We’ve long tracked the trials and travails of a little town called Greenwich, Connecticut, from its pre-crisis heyday as the world’s hedge-fund capital to its crisis-era troubles as the world’s hedge-fund capital. But even as the world slowly recovered from said crisis, Connecticut’s southwestern-most spot was doing so at an even more glacial pace. Why, the people of lower Fairfield County were just not buying six-figure cars or diamonds anymore, or paying seven figures for a house, let alone eight. Indeed, all of 2016 passed without a single house going for more than $20 million; Paul Tudor Jones practically gave his hedge fund’s 43-acre headquarters to a school. It was so grim that Starwood Capital’s Barry Sternlicht, of Greenwich’s Old Mill Lane, declared the formerly tony hotbed the worst housing market in all of America. This was serious: America, after all, includes Phoenix, and also Maine.
Well, forgive him, Barry, but your neighbor Stanley Druckenmiller is a believer: in the Steelers, in the president and in himself. Oh yea, and in Greenwich, where he and his wife bought a 19-acre estate back in 2004, lovingly restoring its 12,000-square-foot mansion with its tracery ceilings and library mural of the search for the Holy Grail that could and should have played a role in Indiana Jones and the Last Crusade and 11 fireplaces and formal gardens and the like. Don’t get them wrong: They adore the place. Just not enough to suffer the indignities of the Hutchinson River Parkway or Metro-North to make keeping it worthwhile. And so, buoyed by Greenwich’s first two $20 million sales in more than a year, and with a little bit of a leap of faith, the Druckenmillers listed Sabine Farm for $31.5 million.
Did he get it? Of course not; it isn’t 2005 anymore. But he did get a couple million more than the $23 million he and the missus paid 13 years ago which, while not enough, probably, to cover what they spent on the renovations, is enough to save face, make for a very thankful Thanskgiving, and restore faith and hope in a plucky little town called Greenwich.
Billionaire trader Stanley Druckenmiller has sold his sprawling Connecticut estate for $25 million in Greenwich’s priciest deal so far this year….
The agent said the deal is further evidence that the Greenwich market is picking up after a prolonged pricing slump. The transaction marks the third home to have sold for more than $20 million year-to-date in Greenwich, she said. By comparison, there were no sales above that price point last year.