Teutul Sr. has been trying without success to sell his rural estate in Montgomery, New York for nearly a year and a half now. The price has steadily dropped however, and in that time the reality of his financial situation has become more and more clear. According to a report by Page Six, the asking Teutul Sr.'s home is now 42 percent lower than his original listing.
Teutul Sr. first listed his 38-acre property for $2.89 million in October of 2017. The beautiful place comes equipped with sprawling lands, a rustic home and of course, plenty of garage space. Still, no buyers bit. Three months later, Teutul Sr. slashed the price to $2.49 million. Around that time, he filed for bankruptcy, revealing financial issues and a mountain of debt.
Today, the asking price on the home stands at $1.65 million. Still, there have reportedly been no offers. Many fans are baffled, seeing a home with an idyllic pool, a waterslide, volleyball courts, a pond and even a gorgeous barn. All of that just two hours away form Manhattan should be a no-brainer for a wealthy buyer.
Still, the property's location could be part of the issue here. As nice as Teutul's home is, it is far and away the most lavish home in the neighborhood. Listing agent Seta Tunell explained wealthy clients are less interested in a home of this stature considering where it lies.
“The median home price within a 3-mile radius is $335,000,” Tunell said. “Only 16 homes in this area sold for over a million last year, and nearly all of them were on and off the market for a few years.”
The high property taxes may also be an issue. For a homeowner wealthy enough to buy the property, it would likely not be their only home, so paying New York state's massive tax would not be appealing.
“Taxes on this property come in at $50,000 a year,” Tunell said.
Finally, the house's design may simply be too specific for some buyers. Tunell pointed out that the bedrooms are all on different levels of the home, which many buyers with kids do not care fore.0comments
“Most parents want to be on the same level as their children, so this home doesn’t quite fit what they’re looking for,” said Tunell.
Hopefully, Teutul Sr. can find an appropriate buyer and sort out his finances soon. In the meantime, he is back at work on a new season of American Chopper, which is on Discovery once again. The show airs on Tuesdays at 8 p.m. ET.