Manhattan’s famed Sloane mansion going on the auction block

By
Real Estate Agent with Halstead Property, LLC

         

Look back into the history books of New York Society in the late 1800's and read about Henry T. Sloane and the infamous Sloane mansion in Manhattan.

Henry T. Sloane was a wealthy carpet manufacturer who furnished the new mansions, hotels and clubs of the New York City. He was also known as a philanthropist who donated two physics laboratories to Yale University.

In 1898 a scandal flew through New York society circles in 1898 when Sloane deeded a mansion on the Upper East Side to his wife.

Soon after, life became less than idyllic when Sloane's wife, Jessie, had an affair with the very handsome and wealthy Perry Belmont (son of August Belmont) and married him just five hours after divorcing Sloane. Henry Sloane set out to build himself a new mansion at 18 East 68th Street, off Fifth Avenue.

Sloane moved into the Beaux-Art mansion with his two young daughters, preventing his former wife from writing to them or even speaking to them on the street until they reached the age of 21, or she could prove she had led a moral life, whichever came first.

The Henry T. Sloane mansion was designed specifically for Sloane by architect Charles Pierrepont H. Gilbert the heir to a furniture empire, in 1905. It spans over18,500 square feet and stands over five stories high. Two of the stories have 17-foot ceilings. There are 15 bedrooms and 17 bathrooms, seven fireplaces, a ballroom and a rooftop garden.

Fast Forward to 2007 when investors paid $20 Million for the property, only to have grandiose plans of flipping it for a huge profit by listing it for $64 million. But it didn't sell at the asking price and lingered on the market with an asking price of $64 million, to $54 million, to $39 million after the fall of Lehman Brothers ... and now to the current price of $37.9 million. Due to the fact the owners are in default of more than $28 Million in loans the famed house is scheduled for auction on June 22nd Street, Room 130 at 50 Centre Street at 2PM.

Calin Onet, a marketing analyst said bidding would likely start 10 to 15 percent higher than the $28.2 Million currently owed on the property.

If the mansion had sold for $64 million in 2008, it would have become the most expensive single residence in city history.

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Rainer
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Peggy Hughes/pha logistix, inc.
pha logistix inc - San Francisco, CA
SF NYC LA

Fascinating information!  Thanks for the history lesson...

May 27, 2011 02:53 PM #2
Rainer
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Ilan Bracha
Keller Williams NYC - Manhattan, NY
KW NYC/The Bracha Group, Manhattan

Nice post and info about New York History, thanks for sharing!

Jun 02, 2011 02:02 AM #3
Rainmaker
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Ross Ellis
Halstead Property, LLC - Manhattan, NY

Thanks to everyone for your comments.

Jul 23, 2011 11:08 AM #4
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Rainmaker
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Ross Ellis

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