Heiress' Home Sold for $14 Million, Far Below $34 Million Asking Price (PHOTOS)
A heiress' home was sold for $14 million after being on the market and unable to be sold for over seven years. The new owner of Huguette Clark's sprawling estate is now fashion designer Reed Krakoff.
The home that was sold for $14 million was actually a steal— the initial asking price of the Connecticut mansion and the surrounding lands was $34 million, but because of a lack of buyers, Krakoff was able to scoop it up for less than half that. In addition to 14,266 square feet of space, the house sits on 52 acres of woods.
To see pictures of the sprawling estate, click here.
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Clark was an heiress to U.S. Sen. William Andrews Clark, a mining and railroad magnate and investor in Las Vegas businesses. His immense wealth allowed her to purchase the home in case she and her friends needed somewhere to go after a nuclear attack, but the home was never lived in and remained that way for over 60 years.
Huguette Clark, who was a painter and doll collector herself, finally obliged to selling the home in 2006 at the behest of friends and neighbors, according to NewsOxy. Her asking price of $34 million was considered high when the mansion was only appraised for $26 million, but when buyers refused it, she finally accepted a much lower price of $21 million.
However, that deal fell through because of the severe economic crash of 2008, and Clark was again stuck with the house. Finally Krakoff purchased it this year for $14.3 million.
Clark, who was born in Paris June 9, 1906, died in 2011 in a New York hospital.
