One of New Jersey’s most expensive properties is now in foreclosure, according to court records.
The Italianate mansion, known as Gloria Crest, at 83 N Woodland St in Englewood, NJ, first went on the market for $39 million in 2013.
It is now asking $17 million and an auction is scheduled for April 21st, as first reported by NJ.com.
“When the house first went on the market it was ridiculously overpriced. It would have sold immediately if it was priced right. Today’s buyers are educated and won’t overpay,” a top local broker said.
The current owner, Edward Turen, is chairman and CEO of Control Equity Group, which, through its subsidiaries, provides “facility management and security services to commercial facilities” in the U.S., the UK, Spain, China and Japan — including emergency/disaster clean up services, according to its website.
Turen bought the home for $4.8 million in 2000 — but he then took out mortgages on the home for more than it was worth, sources said.
The house itself is stunning — a 24,000 square foot mansion that was allegedly bought for movie star Gloria Swanson in the 1920s by her lover, Joseph Kennedy, father of President John F. Kennedy. Locals, however, say there is no evidence that this tall tale is anything more than an attempt to create an interesting “provenance” for the home, which was allegedly built for Count Stefan de Poniatowski. The count, who claimed to be heir to the Polish throne, lost his fortune — made in silk — during the 1929 stock market crash.
The home itself was built in 1926 and features original details like gilded moldings, fireplaces and a stained glass ceiling in the kitchen. It sits on five acres, hidden behind old fashioned walls. It boasts 8 bedrooms, 9 full bathrooms, five powder rooms, “banquet sized reception rooms,” four full kitchens, an elevator and a 7-car garage, according to a former listing.
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