After two years on the market and a 25% price reduction, the 33 John St. estate in Greenwich belonging to music industry executive Tommy Mottola was sold for $14.8 million to an undisclosed buyer.
Mottola, the former chairman of Sony Music Entertainment, bought the 5.7-acre parcel in 2010 and custom built its nine-bedroom, 12,300-square-foot residence, which includes a carriage house that has been transformed into a recording studio and a private island on the property’s lake. The estate was first listed in April 2017 for $19.9 million and later reduced to $15.5 million.
The price slashing on the Mottola property is part of the ongoing trend in Greenwich’s luxury housing market. According to fourth-quarter 2018 data released by Douglas Elliman, the average sales price for a luxury resident in Greenwich was $6.3 million, a 28.4% decline from the $8.9 million price in the fourth quarter of 2017. And while prices have been falling, inventory has been rising: 181 luxury properties were on the market in the fourth quarter of 2018 compared with 126 one year earlier.