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.”