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re: Mansion in Chattanooga, TN that apparently cost $40M to build in '07 now listed for $16M

Posted on 1/1/24 at 5:42 am to
Posted by NC_Tigah
Make Orwell Fiction Again
Member since Sep 2003
130658 posts
Posted on 1/1/24 at 5:42 am to
Backstory
quote:

California buyer scraps plans for $17 million purchase of Chattanooga mansion
Sale of Chickamauga Lake home would have been a record-breaking deal, but now legal fight is under way

February 6, 2023
by Dave Flessner


The biggest home sale ever in Chattanooga was scheduled to close Tuesday when a California millionaire agreed to buy a 23,000-square-foot mansion on Chickamauga Lake for $17 million, or nearly twice as much as any previous residential sale in Hamilton County.

But after depositing $1 million into an escrow account for the lakefront home in December, Christopher R. Redlich of San Clemente, California, has decided to terminate his purchase agreement.

Bernice Sale, the current owner of the house at 6500 Solitude Drive in Harrison, moved out of the house in preparation for the sale and is now suing Redlich and his agents to claim the deposit and other damages and injunctive relief from the canceled sale.

Sale, the chairman of the Dayton, Tennessee-based Simply Bank, built the six-bedroom, four-level mansion with her late husband David nearly two decades ago on two acres the couple originally bought in 1996, according to Hamilton County property records. The house was listed for sale most of last year with a $16.5 million asking price, the highest price ever for a residential listing in Hamilton County.
...

Konvalinka also cited deed language that gives TVA the right "to disperse, spread or deposit above or upon the land" materials or air pollutants from nearby power plants.

Such deed restrictions are common on the lakes that TVA has created with its dams and reservoir system over its 89-year history. But such restrictions may have seemed different for Redlich from the oceanfront property he previously bought in San Clemente, California.

In 2021, Redlich purchased a mansion on the Pacific coast in San Clemente for $33.9 million, according to the real estate outlet MansionGobal. The oceanfront home is near Casa Romantica, which was known as Richard Nixon's western White House while he served as president.

The Chattanooga house was priced for only half what Redlich paid for his California mansion, but it is still the highest-valued home in Hamilton County, according to the Hamilton County Assessor's Office.

The Chickamauga lake home was built for Bernice and David Sale, a former owner of the Sale Auto Mall, who died in 2012. Bernice Sale was married to David Sale for 19 years after the death of her first husband, George Calfee, who founded and later sold the Calfee's Favorite Markets convenience store chain.

Among 17 houses currently listed above $1 million in the Chattanooga area, the Sale mansion is by far the highest-priced home, according to the Greater Chattanooga Realtors' multiple listing service.

Last year, two other mansions sold for the highest price ever for a residential sale in Hamilton County but those sales were only half of what Sale is seeking for her house.

Last fall, David and Kim Duplissey sold their 17,772-square-foot house along 26 acres on the Tennessee River at 502 Browns Ferry Road in Tiftonia for $8.7 million -- the highest price paid so far for a home in the Chattanooga area.

Earlier last year, the estate of the late Sharon Mills sold her mansion atop Elder Mountain for $4.9 million.

LINK
Posted by CaptainsWafer
TD Platinum Member
Member since Feb 2006
58715 posts
Posted on 1/1/24 at 7:14 am to
quote:

Michael Jordan's Chicago mansion is a great example of a bad investment. He customized it and lived there for about 10 years and now it's not selling because it was built weird per his customized designs.


When you have Jordan’s money you don’t need to worry about ROI. He made $250M+ from Nike in 2022 alone.
Posted by Hateradedrink
Member since May 2023
3066 posts
Posted on 1/1/24 at 7:41 am to
quote:

Konvalinka also cited deed language that gives TVA the right "to disperse, spread or deposit above or upon the land" materials or air pollutants from nearby power plants.


Lmao


Pass.
Posted by The Pirate King
Pangu
Member since May 2014
61192 posts
Posted on 1/1/24 at 7:44 am to
quote:

Blows my mind when people build crazy customized mansions in weird locations only to sell it within a decade.


They probably thought the area was going to blow up quicker, or it was new money people who said F it and went in with a blank check
Posted by Silver Hood
Member since Dec 2023
206 posts
Posted on 1/1/24 at 8:07 am to
quote:

Stupid fricking Mansion in Georgia
The only thing "stupid" about it to you? Your broks arse couldn't afford the tool shed on the grounds.
Posted by Tchefuncte Tiger
Bat'n Rudge
Member since Oct 2004
60555 posts
Posted on 1/1/24 at 8:07 am to
So, just like that BR mansion a Pennington built on Highland Road.
Posted by Tchefuncte Tiger
Bat'n Rudge
Member since Oct 2004
60555 posts
Posted on 1/1/24 at 8:12 am to
quote:

How are they going to get fricked?



