If ever there was a lesson to Tom Hanks’ 1986 classic movie “Money Pit,” it was that a gorgeous mansion on the market for a reasonable price usually comes with a huge catch.
It seems buyers in Montclair, New Jersey, took that lesson to heart.
When an approximately 4,000-square-foot Victorian mansion hit the market in 2017 for only $10, no one jumped at the deal.
With no one willing to purchase the property, demolition of the mansion began in mid-May 2018, according to NJ.com.
In its place now stands a cluster of eight single-family homes called “The Collection.”
So why were buyers not sold on the mansion’s price?
This is a great example of why it’s important to have a lawyer help read the fine print. 🙂
“So when a 4,000-square-foot Victorian mansion in Montclair, New Jersey, hit the market in 2017 for just $10, you’d expect buyers to show up at open houses in … https://t.co/CSypJJmUfa pic.twitter.com/p9d9uu118K
— Law Offices of Granda & Associates PA (@GrandaLawMiami) August 28, 2019
The $10 price tag itself raises more questions, as the property reportedly came with perks.
According to MoneyPop, the location and a slew of multimillion-dollar homes surrounding the neighborhood should have made the mansion worth about $1.35 million. In addition, the private tennis court and gazebo that came with the estate seem like amenities that would have made the home worth more.