While paying millions of dollars for a sprawling estate seems crazy to the average person, an anonymous buyer might have secured a steal after scooping up a storied home that has been on the market for over eight years.
Last month, Englewood’s Gloria Crest Estate was finally transferred to new owners. The five-acre property was originally priced at $39 million when it first hit the market in 2013, but a series of price reductions ensued over the coming years.
The most recent asking price for the home was $5.99 million in June and the property was finally sold to anonymous buyers through an LLC last month for $4.6 million. The stately home’s history dates to 1926 when it was built by Count Stefan Poniatowski, who claimed to be an heir to Polish royalty.
The count made millions in the silk industry and his wife, Edythe, landscaped the estate’s walls with exotic gardens that still stand today. The count sold the villa following the 1929 stock market crash to Joseph Kennedy, who was the patriarch of what would become the Kennedy political family dynasty.
Kennedy later gifted the estate to silent film actress and Sunset Boulevard star Gloria Swanson, who was his mistress at the time. The home has another notable Hollywood connection, as it was featured in the 2001 Woody Allen film “The Curse of the Jade Scorpion.”
Designed to resemble an Italian villa in the Renaissance Revival style, the 24,000-square-foot home has eight bedrooms, nine full baths, and five half baths. Situated in the East Hill neighborhood of Englewood, the property features a formal marble entry with a double staircase, a banquet-sized dining room, and several living rooms that include meticulously crafted stone fireplaces and gilded moldings.
A contemporary kitchen boasts a floating island and an ornate stained-glass ceiling, while the sprawling three-room master suite offers a separate sitting area and an ensuite master bath with a marble soaking tub.
Other highlights of the home’s interior include a music bar room, library, gym, private office, home theater, steam spa, and wine cellar. The estate features a seven-car garage plus a greenhouse, while the backyard includes an infinity pool plus a stream, lake, waterfall, island, and pavilion.
While the estate’s property taxes are an eye-popping $162,323 per year, the sale price could certainly be considered below market value. Selling agent Michelle Pais from Westfield’s Signature Realty told NJ Advance Media that the home was previously owned by a corporation and a transaction requiring board approval was a significant factor in the estate’s reduced sale price.