South Jersey mansion comes with a chapel, six fireplaces, and a $10 million minimum auction bid
Calvin and Orsula Knowlton's mansion was listed for nearly $25 million in 2022. Now, it's being auctioned.
A South Jersey mega-mansion that was on the market for a record $24.95 million in 2022, is being auctioned with bids starting at $10 million.
The seven-bedroom home sits both in Moorestown and Cinnaminson, and is being sold by Calvin and Orsula Knowlton, who formerly founded the pharmaceutical tech firm Tabula Rasa HealthCare.
“We listed initially at $25 million dollars and I was actually tasked to do something that had never been done before,” the property’s listing agent, Kevin Steiger, with Kurfiss Sotheby’s International Realty, said. “There’s not really many properties in South Jersey, or the whole state of New Jersey, that are like this, so it was unusual to have to put something like this on the market and try to sell it.”
The Knowltons’ pharmaceutical company was initially a successful stock, but the company was not profitable six years after going public in 2016, and share prices fell. The couple ultimately left the company, amid shareholder pressure in 2022. The company was acquired last year.
The Knowltons also have a property in Florida.
The auction, which is being held by Paramount Realty USA, started on Aug. 14 and closes on Oct. 9. The firm, based in New York, was founded in 2009 and works in both residential and commercial real estate. Misha Haghani, founder and CEO of the firm, did not disclose how many bids, if any, have been placed since launching the auction.
Going the auction route with bids starting at $10 million puts the property in “front of everyone and says, ‘Hey, here’s an opportunity to buy something you couldn’t begin to duplicate for anywhere near this price,’” Steiger said.
A chapel, movie theater, and more
The house, at 2801 Riverton Rd., spans over 40,000 square feet across four floors and includes a sauna, chapel, movie theater, and six fireplaces. The home, on 7.7 acres, took over five years to build, and an east wing of the property is currently unfinished.
Tours are scheduled for September, and those that want to participate must show proof of funds, according to the auction listing.
The property could also be sold with furnishings, for an additional price, Steiger said.
“A home like this is extremely unique, and there are no real comps for it,” said Haghani, who noted that it’s unpredictable how many people might be interested in the property and what a potential buyer might pay for it.
“The only thing that matters is what the buyer, who’s got the cash, thinks it’s worth and is willing to pay,” he said.