For those of you who have been waiting for a reduction on this property, here you go. I know you are ready to buy it now!! :)
$50 Million Price Drop for Hemsley Estate
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)
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