Copper Beech Farm in Greenwich, Connecticut, has set a record as the state's most expensive home sale, fetching a remarkable $138.83 million. The 50-acre estate, one of the priciest properties ever sold in the U.S., boasts a luxurious French-Renaissance mansion, private frontage on Long Island Sound, and several impressive amenities. While demand for luxury properties remains strong in Greenwich, recent sales have slowed due to limited inventory. Despite the slowdown, the median sales price has increased, signalling continued interest in the upscale real estate market.
Copper Beech Farm in Greenwich, Connecticut, has been sold for $138.83 million, marking one of the nation's most expensive home sales. The Connecticut-based limited liability company Conservation Institute, the seller, is linked to Bridgewater Associates, the heavyweight hedge fund founded by billionaire Ray Dalio. The buyer, represented by Stephanie Bo Li of Douglas Elliman, remains unidentified.
The estate, originally known as Kincraig, boasts a nearly mile-long private frontage on Long Island Sound and includes a 13,500-square-foot French-Renaissance mansion, a three-bedroom gatehouse, a two-bedroom carriage house, two secluded beaches, a tennis court, and a 75-foot-long heated outdoor swimming pool and spa. The estate, spread across 50-acres, consists of two parcels, with the potential to be subdivided into 10 or 12 building lots.
Continued demand for luxury properties in Greenwich is evident, but sales have recently slowed due to limited inventory availability. A report by Douglas Elliman revealed a 15.4% decline in luxury sales in Greenwich during the second quarter compared to the same period last year. However, the median sales price rose by 16.4%, while inventory decreased by 24.3%. Unsold inventory from previous years was cleared out in 2020, but demand continues to exceed supply in the current market.
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