Around the block: Most expensive residential property in US sells for $120m

Copper Beech Farm in Greenwich, Connecticut, reduced from  $190m to $120m

Copper Beech Farm in Greenwich, Connecticut, reduced from $190m to $120m

Thu, Apr 17, 2014, 00:00

With a discount of $70million, it was practically a bargain. Nevertheless, when Copper Beech Farm, in the select enclave of Greenwich, Connecticut, sold last Friday for $120million against an original asking price of $190million, it was still hailed by estate agent David Ogilvy as the most expensive single-family residential property ever in the USA. The house, which has 12 bedrooms, was described enthusiastically on bornrich.com as “French Renaissance” – it was actually built in 1896 – and as “satiating every possible desire of exclusivity one can fathom”.

Harriet Lauder Greenway, the daughter of steel magnate George Lauder, moved in in 1904. In a game of financial snakes and ladders that parallels many in both Ireland and the US, timber tycoon John Rudey bought the house for $7.55million in 1982, but by the time of the sale, mortgages on the house were estimated to be as much as $120million.

The identity of the most recent purchaser is hidden behind a private company calling itself The Conservation Institute, but one thing is certain: it’s got nothing to do with another Greenwich neighbour in hot water. The address Sean Dunne gave when filing for bankruptcy in the States, 526 Indian Field Road, is listed for sale for a mere $8million – which wouldn’t even buy you a bedroom at Copper Beech Farm.