Multimillionaire Kevin Spacey has been revealed as the mystery buyer of a $5.65 million five level home at 622 Ponte Villas North, Baltimore. The property was sold via Charlie Hatter of Monument Sotheby’s International Realty although initially he refused to disclose the identity of the underlying buyer. Very quickly rumours began to spread that Kevin Spacey was indeed the buyer and four months later his identity has finally been confirmed. So, what is so appealing about 622 Ponte Villas North, Baltimore?
Gated Harborview community
As with so many celebrity purchases it will come as no surprise that privacy is guaranteed at the gated Harborview community residence. It is also worth noting that the $5.65 million price is one of the highest paid for an Inner Harbour residence. As you might expect this was a cash purchase which would have gone through fairly quickly with the following paperwork identifying Kevin Spacey.
The property itself was designed by Marks, Thomas Architects and boasts an impressive six bedrooms, seven full bathrooms, 3 half-bathrooms, its own elevator, two garages, a sauna, rooftop deck, billiard room and its very own theatre. That is some property by any standard!
History of the property
Initially the property was put on the market back in 2010 with an asking price of $8.5 million by the estate of developer Leroy Merritt. The unfortunate Mr Merritt only lived there briefly before his passing in 2010. There was very limited interest in the property back in 2010 and it was placed on the rental market with Manny Machado, Orioles third baseman, living there until earlier this year when the property was eventually sold.
As we touched on above, this property is two properties rolled into one and sits at the eastern end of the pier. Indeed, the Domino Sugar plant’s red neon light is still an integral part of the building and visible from across the water. When you bear in mind the buoyancy of US real estate market it is a little surprising to learn that the initial $8.5 million asking price from 2010 was reduced to just $5.65 million earlier this year.
Kevin Spacey increases his real estate exposure
Kevin Spacey is a man who likes to maintain his privacy as much as possible and while worth in excess of $100 million he is very rarely in the press for his personal life. Born back in 1959 he has been an actor, film producer, screenwriter and film director amongst other professions. Like so many celebrities today he believes that the real estate offers long-term attractions for both rental and resale value in years to come. A near $3 million saving on the initial asking price of his latest property at 622 Ponte Villas North, Baltimore would indicate he knows a bargain when he sees it and is an extremely good negotiator.
It will be interested to see whether he decides to live in this property, flip it for a profit or rent it out as it has been over the last few years.