“Ex-President Clinton’s daughter got married here” just doesn’t have the cachet of “Washington slept here.”
A real estate broker who upped the price of historic Astor Courts in Rhinebeck by $1 million after Chelsea Clinton held her wedding there has now cut the price to $4.5 million less than it was before the big party.
The 50-acre spread on the Hudson, including a Beaux-Arts mansion designed by Stanford White, was listed at $12 million before the July 31 ceremony and $13 million right afterward.
But with no takers, it’s up for auction — with a minimum cut-rate bid of just $7.5 million.
The price says as much about the former president’s declining star power as it does about the declining market, experts said.
“Star power is associated with who is in vogue,” said broker Dennis McCormack, whose client list includes many celebrities.
“It works for some celebrities, but in this economy it comes down to value.”
The home, completed in 1904, was built by John Jacob Astor IV and his wife, Ava.
Shortly after former First Daughter Chelsea Clinton was married at the historic Astor Courts, the home’s asking price of $12 million was quickly notched up to $13 million, hoping, thinking the star status would encourage the rich and famous to pull out their wallets and buy the magnificent home. But it was not to be. According to the NY Post, Astor Courts will now go up for auction, starting at $7.5 million.
