judge wasn’t a dog lover.
Trevor on April 23, 2009 1:02 pm
whats the use of so much money when you just cant use it!!!!
Sar on April 24, 2009 4:59 am
She also lived in Sarasota FL and had beautiful properties there and a gorgeous Hotel that is still there!
cheech on April 24, 2009 5:05 am
What is it with this woman’s face that just makes me angry when I pull up Zillow…Can be please update this page…Like today…Thanks!!!
Arlington VA Homes on April 26, 2009 9:41 am
What a stunning estate and property. It really seems like a bargain.
Sarah Meloche on April 28, 2009 11:09 am
I agree, they want to get rid it asap.The property is so perfect. Too bad they have to reduced it with a big difference.
Omar Fidel Espinosa on November 4, 2009 11:14 pm
The estate is vastly overpriced still. The taxable value of the estate in 2006 was between 10 and 11 million dollars. This is public record folks.
This home will have to be modernized, it hasnt had a refresh of any kind since the 80s.
Its original cost was 1 million dollar to build back in the late teens. If you look at purchasing power and inflation, you would know that is between 20-25 million in todays 2009 dollars.
Speaking of the value of the dollar 11 million 1983 dollars is worth somewhere between 22-25 million 2009 dollars. This is further proof of the value, for 11×2 is 22 placing it in the 20-25 range.
Mel gibsons estate is also overpriced too by a factor of 2 at least.
The masters of the universe that used to be the creme del la creme of Greenwhich CT have lost massive fortunes, and large percentages of their wealth. Buying up old mansions that will need many months of renovations and additional millions is just not in the cards for most rich folk.
Also if this is not your main residence the taxes on this estate would be even higher.
Many rich men from NYC would rather buy something in Saddle river nj, and if u havnt seen,most saddle river nj properties have fell in value by at least 25 percent. Just look at the Russel simmons mansion which was once owned by Arnold simons the sports wear empire guy. Bought during the bubble of 1994-2007, Yes folks that whole period was a bubble just ask Case and Shiller. Thant means that the price Russel paid back in 2000 was way too much because he was paying bubble prices.
In the end Dunnellen is an old, inefficient, drafty, large box, sided in brick. Its style and appeal is very limited, its not baroque/french, its not Tudor. Its 80,000 dollars in taxes a year, Its thousands of dollars a month to heat in the winter,not including the pool. To manicure and maintain the grounds 23-40 acers would cost 100,000 a year. Its age means that its a fixer upper, and would take some time and great cost to repair. Its not on any historical register, its not architectually significant, and it wasnt built by a famous or note worthy architect nor was the original owner one of NYC elite super rich.
How many people would pay the now 60 million dollar asking price for a summer home?
In short, there is no shortage of land in this area and no shortage of old homes that could be demolished to make way for new bigger ones.
Eugenie on November 24, 2009 10:14 pm
To whom it may concern,
I hope no one buys it because I want to buy it! I’m waiting for my royal assistance to respond to my cries since I am a billionaire in distress. My dear Grandparents would be better off in this old estate then living in the retirement home.I can afford to pay a few bucks extra for the remodel, heating, air or what ever. So maybe it’s not a very famously built estate buck it has a lot of gorgeous land. Yes! Yes! There are many other luxurious estates for sale, but, I would love a tour ……………………….