Advertising executive buys 32-acre gothic mansion in Pennsylvania for $9.6 million after a $25.4 million price cut
Hedge fund hotshot Andrew Barroway has sold a Pennsylvania mansion he pumped $35 million into, and at a hefty loss.
According to a Wall Street Journal report, Barroway sold the 32-acre property for $9.26 million.
The buyer was reportedly a trust linked to the family of hugely successful advertising executive Thaddeus Bartkowski, CEO of digital advertising company Catalyst Experiential.
Bartowski had reportedly rented the elaborate mansion for just over a year before purchasing it.
The home is a Gothic Revival style estate that mimics the more historic homes that populate Philadelphia’s affluent Main Line.
Specifically, the six-bedroom home is located at 100 Maplehill Road in Gladwyne, a particularly affluent corner of the Main Line that boasts a large handful of gigantic 18th-century estates.
The Gladwyne, Pennsylvania property sold for $9.26 million — a loss of around $25 for the hedge fund manager, who pumped almost $35 million into the property
The 13,000-square-foot, six-bedroom home sits on a massive 32-acre lot in the tony section of the Philadelphia Main Line
The house has a movie theater as well as a guest house, tennis court and ATV roads
A home gym also overlooks an indoor pool. The property notably doesn’t have an outdoor pool
The quaint home was first launched in July 2016 at a price of $28 million. As a result, the price was lowered several times and finally released for rent in 2021
Despite the loss Barroway took on the property, realtors say Gladwyne’s home price sin is generally around $10 million
Real estate agents in the area say that despite the home’s impressive build and value, its failure to sell suggests buyers in the luxury market won’t overpay for someone else’s vision
Barroway, a managing partner of hedge fund Merion Investment Management, bought the Pennsylvania property in 2006 for $12 million.
He spent more than three years and an additional $23 million building the nearly 13,000-square-foot mansion.
But when it came time to sell, Barroway was in trouble from day one, ultimately resulting in a more than $25 million loss on the property.
The home first went on the market in July 2016 with a price tag of $28 million. The price would have set a local market record – but it didn’t sell.
After a series of price cuts, it was announced in 2019 that Barroway intended to auction the property with a reserve price of $14.9 million.
However, the auction process failed and the property was listed for rent on Zillow in 2021 at a price of $40,000 per month.
Bartowski told the Journal he was drawn to the property because of the “quality and style of construction,” as well as the substantial acreage, which makes the home feel much more private.
He noted that despite an official price tag of $9.26 million, the transaction involved the sale of a number of other assets not reflected in that price point.
The actual total, he said, was higher – although he declined to specify the actual number or the other assets involved.
The home’s checkerboard-like foyer and wraparound staircase add an air of sophistication, reminiscent of the period when many of the area’s surrounding properties were built
The house also features an elaborate man cave with billiards and ping-pong tables, plus novelties like a jukebox reminiscent of the ones from the ’70s TV show Happy Days
Thaddeus Bartowski, a successful advertising executive, said he was drawn to the house on Maplehill Road because of the build quality and Gothic-style architecture
Hedge fund Andrew Barroway only lived in the house for a short time before he and his wife divorced. She continued to live in the house until the couple’s children went to college
The $9.26 million figure is roughly in line with the $10 million market high for the area, said EXP Realty agent Harry Cherry.
Cherry added that the Maplehill Road sale is proof that even in high-end markets, luxury buyers are unwilling to “pay a premium for someone else’s vision” when they have the resources to create their own to build.
This reality adds to the current state of the economy, which has made buyers more cautious and less eager to pull the trigger for a new home or investment property.
The palatial home boasts an array of stunning amenities, including two outdoor hot tubs, a movie theater, a wine cellar with multiple tasting rooms, and a fitness center overlooking an indoor lap pool.
There’s also a tricked-out man cave with quirky antiques, including a jukebox similar to the one that appeared in Happy Days.
Specifically, the property does not have an outdoor pool.
But there is a tennis court, a seven-car garage, and trails designed for ATVs.
There is also a guest house and another building on the property that predates the family’s main home, built in the 18th century.
Despite the time and money Barroway invested in 100 Maplehill Road, he only lived there for a short time before he and his wife divorced in 2013.
She stayed on the property with the couple’s children until they went to college.
Barroway currently resides in a 10,000 square foot, $7 million home in Scottsdale, Arizona, where he is a minority owner of NHL team Arizona Coyotes.
https://www.dailymail.co.uk/news/article-11341781/Advertising-boss-buys-32-acre-Gothic-mansion-Pennsylvania-9-6M-25-4-MILLION-price-cut.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Advertising executive buys 32-acre gothic mansion in Pennsylvania for $9.6 million after a $25.4 million price cut
