12,000-square-foot mansion on Cary Street Road listed at $9.5M

5407 Cary Street Road 1

The house at 5407 Cary Street Road hit the market last week at $9.5 million. (Photos courtesy CVRMLS)

The priciest residential listing seen in Richmond so far this year hit the market last week with a price tag pushing nearly eight figures.

The Duncan Lee-designed house at 5407 Cary Street Road, near the Country Club of Virginia and familiar to passers-by for its green copper shingle roof, was listed for sale June 12 at $9.5 million.

Totaling 12,500 square feet on a 2-acre lot, the seven-bedroom, 8½-bathroom house was added onto and underwent an extensive renovation in the late 2010s, after owners Drew and Julee Spitzer bought the property in 2014 for $1.6 million.

5407 Cary Street Road 3

The 12,500-square-foot house is on a 2-acre lot.

Drew Spitzer is a managing director at downtown investment bank Harris Williams, where he co-leads the firm’s Energy, Power & Infrastructure Group, according to a bio on the company’s website.

The Spitzers are listing the house with Susie Benson of The Steele Group | Sotheby’s International Realty. Benson would not discuss why the Spitzers are selling or whether they’re remaining local or moving out of town.

Susie Benson

Susie Benson

Benson said she couldn’t discuss what interest she’s received since listing the property Wednesday. She said the list price was determined based on the size and location of the house and the lot, as well as on the Spitzers’ investment in the property.

“That’s 2 acres of property on Cary Street Road in the city of Richmond, and if you had to build that house from scratch to replicate it, it would be far more than $10 million,” Benson said.

The price tag is the highest for a residential listing in metro Richmond since last year’s same-priced listing for the Sharp family estate in Goochland’s Rivergate community. The 18-acre lakeside estate with a 21,000-square-foot mansion that was once the home of Rick Sharp, the late Circuit City CEO and CarMax founder, was likewise listed at $9.5 million and sold seven months later for $8.75 million.

Prior to that, the most expensive sale in the area was the 260-acre Glen Roy estate, which sold in western Henrico in 2020 for $10 million.

Built in 1916 and designed by noted architect Duncan Lee as a weekend retreat, the three-story Cary Street Road house was added onto in 1928 and renovated and further expanded in 2016, according to Benson’s listing. Mark Franko Custom Building completed the latter addition and renovation, which was designed by architecture firm 3North.

5407 Cary Street Road 4

The L-shaped addition off the eastern end of the house frames a rear terrace that also was added.

According to the firm’s “3North Houses” book, the house features “signature elements from the Colonial Revival and American Arts and Crafts movements, and had long been admired by the clients, who were delighted when it became available for purchase.”

According to the book, the addition off the eastern end of the house was sited in an L-shape “to conceal much of the new structure in the back” and frames a rear terrace that also was added. The kitchen, living and dining rooms, and garden room were renovated, and a children’s bunk room and bathroom were added above the garage.

5407 Cary Street Road 5

The garden room with original fountain and bar.

The garden room includes an original bar and fountain, and a library and formal rooms fill out the first floor. Six en suite bedrooms with walk-in closets fill the second level, along with the bunk room and a laundry room with marble-topped island. The lower level includes a game room, exercise room, bar and another bedroom with bathroom.

The master en suite includes a sitting room and dressing room, and the house has a geothermal system, conditioned attic, two hot water heaters, heated bathroom floors and an elevator.

An original veranda with 16-inch columns overlooks the property, which includes a fountain, gardens and a Hillbrook Collections garden house. The property was featured in a 2010 Modern Richmond tour and the 2019 Historic Garden Week in Virginia tour.

The city has assessed the property at $3.9 million.

The house is a block east of the 10,000-square-foot Windemere mansion, which also underwent a significant renovation after selling in 2020 for $2.6 million.

Farther east, in Windsor Farms, construction continues on a 9,500-square-foot new build at 1 Calycanthus Road, a block off Cary Street Road. The property owner there is Ned Valentine, chairman of Harris Williams.

5407 Cary Street Road 1

The house at 5407 Cary Street Road hit the market last week at $9.5 million. (Photos courtesy CVRMLS)

The priciest residential listing seen in Richmond so far this year hit the market last week with a price tag pushing nearly eight figures.

The Duncan Lee-designed house at 5407 Cary Street Road, near the Country Club of Virginia and familiar to passers-by for its green copper shingle roof, was listed for sale June 12 at $9.5 million.

Totaling 12,500 square feet on a 2-acre lot, the seven-bedroom, 8½-bathroom house was added onto and underwent an extensive renovation in the late 2010s, after owners Drew and Julee Spitzer bought the property in 2014 for $1.6 million.

5407 Cary Street Road 3

The 12,500-square-foot house is on a 2-acre lot.

Drew Spitzer is a managing director at downtown investment bank Harris Williams, where he co-leads the firm’s Energy, Power & Infrastructure Group, according to a bio on the company’s website.

