SARATOGA SPRINGS, N.Y.--(BUSINESS WIRE)--A lavish mansion in the heart of Saratoga Springs, NY has been scheduled for sale by luxury auction® on September 8th. As reported by the Wall Street Journal's Mansion Global, the property became Saratoga's most expensive home when it hit the market in 2022 at $17.9 million. It remains the city's priciest listing at its most recent ask of $12 million, though it will be sold to the highest regardless of price next Friday. Platinum Luxury Auctions is handling the transaction in partnership with listing brokerage Berkshire Hathaway HomeServices Adirondack Premier Properties, represented by agents Margie Philo and Justin McGiver.
The property was custom built by married couple Ronald and Michele Riggi, who have been a fixture in Saratoga's high society and philanthropy scenes for many years. Palazzo Riggi, as it was lovingly named, often served as a host venue for fundraisers and related events. It is conveniently located in the heart of Saratoga, within a short stroll of the city's dining, retail and entertainment centers. The world-famous Saratoga Race Course is less than two miles away.
After Mr. Riggi's passing last year, Michele began rebalancing her family's real estate portfolio. On the advice of Philo, who has worked successfully with Platinum on other luxury sales, Mrs. Riggi hired the veteran auction firm to work with Philo's team to expedite the sale of the Palazzo. "Creating and enjoying Palazzo Riggi has been a truly wonderful experience. It's been both a loving home for our family and a venue wherein we've celebrated so many of life's milestones and supported so many good causes," Mrs. Riggi stated. "While it's never easy moving on from such a special place, I'm excited to welcome a new owner on September 8th!"
This isn't Platinum's first attempt at selling a premier Saratoga property. In early 2016, the auction house sold one of the area's largest and then-most expensive homes, a +20,000 sf mansion complete with an indoor basketball court. The sale price of nearly $4m was top-of-market at the time.
While the sale price for Palazzo Riggi remains to-be-determined, the cost to reproduce the property today would easily exceed its initial list price, according to Platinum's founder and president, Trayor Lesnock. "Before even considering the cost of the land, reproducing the structures today could easily exceed $20 million. The pricing opportunity for a new buyer is quite significant."
To be sure, evidence of the substantial investment in the property is readily apparent. The multi-structure estate is constructed of stone, concrete, and marble, and includes a main residence, guest cottage, pool house and security guard post, totaling more than 20,000 sf of living area, with 6 bedrooms, 7 full and 6 half baths.
There are two gourmet kitchens, each with custom cabinetry by designer Clive Christian. One kitchen offers fixtures dipped in 14-carat gold. The lowermost of the residence's three levels includes Monaco-style gaming tables, slot machines, an English-style pub, bowling alley, fitness center, and a posh home theater designed by theater specialist Theo Kalomirakis. Mrs. Riggi, a well-known pet lover, also created a dedicated pets' room with grooming/medical stations and convenient doggie door access to the outside. Other features include a grand foyer with dual staircases, executive office with 450-gallon fish tank, Balinese spa room, and elevator.
Manicured grounds feature multiple fountains, a swimming pool, reflecting pool, Koi pond, and interior courtyard. A perimeter fence and mature landscaping add security and privacy. The interior motor court features radiant-heat pavers, while garages can accommodate at least 5 vehicles.
Interested parties may preview the property daily between 11am and 5pm ET, through September 7th. General inquires and appointment requests may be directed to Platinum's project manager, Brett Ryan, at 800.939.1672. Additional property and luxury auction® information is also hosted online at NewYorkLuxuryAuction.com.
About Platinum Luxury Auctions: Platinum Luxury Auctions created the luxury auction® model for multimillion-dollar real estate auctions and owns the federal trademark rights to the term(s) “luxury auction(s).” The Miami-based auction house specializes in the non-distressed sale of multimillion-dollar properties throughout the U.S. and in select international markets. Platinum’s team has closed more than $1.27 billion in non-distressed auction sales to date, while consulting or advising on more than $3.25 billion in luxury property assets worldwide. PlatinumLuxuryAuctions.com.