Conn. town sees rise in homes selling for more than $10M

This photo provided by David Ogilvy & Associates shows Copper Beech Farm. The 12-bedroom waterfront estate on 50 acres in wealthy Greenwich has been sold for $120 million. Even though that's $70 million under Copper Beech Farm's initial listing price, real estate agent David Ogilvy tells the Greenwich Time he believes the sum is the most ever paid for a residential property in the United States. The paperwork finalizing the sale to a limited liability company was filed Friday April 10, 2014.

NEW HAVEN, Conn. (AP) — Connecticut’s Gold Coast is living up to its name, with a record $120 million sale of a waterfront estate in Greenwich leading an increase in sales of homes for more than $10 million.

(Take a video tour of that $120 million estate, which features a 75-foot pool, grass tennis court, a stone carriage house and two islands in Long Island Sound.)

The assessor’s office in Greenwich says five homes sold this year for more than $10 million. Mark Pruner, sales executive with Berkshire Hathaway, says another home just sold and another four listed above $10 million are under contract this year. That is compared with only one under contract by this time last year and none sold.

He attributed the rise in sales to the jump in the stock market and bonuses. He also says it could stem from concerns by buyers that taxes will go up on the wealthy under New York City Mayor Bill de Blasio.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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