South Jersey residence outlined for nearly $25M is unfinished

A 4-tale, 40,000-square-foot property on a Riverton Highway web page that straddles Cinnaminson’s border with Moorestown is on the industry for $24.95 million — what serious estate industry experts are saying is the optimum-recognized asking rate ever for a household home in South Jersey.

Although an unbuilt oceanfront household in Avalon was shown for $22.9 million in 2021, “I couldn’t discover any other houses in the final selection of yrs on the MLS that ended up close to $24.95 million,” explained Kevin Steiger, a Real estate agent with Kurfiss Sotheby’s Global Realty and the revenue agent for 2801 Riverton Rd.

“We seriously struggle with what text to use to describe this property,” he explained. “This property lends alone to entertaining on a grand scale. It will be an remarkable residence for somebody to dwell and entertain in.”

Less than construction for a lot more than 5 a long time and about 90% complete, the dwelling gives 7 bedrooms and 10 bathrooms as nicely as a courtyard with a reflecting pool, a sports-themed tavern, 6 fireplaces, an indoor swimming pool, a auto elevator, a theater, a wine cellar, and a chapel. When completed, it will overall 44,000 sq. feet.

There is also “a spa lavatory with a exclusive tube elevator that provides you instantly to the health club and indoor pool region,” according to the assets listing.

The edifice, set again from Riverton Road on 7.7 acres, comes with a backstory. The house was envisioned by a spouse-and-wife group who constructed a profitable pharmaceutical know-how agency in Moorestown but were compelled to step down in September.

As The Inquirer noted, Carlton and Orsula Knowlton created their Tabula Rasa Health care Inc. into a Wall Avenue favorite and tried out to continue to keep management as share charges fell and shareholders rebelled. But they agreed to leave immediately after their board slice a offer with their top rated critic — the company’s biggest shareholder.

While the Sotheby’s home listing describes the house as a “modern masterpiece,” some people of Cinnaminson, wherever the bulk of the property is located, have less enthusiastic descriptions. The home has prompted discussion on area Facebook pages, some of it lamenting the reduction of a beloved farmhouse that stood for 200 yrs on the internet site.

Officers in Cinnaminson and Moorestown could not be arrived at for remark Wednesday.

Irrespective of the public curiosity about 2801 Riverton Rd., “there will unquestionably not be open residences,” Steiger reported.

Likely customers have to post documentation attesting to their “proof of ability” to acquire the assets. “The selection of individuals who could manage a residence like this are the 1% of the 1%,” claimed Steiger, who generally handles superior-close Bucks County properties.

“These residences type of offer by themselves,” he mentioned. “Part of my duty is marketing the dwelling, and creating guaranteed men and women all above the globe get a opportunity to see it.”

The entrepreneurs “haven’t skimped on something any where,” Steiger claimed. “They were being developing their dream home.”


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