Greenwich mansion owned by shoe mogul to go under the hammer

New York

A GREENWICH, Connecticut, mansion that belonged to the late shoe designer Vince Camuto is headed for auction to capitalise on the pandemic-driven demand for posh suburban homes.

The 16,300-square-foot estate - with a tennis court, pool and apple tree lined driveway on 4.6 acres - has been on the market since 2017.

It was most recently listed for sale at US$26.5 million.

It will now go to the highest bidder in an online auction scheduled for Aug 12-15, said Chad Roffers, chairman of Concierge Auctions, which is arranging the sale in partnership with Compass agents in Greenwich.

No minimum bid is required.

"The market is really revitalised for trophy properties, with elbow room and space, that are still close to the city," Mr Roffers said in an interview.

"It just made a lot of sense to take advantage of this window."

Greenwich mansions became a tough sell in recent years as buyers' tastes shifted toward smaller homes close to the centre of town.

Many estates that were lingering on the market found new life this spring as pricey rentals, drawing New Yorkers seeking a temporary refuge from the city during the height of the Covid-19 outbreak.

That demand did not translate into many ultra-luxury sales during the three-month lockdown, but less-expensive deals have surged.

Contracts to buy Greenwich homes priced at US$1 million to US$2.99 million almost doubled in the first half of this year from the same period in 2019, data from brokerage Houlihan Lawrence shows.

At US$10 million or more, there was no change, with just three properties in that range finding buyers.

Bidders on Mr Camuto's home - at 32 Chateau Ridge Road - must put US$100,000 in escrow and have a bank vouch that they have the funds to cover their offers, Mr Roffers said.

Mr Camuto, who co-founded the Nine West shoe brand and later developed a line under his own name, died in 2015 at the age of 78. BLOOMBERG