ESTATE


$50 Million price drop for Helmsley Estate
2009/04/21, 6:21 pm
Filed under: 1 | Tags: , , ,

The heirs of the late Leona Helmsley have cut the price of her Greenwich, Conn., home by 40 percent to $75 million from $125 million.

Helmsley and her late husband, Harry, paid $11 million for the property in the early 1980s. The renovation of the 20,000-square-foot, Jacobean-style mansion led to her conviction for tax evasion in 1989 after she billed her company for millions of dollars in costs related to redoing the home. She served time in federal prison for the crime.

The $50 million reduction is believed to be the largest price reduction ever on a U.S. house.

Source: The Wall Street Journal, Christina S.N. Lewis (04/20/2009)

Advertisements

Leave a Comment so far
Leave a comment



Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s



%d bloggers like this: