You may have heard: the rumor is true. musician Billy Joel finally unloaded his Centre Island compound. It consists of a main mansion (20,000 sq. ft.), two smaller buildings (guest house; beach house), helipad and six-car garage. The compound sits on 26 acres of waterfront property on exclusive Centre Island.
Billy's been trying to sell this compound for three years. Nobody nibbled. He bought the main property 25 years ago and added to it by purchasing adjoining properties. His total investment was around $35 Million. He tried selling it for $50 Million in 2022, dropped the price to $40 Million, then later desperately reduced the price to $30 Million. He finally found a buyer this month for $28 Million -- which is less than he paid for the property years ago. Billy Joel is the only person to lose money on New York real estate.
The buyer is anonymous. Rumors that I'm involved are unconfirmed. You'll have to come to my next party to learn what really happened. :)
That's unusual! Why did he buy all the other buildings!? Would it have been possible to buy them separately?
ReplyDeleteThe primary reason he bought adjoining properties was privacy: to avoid having neighbors. He wanted a buffer from the public. Many rich people do this.
DeleteI read somewhere that he even shut down his vintage motorcycle museum in Long Island. Thousands of vintage bikes will go into an auction.
ReplyDeleteAlly, you always deliver the best local intrigue. Only you could make a real estate saga read like society-page gossip.
ReplyDeletePoor Billy! Imagine being the one person to lose money on New York waterfront property! Twenty-six acres, a helipad, and still no takers at $50 million. There’s a lesson in there somewhere… though I’m not sure it applies to the rest of us.
As for the mysterious buyer? I fully expect the truth to surface at your next soirée.
Lotte x