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How big is too big when it comes to your personal residence? For healthcare moguls Calvin and Orsula Knowlton, there might be no limit. The New Jersey couple spent $27 million building a home that is over 40,000 square feet, not including the finished basement. The couple started in 2017 with plans for renovating an 1800s farmhouse on 7.7 acres in Cinnaminson, New Jersey, but when they found the home had mold and couldn't be saved, their vision of the perfect house took on a grand new scale.
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Their dream mansion can now be someone's new home, and depending on the results of an upcoming auction, the new owner could get quite a deal. The Knowltons are putting the estate up for auction with a reserve price of $10 million. Calvin Knowlton is the former CEO of Tabula Rasa Health Care. The company was formerly publicly traded but was taken private in a $570 million acquisition by Nautic Partners in 2023.
The four-story home took five years to create. Its facade is reminiscent of Philadelphia’s City Hall. The seven-bedroom house has six fireplaces, a tavern room, a home theater, a wine cellar and a chapel. All ensuite bedrooms feature walk-in closets and distinctive lighting. The owner's suite has a sitting area with a fireplace, and the spa bathroom has a tube elevator that delivers you directly to the gym. A separate car elevator brings your trophy vehicles up to a special display area.
The home was meant to accommodate the couple's eight children. After the couple had become empty nesters, they decided to list the house for sale for $24.95 million, setting a record for the most expensive property on the market in the South New Jersey area. At the time of the listing, the agent, Kevin Steiger of Sotheby's International Realty, said that a likely purchaser would have to have a net worth of at least $100 million, and the property could appeal to a hedge fund manager or professional athlete. Like many other people in the Northeast, the Knowltons have headed South and now live in Amelia Island, Florida.
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The couple gave CBS's Sunday Morning the grand tour last year. When asked about the challenges of a large house, Calvin Knowlton said, “Well, you don’t bump into anybody very often, so we call each other on the phone within the house.”
Luxury auctions are nothing new. When a property has been on the market for a long time, and the owners are looking for liquidity, an auction can provide that as long as the owners are willing to accept the outcome. A reserve price offers some protection, but not all auctions meet the reserve price. The most famous example of this happened in 2013 when basketball legend Michael Jordan tried to auction off his nine-bedroom house in Highland Park, Illinois, with a reserve price of $13 million. That home failed to meet the auction reserve. It remains on the market today and is currently on Zillow for $14.9 million. The Knowltons are certainly hoping not to be like Mike.
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This article 40,000-Square-Foot Mansion Owned By Former Healthcare CEO Heads To Auction At Deep Discount originally appeared on Benzinga.com