The couple who spent a staggering $27 million to build one of the largest – and most lavish – homes in New Jersey have revealed why they are now auctioning the 3,700-square-foot property with a reserve price of less than half their investment.
Pharma moguls Calvin and Orsula Knowlton They bought the 7.7-hectare property on which their mega-mansion now stands in 2017 for a comparatively paltry $640,000. At the time, they had big plans to restore and expand the 19th-century farmhouse on the property, the Wall Street Journal reported.
However, a year after they started planning their dream home, they encountered a major problem: mold.
The farmhouse in Cinnaminson contained “huge” amounts of it, the couple told the Journal, which effectively forced them to abandon their plans and start over. They ultimately decided to demolish the original property and build a mansion of epic proportions in its place.
As it turned out, however, the mold was just the beginning of their problems.
(Realtor.com)
(Realtor.com)
(Realtor.com)
(Realtor.com)
Big plans for an even bigger home
Because the property is technically located in two New Jersey townships – Moorestown and Cinnaminson – the couple said delays immediately arose as every aspect of the planning required approval from both authorities.
Then they discovered several spots full of water where they wanted to build, so they were forced to redesign the plans and raise the house several meters.
Added to this were several further remodeling efforts due to Calvin’s desire to create the perfect palace for his large brood, and the already high construction costs rose rapidly.
They moved into the New Jersey mansion in 2022, but used it sparingly as they live in their Florida home most of the time.
They changed their minds and put the mansion on the market in November 2022 for $24,950,000. In June 2023, the price dropped to $19,750,000 and was then taken off the market in the fall. It came back on the market in April 2024 with an asking price of $17,500,000.
The couple told the Journal that they wanted to sell the property at auction because they had not received “many bids” in a traditional auction.
Today, a savvy bidder could snap up the home for as little as $10 million. Bidding can be placed until October 9, according to the auction website.
(Realtor.com)
(Realtor.com)
(Realtor.com)
“Sunk costs”
The sellers can live with a possible lower return.
“It’s a sunk cost,” Calvin told the Journal. “Sometimes it goes really well… and sometimes it doesn’t. That’s just part of the ups and downs and inclinations of life.”
Even at the discounted price of $10 million, the home is by far the most expensive offering in the area. There are currently no homes for sale in Cinnaminson for $1 million, let alone $10 million.
In the community across the Delaware River from Greater Philadelphia, the median list price is just $454,000. And the most expensive sale in the city in the past six months was a relatively modest $775,000.
Noble residence
The unfinished structure includes a chapel, bar, reflecting pool, home theater, wine grotto and golf simulator. A car gallery has been left unfinished in case a buyer decides to use the building for another purpose.
Other highlights include seven en-suite bedrooms, four stories, multiple elevators, and six fireplaces. Entertainment spaces include a kitchen with two islands, a huge dining room, a tavern-style pub, a wine cellar, a gym, and a home theater.
A magnificent entrance hall is punctuated by an impressive double staircase and glass doors lead to a courtyard and a huge outdoor reflecting pool.
The listing shows the numerous possibilities how a new owner could use the premises.
“There is also ample space for an indoor sports court, including the very popular pickle ball,” it says. “There is much more to say about this modern masterpiece, but it must be experienced to truly appreciate the craftsmanship. An extraordinary lifestyle can be lived within these walls.”
The inspiration for the stone house is said to be Philadelphia’s City Hall. It is located just 21 kilometers from Philadelphia.
Misha Haghani of Paramount Realty USA handles the auction sale together with the broker Kevin Steigerfrom Kurfiss Sotheby’s International Realty.
