Imagine having a $120 million mortgage?
According to a report in the New York Times, an estate in Greenwich, Conn., that is currently on the market for $190 million – one of the most expensive properties ever listed in the country – carries with it about $120 million in mortgages.
The 15,000-square-foot mansion, currently owned by the Rudley family, was built in 1898 by George Lauder, a co-founder of Andrew Carnegie's U.S. Steel Co.
The article includes a detailed history of how the mortgage debt became as high as it has.
The asking price for the 50-acre waterfront estate works out to about $9 million per acre.
Of course, it is unlikely that the estate will actually fetch $190 million – but then again, with property values on the rise, who knows?
For more, check out the New York Times report.
