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Hedge fund hot shot Andrew Barroway has sold a Pennsylvania mansion he has pumped $35 million into at a serious loss.
Barroway sold the 32-acre estate for $9.26 million, according to a Wall Street Journal report.
The buyer was reportedly a trust attached to the family of highly successful advertising manager Thaddeus Bartkowski, the CEO of digital advertising company Catalyst Experiential.
Reportedly, Bartowski had rented the expanded rectory for a little over a year before making the purchase.
The house is a Gothic Revival style estate that resembles the more historic homes that populate Philadelphia’s affluent Main Line.
Notably, the six-bedroom house is located at 100 Maplehill Road in Gladwyne, a particularly affluent corner of the Main Line with a large handful of gigantic estates dating back to the 18th century.
The Gladwyne, Pennsylvania estate was sold for $9.26 million — a loss of about $25 for the hedge fund manager who pumped nearly $35 million into the estate.
The 13,000-square-foot home had six bedrooms and sits on a massive 32-acre lot in the tony area of the Philadelphia Main Line.
The house features a cinema, guest house, tennis court and ATV roads
A home gym also overlooks an indoor pool where you can swim laps. In particular, the property does not have an outdoor pool
The picturesque home was first marketed in July 2016 for an asking price of $28 million. The price was subsequently reduced a number of times and finally made available for rent in 2021
Despite the loss Barroway has suffered on the property, realtors in the area say Sin Gladwyne’s home price generally tops out at around $10 million.
Real estate agents in the area say that despite the home’s stunning build and value, not selling it indicates buyers in the luxury market won’t overpay for someone else’s vision
Barroway, a managing partner of the Merion Investment Management hedge fund, bought the Pennsylvania lot in 2006 for $12 million.
He spent more than three years and an additional $23 million building the nearly 13,000-square-foot mansion.
But when it came time to sell, Barroway was in trouble from day one, eventually leading to his loss of more than $25 million on the property.
In July 2016, the house first came on the market for an asking price of $28 million. The price would have set a record in the local market, but it was not sold.
After several price cuts, it was revealed in 2019 that Barroway planned to sell the estate at auction with a reserve price of $14.9 million.
However, the auction process failed and the property was put up for rent on Zillow in 2021 at a price of $40,000 per month.
Bartowski told the Journal he was drawn to the estate because of the “quality and style of the construction,” as well as the substantial acreage that makes the house feel much more private.
He noted that despite an official price tag of $9.26 million, the transaction involved the sale of a number of other assets not reflected in that price.
The actual total, he said, is higher, though he declined to list the actual number or other assets involved.
The house’s foyer and wraparound staircase provide a touch of sophistication and hearken back to the period when many of the surrounding estates were built
The house also comes complete with a stripped-down man cave with pool and table tennis tables, as well as new items like a jukebox reminiscent of the one featured in the 1970s TV show Happy Days.
Thaddeus Bartowski, a successful advertising agency, said he was attracted to the Maplehill Road house because of the quality of its construction and its Gothic architecture.
Hedgefunder Andrew Barroway lived in the house for only a short time before he and his wife divorced. She continued to live in the house until the couple’s children went to college
The $9.26 million figure is about the $10 million market peak for the area, said EXP Realty agent Harry Cherry.
Cherry added that the Maplehill Road sale is proof that even in high-end markets, luxury buyers aren’t willing to “pay a premium for someone else’s vision” when they have the resources to build their own.
Adding that reality to the current state of the economy, buyers have become more cautious and less eager to pull the trigger on a new home or investment property.
The palatial home boasts some stunning amenities, including a couple of outdoor hot tubs, a movie theater, a wine cellar with multiple tasting rooms, and a gym overlooking an indoor lap pool.
There’s also a tricked-out man cave with quirky antiques, including a jukebox similar to Happy Days’ one.
In particular, the property does not have an outdoor pool.
But there’s a tennis court, a seven-car garage, and trails designed for ATVs.
There is also a guest house and another building on the property that predates the family’s main house, which was built in the 18th century.
Despite the time and money Barroway put into 100 Maplehill Road, he only lived there for a short time before he and his wife divorced in 2013.
She stayed on the property with the couple’s children until they went to college.
Barroway currently lives in a 10,000 square foot, $7 million home in Scottsdale, Arizonawhere he is a minority owner of the Arizona Coyotes NHL team.