I'd previously written that this sale at 33 John Street was a sign that not all was doom and gloom in the back country

33 John Street

When Tommy Motola’s house was reported under contract at almost 15 million, I thought that sum indicated that there were still multi-millionaires willing to spend huge sums for back country; there are, but only at a steep discount.

The Wall Street Journal reports the discouraging news:

Music executive Tommy Mottola has sold his Georgian-style Greenwich, Conn. estate for $14.875 million, or 25% off its original asking price. 

Mr. Mottola first listed the property for sale for $19.95 million in April, 2017, The Wall Street Journal reported. He and his wife, Mexican pop star Thalia, had been living there for several years at the time and had spent about three years designing and building the house, he said in a 2017 interview. Mr. Mottola bought the 5.7-acre parcel for $2.85 million in 2010.

….

The Greenwich market has fallen significantly the past year, with few deals at this price point. According to a report by Douglas Elliman, Greenwich home prices slipped 16.7% in the fourth quarter, compared with the same period in 2017. The luxury market—characterized as the top 10% of homes—fell by 18.8%.

I imagine that the owners of these houses can afford to take a hit without fatal financial effect but still, it must sting.