Blighted $39 Million New Jersey Mansion Sells for Just $4.6 Million: 'Not for the Faint of Heart'

·2 min read
NJ mansion for sale
NJ mansion for sale

Michelle Pais/Signature Realty NJ

A New Jersey mansion is finally off the market after eight years and an 88% price reduction.

The property, which was built in 1926 for Stefan Poniatowski, a man who claimed to be Polish royalty, first hit the market in 2013 with a price tag of $39 million, but failed to sell despite a series of massive price cuts — first to $24 million, then $17 million, then $12 million, and finally $9.9 million before the recent sale.

Michelle Pais of Signature Realty NJ closed the elusive deal on the house, known locally as the 'Gloria Crest' estate, for only $4.6 million. The main reason for the relatively measly price was the property's complicated ownership, she told the New York Post.

NJ mansion for sale
NJ mansion for sale

Michelle Pais/Signature Realty NJ

"It was corporate-owned and there were multiple decision makers and many hoops to jump through to get an offer voted through to acceptance," said Pais. "Throughout the listing, we generated multiple offers higher than for what it sold. Unfortunately, at that time, the powers that be were not willing to vote through anything less than the full asking price."

NJ mansion for sale
NJ mansion for sale

Michelle Pais/Signature Realty NJ

That was compounded by several other less than ideal circumstances, like the high annual property taxes — a whopping $168,000 — and the need for significant renovations on the nearly century-old home.

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NJ mansion for sale
NJ mansion for sale

Michelle Pais/Signature Realty NJ

Pais continued, "The estate is stunning and grandiose, but it's definitely not for the faint of heart. My favorite thing about it is the history. When you first step in, you feel like your time traveling into a different era."

The 24,000-square-foot Englewood, NJ, home sits on roughly five acres and boasts eight bedrooms, nine bathrooms, and five half bathrooms. Beyond the front door is a marble foyer and double staircase with gilded moldings and ornate fireplaces throughout.

NJ mansion for sale
NJ mansion for sale

Michelle Pais/Signature Realty NJ

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The chef's kitchen — one of four cooking spaces in the home — incorporates a stained-glass ceiling next to its banquet-sized dining room. The main suite also contains three bedrooms along with a marble-filled en suite bathroom, in a Mediterranean-inspired style.

NJ mansion for sale
NJ mansion for sale

Michelle Pais/Signature Realty NJ

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Other spaces in the home include a home theater and gym.

The exterior features an infinity pool and cabana overlooking a private lake, orchards, and gardens — all surrounded by a gated entrance and 10-foot wall of trees for privacy.

According to the Post, the mansion was rumored to have hosted some big names throughout its history, like actress Gloria Swanson and Joseph Kennedy, father of President John F. Kennedy. The current owner remains anonymous.