» Reggae Mansion at a private auction on Friday, the property listed for $12 million
SARATOGA SPRINGS — The broker running the private auction for a Saratoga Springs mansion owned by Michelle Riggi, widow of Ronald Riggi, said the house will sell Friday evening.
“The family is very excited to pass it down to a new family and there should be no reason it won’t sell on Friday,” said Margie Filo, a broker with Berkshire Hathaway Adirondack Premier Real Estate.
The 25,000 square foot mansion includes… The six-bedroom, seven-bathroom, six-bathroom was originally listed for $17.9 million before it was reduced to $12 million.
Located at 637 North Broadway, the home features several custom pieces, including two Clive Christian kitchens, a home theater designed by Theo Kalomirakis, and hand-painted murals. It was built in 2003.
Berkshire Hathaway Adirondack Premier Properties is working with Platinum Luxury Auctions for the private auction of the home.
Philo said there is no reserve price for the auction. This means that the home will sell, regardless of the price.
Eligible bidders had to sign a bidder’s package and pledge $100,000 to be able to participate in the auction. The pledge will be refunded to every bidder who does not receive the highest bid.
“If they are the ‘winning bid,’ that number goes toward the sale,” Filo said.
The sale will close in 30 days and is a cash-only transaction, she said.
She said she couldn’t comment on the number of people registered for the auction, but there are people interested locally in the D.C. area and from Europe.
On Wednesday, Filo was at the home giving tours to interested buyers.
“We have a lot of interested people signing up,” she said.
Michele Riggi has moved out of the mansion and is currently residing in the family home in Lake Placid, which is also still on the market, Filo said.
The 8,500-square-foot, nine-bedroom, eight-bathroom and two half-bathroom home is on the market for $15 million.
Both the Lake Placid home and the Saratoga Springs mansions are named in a lawsuit against Michelle Righi by Turbine Services LTD. Ronald Reggie and Vincent Reggie started the company together in 1972.
The parties are looking to resolve the lawsuit through a mediator, according to court documents.
Reporter Shenandoah Brier can be reached at (email protected).
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