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This $17M N.J. home is in foreclosure, will go to auction (PHOTOS …

Englewood’s magnificent Italianate estate Gloria Crest, one of the most expensive home ever on the market in New Jersey, is in foreclosure, court records show. 

The 24,000-square-foot home on five walled acres has been on and off the market since at least 2013, when it was listed for $39 million. After several price cuts, the most recent in November, it is now marketed at $17 million.

The owners defaulted on their mortgage in February 2014 and owe $5 million to TD Bank, court records show. It is scheduled to be auctioned off on April 21, although foreclosure sales are often postponed several times before they hit the block. The owners can still sell the home in the interim to pay off the debt.  

The current owners purchased the home in 2000 for nearly $4.8 million and spent millions renovating it, although the home, built in 1926, still exudes Jazz Age glamour, with gilded moldings, ornately carved fireplaces and a stained-glass ceiling in the kitchen.  

One lounging area features a large portrait of Gloria Swanson as Norma Desmond in “Sunset Boulevard,” a nod to persistent rumors that Swanson once owned the home, and that it was purchased for her by her paramour Joseph Kennedy Sr., the  powerbroker and father of a future president. Town historians strongly dispute the claim. It was built by Count Stefan de Poniatowski, a onetime heir to the Polish throne who made his fortune in silk, but he lost it after the stock market crash of 1929.

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The home includes eight bedrooms, four kitchens, a grand salon, a music room, a solarium, two towers, one of which is lined with logs to resemble a Russian dacha, a movie theater, a gym, grotto, sauna and steam room, while the property features a vanishing-edge pool with waterfall, a bocce court, a thatched hut from Indonesia, and a small lake with swans and cranes. It was featured in the 2001 Woody Allen period piece “The Curse of the Jade Scorpion.” Taxes on the property are $147,540 a year. 

Gloria Crest is currently the third most expensive listing on the market in New Jersey. That doesn’t take into account three pricier properties that were taken off the market unsold late last year: the Stone Mansion in Alpine, Long Branch’s Belle Mer, and the 1930s Frick estate, next door to the Stone Mansion in Alpine. 

Vicki Hyman may be reached at vhyman@njadvancemedia.com. Follow her on Twitter @vickihy or like her on Facebook. Find NJ.com/Entertainment on Facebook, and check out Remote Possibilities, the TV podcast from Vicki Hyman and co-host Erin Medley on iTunesStitcher or Spreakeror listen below or here.


Ep. 66: Is ‘This Is Us’ just too much?

Article source: http://realestate.nj.com/realestate-news/2017/02/new_jersey_most_expensive_home_1.html

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