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$49 Million to Live Like a Frick

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RISMEDIA, August 3, 2007—The former mansion of famed steel tycoon Henry Clay Frick hit the market this summer and is available for viewing exclusively through Sotheby’s Real Estate.  The estate grounds, totaling approximately 60 acres, are located just outside New York City in Alpine, New Jersey.

The English Manor-style mansion, constructed around 1930, is more than 13,000 square feet.  Built on a 13 acre plot, the existing estate boasts a carriage house, a swan pavilion and a pond, in addition to endless other amenities.  Currently listed at $49 million, for an additional cost the mansion can be renovated and expanded according to plans drawn up by the current owner and entrepreneur, Richard J. Kurtz.

Kurtz is also building a 25,000-square-foot speculation house on five acres, which will be listed for around $35 million when it’s complete late next year.  The first of what will eventually become 12 exquisite properties; the house is being built with the discerning customer in mind, including an indoor basketball court.

The remaining land will be divided into parcels and sold for between $1.5 million and $3 million per acre. The parcels of land will be sold in a gradual process over approximately five years.

The largest real estate purchase of 2006, the property was acquired by Mr. Kurtz from Henry Clay Frick II.  Through the transaction, Kurtz acquired the Frick mansion, in addition to the acreage.  Consistently listed as one of the wealthiest communities in America, entertainment stars such as Sean Combs and former Yankee Gary Sheffield reside in Alpine alongside Wall Street power brokers and prominent physicians.

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