New York, NY – Paramount Realty USA, New York’s leading real estate auction house, announced today that it will be hosting a luxury auction on June 16 with Douglas Elliman agent Alex Sajovits for one of the largest and most impressive mansions in an affluent Long Island community.
The suggested opening bid for the auction is only $5,499,000—over 27% off its recent $7,595,000 asking price.
Dubbed the “Italian Mansion,” the 17-room masterpiece is located 23 miles from Manhattan in Hewlett Bay Park on the South Shore of Long Island. The village ranks 18th on the list of highest-income places in the United States. Hewlett is part of an area commonly known as the Five Towns, which also includes Lawrence, Cedarhurst, Woodmere, and Inwood.
The ENERGY STAR certified, green home, completed in 2015, includes 7 bedrooms and11 bathrooms. The home features nearly every amenity, including an outdoor Gunite pool with infinity edge, indoor saltwater pool, HELO sauna for 12, 8-person steam room, THX-certified theater, gym, hydraulic elevator, temperature-controlled 1,200-bottle wine room, 3-car garage, Crestron Smart home, Generac whole-property generator, Bose speakers throughout, Aqua Life water filtration system and more.
“My client’s property is truly one of the most magnificent in the area, which is one of the reasons why we like a luxury auction for this property,” Elliman’s Sajovits said. “It’s like art. Reconstructing this home today, just a few years after it was completed, would be significantly more expensive.”
The seller is accepting payment in both cash and cryptocurrency for the multi-million-dollar payment.
Misha Haghani, owner of auction house Paramount Realty USA, said “we are excited to bring to market a property as special as this and proud to be at the forefront of luxury property auctions in the metro New York area.” Haghani went on to say that bidders can submit bids at any time, including in advance of the June 16 auction deadline, and that bids are welcome in both cash and cryptocurrencies.
With swings as wide as 30% for Bitcoin in the last few months, a $6 million bid, for example, could be worth as little as $4 million or as much as $8 million by closing 60 days later, Haghani explained. The seller is relocating to Florida and is “willing to take that risk.”
address – 199 Woodside Drive, Hewlett Bay Park Long island
Hamza Fazal is a reporter for The Hear UP. After graduating from the University of Abbottabad, Hamza got an internship at the NPR and worked as a reporter and producer. Hamza has also worked as a reporter for the Medium. Hamza covers health and science for The Hear UP.
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Umar Nisar was born and raised in the busy city of Abbottabad. As a journalist, Umar Nisar has contributed to many online publications including PAK Today and the Huffing Post. In regards to academics, Umar Nisar earned a degree in business from the Abbottabad UST, Havelian. Umar Nisar follows the money and covers all aspects of emerging tech here at The Hear Up.