Apparently $100 million was a bit too optimistic a price for Albemarle House, Patricia Kluge’s 300-acre southern Albemarle County estate, which– after a weekend price slash– is now on the block for just $48 million.
“We chose a price of 100 million based on some other sales of spectacular properties around the world,” says Albemarle House listing agent Michael Rankin of Sotheby’s International Realty. “We went out into the market for three months and didn’t achieve that price,” he concedes, expressing optimism that the new price “reflects where we are in the market.”