Sloane Mansion Bought by Billionaire at Auction

18 East 68th Street New York
18 East 68th Street New York | The Sloane Mansion

The now notorious 18 East 68th Street (aka Sloane Mansion) was bought yesterday at auction by a Ukrainian-born billionaire, reports the Wall Street Journal.

As recently noted, the property was listed only a couple of years ago for $64 million and had its asking price slashed several times, the most recent one being just under $38 million. The distressed owners bought the property for $20 million in 2007 and financed the deal with a $25 million mortgage, property records show. The lien amount was well over $28 million because of a 24% default interest rate, notes the Wall Street Journal.

According to the same source, the buyer, Alexander Rovt, plans to restore the entire mansion as a single family home and to live there. The property has 18,267 square feet and if it was to be converted to a single-family home it would make the top five of Manhattan’s largest homes.

Another townhouse owned by Alexander Rovt, located at 232 East 63rd Street,  is currently on the market with an asking price of $27 million.