Martha Stewart is cutting back and sold her Westport, Connecticute estate for a reported 6.7 million dollars. Initially she listed the 3 bedroom farmhouse with 4 acres for nearly 9 million dollars. The property was purchased in the 1970’s with her then husband Andy Stewart for a little over 80,000 dollars.
Add into it the fact that the home had extensive improvements and is in one of the prime Connecticut communities, not to mention the cache of buy Martha’s home, the price seem fairly reasonable. Martha took a bit of a haircut from her initial listing price of 9 million, but I am sure that was a very aggresive price to cash in on the Martha Stewart fame.
Of course if we wanted to be snarky we could laugh about the blue light special that the real estate agent used at the open house to move the property. But that would be below us…
Ms. Stewart, 65 years old, launched her career in the house, starting a catering business out of the basement more than 25 years ago. She put the property on the market last year for just under $9 million. Earlier this year, she offered the main house on two acres for $4.5 million, though she never cut the price on the full estate. The sale was recorded on June 15. Ms. Stewart owns several other properties, including a 153-acre Katonah, N.Y., estate, which she said last year she planned to make her full-time home.
The buyer is a limited liability corporation with Charles G. Berg as its principal. Mr. Berg was chief executive of Oxford Health Plans Inc. until the Connecticut-based insurer was acquired by UnitedHealth Group Inc. in 2004. “We’re not planning on doing very much to it,” he says. Ms. Stewart “spent 35 years making it beautiful.” Susan Warburg of William Raveis Real Estate had the listing. via WSJ.com.