The Spitzers are listing the house with Susie Benson of The Steele Group | Sotheby’s International Realty. Benson would not discuss why the Spitzers are selling or whether they’re remaining local or moving out of town.

Susie Benson

Susie Benson

Benson said she couldn’t discuss what interest she’s received since listing the property Wednesday. She said the list price was determined based on the size and location of the house and the lot, as well as on the Spitzers’ investment in the property.

“That’s 2 acres of property on Cary Street Road in the city of Richmond, and if you had to build that house from scratch to replicate it, it would be far more than $10 million,” Benson said.

The price tag is the highest for a residential listing in metro Richmond since last year’s same-priced listing for the Sharp family estate in Goochland’s Rivergate community. The 18-acre lakeside estate with a 21,000-square-foot mansion that was once the home of Rick Sharp, the late Circuit City CEO and CarMax founder, was likewise listed at $9.5 million and sold seven months later for $8.75 million.

Prior to that, the most expensive sale in the area was the 260-acre Glen Roy estate, which sold in western Henrico in 2020 for $10 million.

Built in 1916 and designed by noted architect Duncan Lee as a weekend retreat, the three-story Cary Street Road house was added onto in 1928 and renovated and further expanded in 2016, according to Benson’s listing. Mark Franko Custom Building completed the latter addition and renovation, which was designed by architecture firm 3North.

5407 Cary Street Road 4

The L-shaped addition off the eastern end of the house frames a rear terrace that also was added.

According to the firm’s “3North Houses” book, the house features “signature elements from the Colonial Revival and American Arts and Crafts movements, and had long been admired by the clients, who were delighted when it became available for purchase.”

According to the book, the addition off the eastern end of the house was sited in an L-shape “to conceal much of the new structure in the back” and frames a rear terrace that also was added. The kitchen, living and dining rooms, and garden room were renovated, and a children’s bunk room and bathroom were added above the garage.

5407 Cary Street Road 5

The garden room with original fountain and bar.

The garden room includes an original bar and fountain, and a library and formal rooms fill out the first floor. Six en suite bedrooms with walk-in closets fill the second level, along with the bunk room and a laundry room with marble-topped island. The lower level includes a game room, exercise room, bar and another bedroom with bathroom.

The master en suite includes a sitting room and dressing room, and the house has a geothermal system, conditioned attic, two hot water heaters, heated bathroom floors and an elevator.

An original veranda with 16-inch columns overlooks the property, which includes a fountain, gardens and a Hillbrook Collections garden house. The property was featured in a 2010 Modern Richmond tour and the 2019 Historic Garden Week in Virginia tour.

The city has assessed the property at $3.9 million.

The house is a block east of the 10,000-square-foot Windemere mansion, which also underwent a significant renovation after selling in 2020 for $2.6 million.

Farther east, in Windsor Farms, construction continues on a 9,500-square-foot new build at 1 Calycanthus Road, a block off Cary Street Road. The property owner there is Ned Valentine, chairman of Harris Williams.

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

POSTED IN Residential Real Estate

Editor's Picks

Subscribe
Notify of
guest

9 Comments
oldest
newest most voted
Inline Feedbacks
View all comments
Justin Reynolds
Justin Reynolds
1 month ago

How is this house assessed at only $3.9 million? The assessors office routinely undervalues high end residential and commercial real estate.

SA Chaplin
SA Chaplin
1 month ago

Yeah. I guess that in forking over $45,000 to the City each year the owners are not paying their “fair share.”

Sheri George
Sheri George
1 month ago
Reply to  SA Chaplin

If the taxes are 45000.00 per year, then that’s what they are. This couple gets no kudos for paying what they owe on a 9.5M property. If you’re such a big deal you can afford that size house, be prepared for the taxes

Ludwig Carlson
Ludwig Carlson
1 month ago

People don’t set their list price based on their assessment. $3.9m is the City’s best guess based on available data. Who’s to say the home is actually worth or will sell at $9.5m?

George R Scott
George R Scott
1 month ago

I am always surprised to see how “5407” has evolved since my family, Alfred Scott specifically, owned it. I was delighted to grow up in such a warm and happy home along with my siblings and Mother, Mary and Father, Buford Scott. We were so blessed to have grown up there.

Martha Mathews
Martha Mathews
1 month ago
Reply to  George R Scott

I grew up going to First Presbyterian Church on Cary, traveling from Bon Air. (I still do). As a child of 6, I thought your home the most beautiful I’d ever seen, and planned to live there one day! Reality set in a few years later, but that has always been “my house”. I still drive by it many days a week, and I love it still. So happy to hear of your lovely childhood there!
If I win the lottery….. 🤞🏼🤞🏼

Taylor Ward
Taylor Ward
1 month ago

I think they’ll get 4.5 mil

William Lipps
William Lipps
1 month ago
Reply to  Taylor Ward

Thats exactly what I came up with too.

Tim Pfohl
Tim Pfohl
1 month ago

I never spend more than $7.5M when I can see the garage doors at the front of the property 😉