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Buckhead $10.5M home sale beats record

June 5, 2009

By Michelle E. Shaw, The Atlanta Journal-Constitution Wednesday, June 03, 2009  For the story online, please click here.

One of Buckhead’s trophy homes has sold for $10.5 million, the most expensive recorded residential sale in Atlanta real estate history.

Descante, 3650 Tuxedo Road

Buckhead’s trophy home has sold for $10.5 million, the most expensive recorded residential sale in Atlanta real estate history.

The 4-acre estate at 3650 Tuxedo Road, built in 1997, was originally listed at $16.9 million, said Betsy Akers of Atlanta Fine Homes Sotheby’s International Realty, agent for the buyer whose name she would not reveal.

Built in 1997, the four acre estate at 3650 Tuxedo Road, was originally listed at $16.9 million.

Buckhead’s trophy home has sold for $10.5 million, the most expensive recorded residential sale in Atlanta real estate history.

“We are very excited about this sale, especially in this housing market,” Akers said. “And we think, across the board, not just in the higher end of the market, that discerning buyers are feeling comfortable stepping into the marketplace.”

Built in 1997, the four acre estate at 3650 Tuxedo Road, was originally listed at $16.9 million.

Built in 1997, the four acre estate at 3650 Tuxedo Road, was originally listed at $16.9 million.

Steve Palm, president of SmartNumbers, a real estate research firm in Marietta, said he could not find a higher sale price for a single-family home among his various databases. However, he cautioned, this sale does not mean that this house, known as Descante, is the most expensive in Atlanta. He said estate homes are often custom built on empty land. “There is no sale on the house, just the land,” he said. “You never know how much they paid for the actual house.”

Also for sale are three neighbors of Descante that have all seen price pruning, Akers said.

The Tuxedo Road home of Arthur Blank, who owns the Falcons, is now priced at $8.9 million, after an 18 percent cut. Across the road, Windcrofte, sometimes called the Woodruff mansion, is priced at $10.9 million, after a $3 million trim. And the new price for Rossdhu, the 91-year-old mansion at 2900 Andrews Drive, is $11.75 million, reduced 19 percent.

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