Helmsley manse value falls

GREENWICH, Conn., Aug. 30 (UPI) -- Even the wealthy aren't immune from the brutal housing market if the negotiated sale price of Leona Helmsley's Greenwich, Conn., estate is any indication.

The estate -- called Dunnellen Hall -- is about to be sold for about half of the $125 million asking price after languishing on the market for about three years, sources told the New York Post. The buyer, who was not identified, apparently negotiated the price to no more than $55 million.

"The contract is currently under negotiation," one person knowledgeable about the negotiations said.

Sale proceeds will go to the Leona M. and Harry B. Helmsley Charitable Trust, which supports healthcare and medical research, among other things.

Even before the so-called Queen of Mean's death, the 28-room mansion had been neglected, a local broker said. Trustees had to invest in substantive repairs before buyers would even consider it.

Various brokers tried selling the parcel without any luck and slashing the asking price from $125 million to $95 million -- then to $75 million -- and then to $60 million.

Sitting on 40 acres of land, the manor has stunning views of Long Island Sound, the Post said. Amenities include a 52-foot indoor pool, a 72-foot outdoor pool, a 70-foot reflecting pool (with fountain), a koi pool (with waterfall), a wine cellar, a theater, tennis courts and two guest houses.

Leona Helmsley died in 2007 at age 87.