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South Jersey home listed for nearly $25M is unfinished

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A four-story, 40,000-square-foot house on a Riverton Road site that straddles Cinnaminson’s border with Moorestown is on the market for $24.95 million — what real estate professionals are saying is the highest-known asking price ever for a residential property in South Jersey.

While an unbuilt oceanfront house in Avalon was listed for $22.9 million in 2021, “I couldn’t find any other properties in the last number of years on the MLS that were near $24.95 million,” said Kevin Steiger, a Realtor with Kurfiss Sotheby’s International Realty and the sales agent for 2801 Riverton Rd.

“We really struggle with what words to use to describe this property,” he said. “This house lends itself to entertaining on a grand scale. It will be an amazing property for someone to live and entertain in.”

Under construction for more than five years and about 90% complete, the dwelling offers seven bedrooms and 10 bathrooms as well as a courtyard with a reflecting pool, a sports-themed tavern, six fireplaces, an indoor swimming pool, a vehicle elevator, a theater, a wine cellar, and a chapel. When finished, it will total 44,000 square feet.

There’s also “a spa bathroom with a unique tube elevator that delivers you directly to the gym and indoor pool area,” according to the property listing.

The edifice, set back from Riverton Road on 7.7 acres, comes with a backstory. The house was envisioned by a husband-and-wife team who built a successful pharmaceutical technology firm in Moorestown but were forced to step down in September.

As The Inquirer reported, Carlton and Orsula Knowlton made their Tabula Rasa HealthCare Inc. into a Wall Street favorite and tried to keep control as share prices fell and shareholders rebelled. But they agreed to leave after their board cut a deal with their top critic — the company’s largest shareholder.

While the Sotheby’s property listing describes the house as a “modern masterpiece,” some residents of Cinnaminson, where the bulk of the property is located, have less enthusiastic descriptions. The property has prompted discussion on area Facebook pages, some of it lamenting the loss of a beloved farmhouse that stood for 200 years on the site.

Officials in Cinnaminson and Moorestown could not be reached for comment Wednesday.

Despite the public curiosity about 2801 Riverton Rd., “there will definitely not be open houses,” Steiger said.

Potential buyers must submit documentation attesting to their “proof of ability” to purchase the property. “The number of people who could afford a property like this are the 1% of the 1%,” said Steiger, who generally handles high-end Bucks County homes.

“These houses kind of sell themselves,” he said. “Part of my responsibility is promoting the house, and making sure people all over the world get a chance to see it.”

The owners “haven’t skimped on anything anywhere,” Steiger said. “They were building their dream house.”



Read More: South Jersey home listed for nearly $25M is unfinished

2022-11-24 13:04:47

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