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Basketball Hall of Famer Patrick Ewing has finally scored a buyer for his massive mansion in Cresskill, NJ, according to Architectural Digest.
The former New York Knicks All-Star was forced to forfeit any profit on the mansion, which had spent years on the market. The home sold for $2.65 million—more than 60 percent less than its initial 2016 price of $7 million.
After the property was listed four years ago, its price was steadily slashed each year, in hopes that a buyer might take a shot. It was last on the market at a price of $4 million in 2019, but the winning buyer managed to carve out an even larger discount.
After several years without any action, the Georgetown University basketball coach pivoted last year to renting it out, at a monthly rate of $25,000.
Ewing picked up the spec house in 2007 for $6.35 million.
“He put a lot of money into it,” listing agent Michele Kolsky-Assatly told us last year. The home was customized for his unusually tall frame and featured raised counters and heights. Ewing also put in a screening room and added a basketball court outside.
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While the home is perfectly tailored for an outsize athlete, it’s possible that some buyers were turned off by a home tricked out for a 7-footer.
On the plus side, the parcel in exclusive Tamcrest Estates is “totally private,” Kolsky-Assatly said. With the major discount, any updates to the interior (resizing the counter heights, for example), could be factored into the budget.
The 10,524-square-foot brick house opens with a grand foyer with a curved staircase. The two-story family room features floor-to-ceiling windows, a double-sided fireplace, and an interior balcony.
The large chef’s kitchen comes with stainless-steel appliances, an island with bar seating, and a breakfast area with a fireplace, and looks out to the well-manicured grounds.
The main floor also includes a formal dining area and an office with built-ins, ideal for showcasing sports memorabilia. Upstairs, you’ll find a second-floor master suite with a fireplace, as well as four more en suite bedrooms.
In total, the layout includes seven bedrooms, eight full bathrooms, and two half-baths.
On the lower level, there’s a wet bar, recreation room, media room, and gym. Plus, the space also includes a guest bed and bath. This floor opens out to the basketball court. The property also comes with a four-car garage.
The backyard also boasts a lagoon-shaped pool and spa. Ewing apparently never spent much time in the home, reserving it for family get-togethers in the Northeast.
Ewing, 57, had an 18-year career in the NBA, mainly as the center of the New York Knicks. He’s currently the head coach of the men’s basketball team of Georgetown University, his alma mater.
The 11-time NBA All-Star is considered one of the 50 greatest basketball players of all time.
The post 60 Percent Off? Patrick Ewing Finally Sells New Jersey Mansion at a Huge Loss appeared first on Real Estate News & Insights | realtor.com®.
source https://www.realtor.com/news/celebrity-real-estate/patrick-ewing-sells-massive-new-jersey-mansion-for-a-loss/
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