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.
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.