The expansive home wanted as much as $38 million at one point
The former Upper East Side home of late Tony Award-winning composer Mitch Leigh has sold for nearly half off its original asking price, reports The Real Deal.
Leigh, who composed the famous 1964 musical “Man of La Mancha,” purchased the 12,500-square-foot home at 49 East 68th Street for a mere $1.05 million back in 1999. Following his passing in 2014, his wife, Abby Leigh, listed the home for a massive $38 million. Apparently, there weren’t any takers for the Georgian mansion at that price, prompting a series of three price chops before it entered into contract in September 2016 at its most recent ask of $26.5 million.
According to The Real Deal, property records show that the house closed for $20.4 million–nearly $18 million less than its original price tag, though that is still a great return on the original purchase price.
The lovely space features exposed brick walls, a sweeping library, in-home theater, an indoor half-basketball court, landscaped rooftop terrace, and more. It was purchased by a Midtown East-based development firm named ADCO Group. No plans for the six-bedroom, seven-bedroom property have been divulged just yet.
- ADCO buys Abby Leigh’s home for $18M below original ask [The Real Deal]