May 18, 2010 / 2:29 PM / 7 years ago

Suburban NJ home on block for over $16 million

<p>Listed for $16,495,000, a 24-room mansion being built at 32 Club Way, Montclair, New Jersey is shown in this undated handout image. REUTERS/Turpin Realtors/Handout</p>

NEW YORK (Reuters Life!) - Many people may be reeling from the housing crisis and foreclosures, but one developer in New Jersey is betting someone will pay more than $16 million for a 24-room mansion with Manhattan skyline views.

One would-be buyer so far has visited the French Renaissance-style estate, which is still under construction in Montclair, New Jersey, said real estate broker Gerry-Jo Cranmer of Turpin Realtors who is handling the sale.

“More than a couple” other people have asked to see it, she said, noting that the site was only recently in good enough condition for people to visit.

Listed at $16,495,000, the house on five acres has six garage spaces, seven bedrooms and eight fireplaces and straddles Montclair and neighboring Cedar Grove.

It is set on a mountain ridge with views of Manhattan, less than 20 miles away.

It has an elevator, home theater, workout rooms and a sauna. Outside, there is a circular drive, an infinity pool, a hot tub, fountains and extensive cabana.

<p>Listed for $16,495,000, a 24-room mansion being built at 32 Club Way, Montclair, New Jersey is shown in this undated handout image. REUTERS/Turpin Realtors/Handout</p>

The asking price falls shy of some of the most opulent properties in America -- a house in Los Angeles is on the market for $150 million, according to Forbes.com.

But the New Jersey mansion is dramatically more expensive than homes in the area. Typical houses in affluent Montclair sell for under $1 million, while some of its pricier estates have fetched several million dollars.

Slideshow (3 Images)

Asked how many people could afford such a lavish home, Cranmer said: “I think there are more than we would imagine.”

“I think it could well be a celebrity, but I think it could also be someone who wants security and privacy and does a lot of entertaining,” she said.

Cranmer said taxes on the house had not been calculated, but one online estimate put them at about $450,000 a year.

The house was listed for sale a month ago and should be finished by the end of the year, she said. The property is owned and being developed by a limited liability company, she said.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below