Royal-Palace Inspired Mansion — on Sale!

March 15, 2011 / Russell Legato, Residential Property Analyst

Originally on the real estate luxury market for $25 million, now the original asking price for the luxurious 29,000 square feet mansion in Tampa Bay has been cut-back to $17.5 million. The mansion’s owner, Mark Yaffe of National Gold Exchange, who made a fortune in the gold coin and rare coin business, first listed the luxury home in 2008. The luxury property, according to a report is heavily marketed across the globe, as it draws people from all over the world for its 17th century British-palace-design.

Royal-Palace Inspired Mansion — on Sale!

Another British-Palace-inspired residential property, which was owned by actor, Nicholas Cage, was up in the real estate market for $35 million for a couple of years, but slashed to about $12.75 million in 2010, and then to $11.8 million. And then at last, the Tudor-style mansion was sold recently for $10.5 million.

Completed in 2004, the nearly 6-acre property took approximately seven years to construct. The actual mansion has about bathrooms and 10 bedrooms, and another 15,500 square feet of covered and open terraces, and a swimming pool.

In Tampa Bay area, homes worth between $3 million and $5 million are sold the fastest, Glaser said.

Mark Yaffe, according to the report, agreed to sell his luxurious mansion as a part of a bankruptcy deal in 2009 — after failing to pay $36 million in debt. Yaffe’s bankruptcy file is still active.

According to a seller of luxury homes, Bob Glaser, the mansion is the most attractive and the biggest residential property in the area, and he believes that it will be sold soon.

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