‘Keeping Up With the Joneses’ Home Sells for Shockingly Low Price

Maltz Auctions

Everyone knows the phrase “keeping up with the Joneses,” referring to our obsession with outdoing—or at least matching—our neighbors’ success. But did you know that an actual home inspired this saying? It’s called the Wyndclyffe Castle, and it’s located in Rhinebeck, NY.

So just how enviable is this place, anyway?

Well, not that much. In fact, it just sold for a measly $120,000. Yup, you read that right. It’s even stranger if you know anything about Rhinebeck, an upscale town in the Hudson Valley where the median list price on homes hovers far higher, at $359,000.

So how could the value of a castle that once inspired a frenzy of competition among local homeowners have fallen so far?

Let’s rewind to when Wyndclyffe was built in 1853. Back then, this 24-room Gothic villa was truly a splendor. It was the country house of Manhattan socialite Elizabeth Schermerhorn Jones (who happened to be the aunt of American novelist Edith Wharton, chronicler of upper-crust New York society). Back then, all of New York’s elite built vacation homes in the Hudson Valley, each grander than the next—but Wyndclyffe raised the bar to a whole new level. The 80-acre estate spurred a rash of bigger, better megamansions going up in the area, including one by property tycoon William B. Astor.

But no one stays on top forever, right? We think you can guess where this is going. Once the Joneses moved out, Wyndclyffe slowly fell into disrepair under subsequent owners and was abandoned in the 1950s. Since then, the arched windows have been boarded up and large portions of the building have even caved in. The home has been fenced off, with plenty of warning signs posted about the dangerous conditions.

The home’s most recent owner, who bought Wyndclyffe in 2003, poured $150,000 into fixing the place, but eventually threw in the towel.

In early September, news surfaced that the house would be auctioned off by Maltz Auctions. The house attracted eight registered bidders. Although the identity of the new owner has not been disclosed, the winning bid of $120,000 actually makes sense, given this mansion’s decrepit state.

“A very large percent of the interior of Wyndclyffe has collapsed,” explains Robert Yasinsac, co-author of “Hudson Valley Ruins” (which includes Wyndclyffe). “The structure would require extensive stabilization and reconstruction, should a buyer desire to restore the house as a livable building.

“The sale price may also reflect the amount of money needed to satisfy creditors to the previous owner,” Yasinsac says. “But I am only speculating.”

All of which is a long-winded way to say that keeping up with this home shouldn’t be too hard now. Still, here’s to hoping it may one day return to its former splendor. After all, it’s a piece of Hudson Valley history, not to mention its lasting place in popular culture. Where would we be if we weren’t eyeing our neighbors and seeing how we stack up?

The post ‘Keeping Up With the Joneses’ Home Sells for Shockingly Low Price appeared first on Real Estate News and Advice - realtor.com.

from DIYS http://ift.tt/2cXAVnw