Copper Beech Farm Takes Deep Asking Price Cut

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Copper Beech Farm, a Greenwich estate, has the highest asking price in the country. (Courtesy of Zillow.com)

Copper Beech Farm in Greenwich, which had the highest asking price in the country in May, has taken a $50 million price cut. (Courtesy of Zillow.com)

Copper Beech Farm in Greenwich made quite a splash in May when the $190 million asking price made the 50-acre estate the most expensive residential listing in the country.

But in less than four months, the asking price has been slashed by $50 million to $140 million, according to David Ogilvy & Associates in Greenwich, which has the listing.

Read more here about the Copper Beech Farm listing here.

The estate has a 13,500-square-foot main house with 12 bedrooms and nine bathrooms, plus 4,000 feet of frontage on Long Island Sound, not to mention access to two private island.

Ogilvy could not be immediately reached for comment today.

But in May, Ogilvy told me the asking price was largely driven by the land, which is divided into two parcels that can be subdivided. A 30-acre parcel that doesn’t include the Victorian-style mansion could be subdivided into as many as 15 lots, he said.

The estate was built by the Lauder Greenway family, which had ties to Carnegie Steel. Its current owners, John and Laurie Rudey, bought it 31 years ago, according to online records. John Rudey is a lumber tycoon who leads companies such as Timberlands Services Co.

See a gallery of photos of Copper Beech Farm here.

In July, The New York Times reported that the estate was heavily mortgaged, with $120 million in debt, tied partly to troubles in the timber businesses. The Times, citing a source familiar with the situation, said the Rudeys were trying to sell Copper Beech and other property to pay off the debt.

The Times reported that Oglivy denied that scenario, calling it “just estate planning on the scale of a very wealthy family.”

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7 thoughts on “Copper Beech Farm Takes Deep Asking Price Cut

  1. Bill Aborn

    It was a great marketing ploy. Look at all the free publicity the price got the sellers … especially from Lefty news outlets (and most likely the buyer will be a Lefty Wall Streeter or Celeb).

    1. Reality

      Among the outlets reporting on Copper Beech Farm were Forbes, Fox Business Channel, and the Wall Street Journal, hardly “lefty” news organizations. Try again.

      1. Bill Aborn

        “Among” does not make a complete list [let's see it since you went through the trouble trying to find non-Lefty MSM that reported it] … it’s like you Lefty robots pushing a nameless “consensus” as being science.

        1. Reality

          Your paranoid assertion that “lefty” organizations somehow had a special interest in promoting the real estate listing is easily rebutted by pointing to right-wing sources that reported the same story. If you’re convinced the story was seriously over-represented in one kind of media, please share evidence to that effect. Likewise, your supposition that the buyer is likely to be liberal is so fact-free as to be laughable. Again, please present solid evidence, a theory, or anything grounded in reality, to suggest why people of a particular political stripe would collude over a real estate listing.

          1. Bill Aborn

            Try reading the adjectives and adverbs while you’re at it, they’re there for a reason, they do have meaning.
            And perhaps your Lefty friends don’t read the WSJ but I know ones [Lefties] that do (1%ers at that).
            Still waiting for your list of media outlets.
            Oh, and as far as calling me paranoid … I think you prove that all the nuts just aren’t on the sundaes.
            And the price still was a GREAT marketing ploy.

  2. Reality

    I really tried to help you get out of this situation without coming off as a complete wing-nut, but I could only do so much.

    Below I’ve listed any outlets reporting on the offering that could possibly be considered news organizations (all others were real estate sales sites). You will find a pretty even mix of sites considered conservative, liberal, or middle-of-the-road.

    1. Wall Street Journal
    2. Hartford Courant
    3. Fox Business Channel
    4. New York Times
    5. Forbes
    6. NBC News
    7. Business Insider
    8. The Real Deal
    9. Curbed
    10. Hearst Connecticut Media Group
    11. Huffington Post
    12. Daily Mail

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