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Auction Details

21+ ACRE ESTATE - FULLY APPROVED 4 LOT SUBDIVISION

Immediate Sale Ordered

Situated on the Gold Coast of Long Island
#10 Wealthiest Town in United States
$4,900,000 Opening Bid (70% Off Last Asking Price of $17,750,000)

Live Off-Site Auction

Began: Thursday, November 18, 2010 at 11:00 AM EST

Location: New York LaGuardia Airport Marriott Hotel, 10205 Ditmars Boulevard, East Elmhurst, NY 11369

Details

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Overseas Investors Seek Immediate Liquidation via Public Auction

21+ Acre Estate - Fully Approved 4 Lot Subdivision

#10 Wealthiest Town in USA • Gold Coast of Long Island • Renowned School District

Details:

  • Extremely Rare Opportunity to Own This Magnificent 21+ Acre Estate Situated on the North Shore of Long Island, New York
  • Less than 30 Minutes from Manhattan and Three National/International Airports
  • Rare Opportunity to Secure one of the North Shore's Last Large Parcels
  • Spectacular Residential Subdivision or Family Compound (Plenty of Room for Horses)
  • Manor Home w/ Stables, Cottages, & Garages (All Require Extensive Work)
  • Ranked #10 Wealthiest Town in the United States
  • Renowned East Williston School District
  • Subdivision Provides for Access off Bacon Road
  • Fully Approved & Ready to Build - Four Lot Subdivision
  • Four Lots:
  •    #85: 7.10 Acre Lot w/ Manor Home
  •    #86: 4.09 Acre Lot
  •    #87: 5.01 Acre Lot
  •    #88: 4.09 Acre Lot
  • Additional Information:
  • Section: 10   Block: 291   Lots: 85, 86, 87 & 88
  • 25 Hillside Avenue, Old Westbury, NY 11568
  • Ideally Situated on the Corner of Bacon Road and Hillside Avenue
  • Former A.C. Bostwick Estate (Well Known for Breeding Champion Horses and Organizing Polo Matches) 
  • Architect Proposed Plans for Homes from 8,500 - 9,000 Sq Ft
  • Lot Size: 21.0539 Acres
  • School District: #2 (East Williston)
  • Zoning: B4 - Residential District - 4 Acres
  • Original Gold Coast Mansion (Lot #85): 1888 Georgian Revival Manor Home with 9 Bedrooms, 7.55 Baths, Formal Dining Room, Library, Music Room, Private Wing Master Suite, 10 Fireplaces & More
  • Gross Market Value as Assessed: $10,045,600
  • Gross Annual Real Estate Taxes: $186,000 (Including Village Tax)
  • Previously Listed for $17,750,000
  • Current Owner Paid $13,300,000 in 2006 (Pre-Final Subdivision)
  • Opening Bid: $4,900,000 (OVER 70% OFF LAST ASKING PRICE)
  • Online, Phone & Absentee Bidding Available
  • Please click on the "Documents" tab and "Complete Property Information Packet" Link for Additional Information (Upper Right Side of Page)

 

Inspections/Viewings:  Wednesdays, November 3rd & 10th from 11:00 am - 1:00 pm each day.

Auction Date & Time:  Thursday, November 18th at 11:00 am.  Registration begins one hour prior at 10:00 am. 

Auction Location:  New York LaGuardia Airport Marriott Hotel, 10205 Ditmars Boulevard, East Elmhurst, NY 11369.

Terms & Conditions of Sale: Property will be sold Free & Clear of all Liens, Claims & Encumbrances.  In order to register to bid, all prospective bidders must present a certified check in the amount of $490,000 made payable to "David R. Maltz & Co., Inc.".  Closing must occur within 45 days after the auction.  Successful Bidder shall be granted a 30-day extension to close if he/she posts an additional 10% deposit. Subject to sale prior to auction as pre-auction offers will be considered.  Please download the complete Terms and Conditions of Sale. 

Buyer's Premium:  A six percent (6%) Buyer's Premium will be added to the successful bidder's high bid to determine the contract price to be paid by the purchaser.

Buyer Broker Participation:  A two percent (2%) commission will be paid to any properly licensed Buyer Broker who registers a successful buyer in accordance with the Buyer Broker guidelines.  Please download the Broker Participation form for details.

 
David R. Maltz, Auctioneer DCA# 762794
 Richard B. Maltz, Auctioneer DCA# 1240836
 Richard B. Maltz, Licensed Real Estate Broker
Phone (516) 349-7022  Fax (516) 349-0105

This property is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either expressed or implied, concerning the property is made by the Seller, Auction Company or any of their Agents.  The information contained herein was derived from sources deemed reliable, but is not guaranteed.  Most of the information provided has been obtained from third party sources and has not been independently verified.  It is the responsibility of the Buyer and/or Buyer's Broker to determine the accuracy of all measurements and specifications of the property.    Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property, including without limitation, environmental and physical condition of the property.  All prospective bidders are urged to conduct their own due diligence prior to participating in the Public Auction Sale.

Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution.

AuctionServices
David R. Maltz & Co., Inc.
39 Windsor Place,
Central Islip, NY 11722
p: 516.349.7022 / f: 516.349.0105
info@MaltzAuctions.com