15 September 2011

$22 Million Mansion On The Market In New York

Story first appeared in the Wall Street Journal.
A massive home on nearly 50 acres that was once occupied by former Sony Music executive Tommy Mottola is on the market with an asking price of $22 million.
Its current owner, Sara Arnell, purchased the 18-room house in Katonah, a hamlet in the town of Bedford, N.Y., from the music mogul once married to singer Mariah Carey, for $18.3 million in 2001, according to property records.
Ms. Arnell, the chief executive officer of Arnell Group, an advertising agency owned by Omnicom Group, said she literally looked at it once and thought, this is an amazing piece of property and an amazing home.
The house spans more than 12,900 square feet and has nine bedrooms, a plush, 20-seat home theater, a wine cellar and a sprawling eat-in kitchen with a sitting area and a fireplace.
Music Mogul's Former Estate
Former Sony Music head Tommy Mottola once owned this sprawling property on nearly 50 acres in Katonah, N.Y. After spending millions on renovations, the current owner is ready to sell for $22 million.
Ms. Arnell said she put several million dollars into home improvements, which included the addition of a conservatory with a fireplace off the kitchen.
In the three-story great room with vaulted ceilings, some of the stones were removed from the fieldstone fireplace to make room for a timepiece mural inspired by a clock found in a church in Italy.
Ms. Arnell also added a Juliet balcony off the master bedroom that overlooks the terrace and the 80-foot pool.
On the property are several structures, including a quaint writer's cottage that is tucked away on one of the property's rolling hills.
There's garage space for as many as 10 cars and a kid's cottage, as Ms. Arnell calls it, with a foosball table, arcade machines and a disco ball.
Other amenities include a riding rink used as an ATV motocross track and a mile of private road for hiking and jogging.
Ms. Arnell has three children and said the large home is perfect for a family who likes to entertain.
With two of her kids out of the house, Ms. Arnell will soon be an empty nester, so she decided to put the property on the market in April. Houlihan Lawrence holds the listing.

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