After reading about the real estate downturn in Greenwich, Connecticut in a recent issue of The New Yorker, I wondered what effect this will have on homes still on the market, in particular, Mel Gibson's Old Mill Farm. A quick look at the listing reveals that Gibson, who has had the property on the market for $39.5 million for over a year now, recently dropped the price to $35 million.
The home is one of Greenwich's treasures. No McMansion, Old Mill Farm is a design by architect Charles Lewis Bowman built in 1926 and is one of the last great manor homes in Greenwich and is significant not just for the architecture but for the fact that it has 77 acres of land which includes formal gardens, a maze, pool tennis court, greenhouse, stable staff houses, log cabin and a pond. The home itself is an Elizabethan-inspired Tudor mansion of 15,800 square feet and the property has 15 bedrooms and 18 bathrooms total. The great hall has a 40-foot cathedral ceiling with a stone minstrel's gallery, walk-in fireplace and leaded glass ceilings. In this real estate climate, will a $4.5 million price cut be enough or does Mel need to lower the price a bit more?
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