The Wall Street Journal documents several historic mansions being bought in the multi-millions only to be torn down.
“A passion for huge, modern homes with high-tech features means that existing homes on desirable lots often fall to the wrecking ball,” the Journal reports.
One example is the 14-bedroom, 19th century mansion at the tip of a narrow peninsula in Darien, Conn., which sold for $11.5 million, torn down, and the new home is now on the market for $14 million.
“It had unique, priceless fixtures. Each room downstairs had a different pattern of beautiful, parquet floors,” local bookstore owner Sheila Daley, 72, told The Wall Street Journal about the home. But the home’s listing agent, Doug Werner of William Pitt Sotheby’s International Realty, thought the wrecking ball option made sense.
“It would have cost a fortune to renovate it,” he said.