Mansion on Peachtree Sold for $66.1 Million

Mansion on Peachtree Penthouse

The Mansion on Peachtree sold yesterday at an auction to iStar Financial for $66.1 million. That’s nearly a 65% drop from the estimated $197.4 million in loans for the project. In June 2009, the duplex penthouse shell sold for $4,000,000 – nearly 61% off the original asking price.

The 42 story property opened on May 1st, 2008 with Rosewood Hotels & Resorts operating the hotel (127 luxury rooms) and 45 residences. Robert A.M. Stern, an accomplished architect, designed the building.

The Mansion on Peachtree

Since the building opened, the developer has had a hard time getting buyers to purchase the condominium shells, with most units almost 4,000 square feet (one-half floor). The Mansion is a remarkable building, from its construction to the interior design, but I’m not surprised they had a hard time selling the condos. With hefty price tags upwards of $3,000,000, buyers still have to come out of pocket to build out and design their homes.

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  • What a sad price for a great building. Hopefully, people will seize the opportunity to create the luxury interiors of their dreams. There’s a creative up-side to build outs; it just takes a buyer with vision.

  • Generally speaking, what’s the pricing structure of buildings headed to the auction block and then pricing after it has been sold? Do developers come down drastically as the building is facing foreclosure? After it has been sold do the new owners generally try to keep the prices steady or try to bump up the asking price a little?

  • What happens to the people who paid full price for their units? Is thier $3 Million unit now a $1.5 Million unit? That would hurt.