Serenity Estate Finally Trades at 60 Percent Below Original PriceJuly 2, 2021
Custom built 14 years ago, the 101-acre Alamo estate at 10 Serenity Lane is centered around a nearly 13,000-square-foot “chateau,” with a state-of-the-art, 12,000-square-foot car barn/museum that can accommodate up to 20 cars; a 1,600-square-foot pool house with a one-bedroom apartment; an eight-acre gentleman’s vineyard with mature vines; and a 750-square-foot wine cellar with its own dining area, wet bar, half-bath and temperature controlled storage for thousands of bottles of wine.
Priced at $42 million back in 2013 and then again in 2015, the list price for the estate was reduced to $35 million in late 2015 and then to $28 million in the first quarter of 2016 before being withdrawn from the MLS.
Listed anew for $25 million in September of 2017, but without a disclosed address, the asking price for the estate was dropped to $19.5 million in August of 2019.
And with the adjacent estate, which cost $135 million to develop, having sold for $19 million last year, the sale of 10 Serenity Lane has now closed escrow with a contract price of $16.9 million, which was officially “within 13 percent of asking” but 59.8 percent, or $25.1 million, below its original list price.
Comments from Plugged-In Readers
What are the metrics for comparing sales like this ?? ‘$$/sf’ seems to be the norm for houses/condos – i.e. properties where the “property” (land) is a small part of the picture – but in this case I’m thinking they’re actually a big part of it. Any thoughts ??
There aren’t any meaningful metrics when you’re comparing one palace to another. It’s a vanity purchase accessible only to the super-rich, so beauty is in the eye of the beholder.
That was my first thought – not helped by agents describing EVERY frickin’ property in the world as “unique” , “one of a kind”, etc. – but then really what’s the point of postings like this? There has to be some way of comparing (hopefully outside of multivariable analysis)
I think the point is that it’s fun to gawk at properties like this and hear the stories behind the sales.
This is the correct answer. There are literally no comps.
Egad, it looks like Louis Quinze threw up in there. Looks like it was outfitted by one of those weird “antique” businesses around Union Square that sell gaudy imitation Rococo furniture and knick knacks.
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