By this?

quote:

...the appraisal of the house is no where near what they paid for it
Posted by RogerTheShrubber
Juneau, AK
Member since Jan 2009
281843 posts
Posted on 1/1/24 at 8:14 am to
quote:

the tool shed on the grounds.


Probably the only thing on the property worth the money.

Superficiality is expensive as frick.
Posted by SloaneRanger
Upper Hurstville
Member since Jan 2014
10798 posts
Posted on 1/1/24 at 8:30 am to
quote:

Reminds me of how folks that rushed out and bought houses during the Covid stuff are about gonna get fricked now that the appraisal of the house is no where near what they paid for it


Uh, these people borrowed the money at 3% or less. And based on what I am seeing prices aren’t coming down. Places that were selling in the $400s in 2020 are now selling for $600k.
Posted by scottydoesntknow
Member since Nov 2023
7154 posts
Posted on 1/1/24 at 8:38 am to
quote:

That house looks gaudy as frick and screams “new money try hard”


Yeah this house is ugly
Posted by Naked Bootleg
Premium Plus® Member
Member since Jul 2021
2680 posts
Posted on 1/1/24 at 8:44 am to
quote:

Explain like I'm 5: why do rich people want twice as many bathrooms as bedrooms?


Whoever built this house planned on having large galas, soirées and parties baw
Posted by Jimmy Russel
Member since Nov 2021
542 posts
Posted on 1/1/24 at 8:55 am to
All of the houses on the lake have those stipulations in the deed.
Posted by Silver Hood
Member since Dec 2023
206 posts
Posted on 1/1/24 at 9:20 am to
quote:

Konvalinka also cited deed language that gives TVA the right "to disperse, spread or deposit above or upon the land" materials or air pollutants from nearby power plants.
quote:

Lmao


Pass.


Then don't plan on living anywhere near a lake or river in this area.

Posted by Swamp Angel
Somewhere on a river
Member since Jul 2004
8795 posts
Posted on 1/1/24 at 9:22 am to
Well... It is right on the Tennessee River and it has a pretty decent size boat house/dock on the water below the house. A bit of a steep walk down the hillside to the water though. I'd say it'll have a better chance of selling once it gets down to around the $6M mark. Of course that's gonna be a pretty hard hit for the current owner (not like it's not already at that point now).
Posted by YNWA
Member since Nov 2015
7063 posts
Posted on 1/1/24 at 9:23 am to
I'm not seeing anywhere that says it cost $40 million to build
This post was edited on 1/1/24 at 9:28 am
Posted by Silver Hood
Member since Dec 2023
206 posts
Posted on 1/1/24 at 9:25 am to
quote:

That house looks gaudy as frick and screams “new money try hard”

The owner's first husband "Calfee" was not new money.

The Calfees are fairly prominent in Bradly County. Favorite Markets (now sold), car dealerships, funeral homes.

Posted by bluedragon
Birmingham
Member since May 2020
7989 posts
Posted on 1/1/24 at 9:28 am to
The houses built by pro athletes and celebrities is amazing. When you have the money. Best one I ever inspected was after David West ( pitcher for the Yankees) had and moved. New buyer was the President of QVC China.

20,000 sq feet 6 bedrooms. The house was vacant. The caretaker on site. He didn’t know a thing about the house. He explained that West collected baseball artifacts and everything displayed. Once I understood that…the house made sense. As we walked through the caretaker would ask questions. “Where would he have his arcade?” “ Standing in it. Wall outlets 5 foot o/c full perimeter of the room.” Up three steps into a full oak customer built bar.plate glass window looking below to a full size basketball court. Automatic scoreboard. Bar had men’s and women’s restrooms. Full sized pool table. Pool was a water park. When we finished…told him…”Get a set of blueprints for the house. Easier to find everything…..especially the new owner will changing things around.

I had multiple athletic homes. Whiskey Distributer, very interesting home….a 25,000 rental house. All Indians ….more interested in the art than the hjome. Livestock owners. 300 horses and 700 cattle.

The most surprising and alarming, the President of the Southern Poverty Law Center in Montgomery. Too much damned security for someone not there. His Assistant was not nice at all.

I do mortgage and insurance inspections and actually walk through these properties, then inform then what has to be changed or added to meet two separate sets of standards. A building code does not look like an insurance code.

Posted by Purple Spoon
Hoth
Member since Feb 2005
19248 posts
Posted on 1/1/24 at 10:54 am to
They apparently got some famous architects to design custom features and focus pieces. Also cramming it that close to the water on a slope drives the building price way up. Could have done so much more with 40 million
Posted by Hateradedrink
Member since May 2023
3066 posts
Posted on 1/1/24 at 3:47 pm to
I won’t. Thanks for the heads up.
Posted by N2cars
Member since Feb 2008
33929 posts
Posted on 1/1/24 at 4:27 pm to
I guess you're writing in a "stream of consciousness" style, but damn, that was hard to read.
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