One of the countryâ€™s most expensive residences, the Hearst mansion, sold at a foreclosure auction on Monday for a bid of $22 million from New Stream Capital. According to the attorney representing Veronica Hearst, the property will go back on the market so the creditor can recoup its investment.
The 20,000 square foot home was designed by Maurice Fatio and bought by Randolph Hearst in mid-2000 for $29.87 million, at that time the highest sale price on record in the state. Hearst passed away six months later, leaving his widow Veronica without the means to maintain the property.
Veronica Hearst borrowed millions against the homeâ€™s value to pay for property taxes and renovations. She sold 150 feet on the propertyâ€™s south end for $6.2 million, explaining that potential buyers were uncomfortable with the considerable size of the home. She stated that, with an older property â€“ the home was built in 1929 â€“ you can either destroy it or refurbish it, and her decision as the owner was to refurbish it.
However, to some, any change to the historic home is unacceptable. According to one source, the daughter of the architect who designed the home says that any variation from the original design is wrong.
The home is located at 1100 S. Ocean Blvd. in Manalapan, which does not have a preservation board that may have been able to block Hearstâ€™s decision to split the lot if it had been designated a landmark.