The property’s carriage house with three-bay garage. Credit: CVRMLS.
A mansion for sale in Richmond’s West End just got more affordable – by about $1 million.
The home of Bill and Pam Royall at 5103 Cary Street Road dropped in price at the start of this month from $3.95 million to $2.89 million.
The reduction reflected the removal of two adjacent buildable lots that were part of the original listing. Those lots, totaling about 1.3 acres, are available to a buyer but are no longer required for a sale of the home, said listing agent Bill Gallasch of Joyner Fine Properties.
“The lots are each a building site; however, the seller is giving the purchaser of 5103 Cary Street Road the option to buy one or both lots before others,” Gallasch said.
After a year on the market, the house’s listing price dropped $1 million.
Gallasch listed the nearly century-old Tudor Revival home a year ago with his wife, fellow Joyner agent Ceci Amrhein-Gallasch. He described the removal of the lots as a restructuring for the listing, which now consists of the nearly 6,000-square-foot home and 1.2-acre lot.
A similar scenario resulted in the sale of a home in western Henrico County late last year. That home, at 911 S. Gaskins Road, sold for $1.16 million after an adjacent buildable lot was likewise removed.
Called Hillcrest, the Royalls’ home fronts Cary Street Road at its intersection with Hillcrest Avenue, just east of the Country Club of Virginia. Built in 1928 and restored in 2006, the 10-room home includes four bedrooms, three full bathrooms and two half-baths, a center hall, a formal dining room, two offices or studies, and a master bedroom with marble fireplace. The property also includes an in-ground pool with bluestone terrace and a carriage house with three-bay garage.
When it was listed last August, the house was the most expensive listing in the city and surrounding tri-county area. Since that time, other high-value homes have hit the market, including one up the street at 5115 Cary Street Road that was listed last month for $5.97 million.
Bill Royall is founder and chairman of Royall & Co., a direct marketing services company for colleges and universities that was acquired in 2014 in an $850 million deal. He and Pam, who works as Royall’s head of research, are big supporters of the Richmond arts scene and Virginia Commonwealth University, providing a $5 million gift for VCU’s Institute of Contemporary Art.
Bill Royall is also president of the Virginia Museum of Fine Arts and has served on the board of visitors of VCU, his alma mater.
The Royalls purchased the house in 2006 for $1.6 million. The city’s latest assessment valued the property at $2.68 million.
Nearby, a 5,700-square-foot home at 210 Virginia Ave. also recently dropped in price, from $2.65 million to $2.47 million. It was originally listed in May for $2.75 million.
The property’s carriage house with three-bay garage. Credit: CVRMLS.
A mansion for sale in Richmond’s West End just got more affordable – by about $1 million.
The home of Bill and Pam Royall at 5103 Cary Street Road dropped in price at the start of this month from $3.95 million to $2.89 million.
The reduction reflected the removal of two adjacent buildable lots that were part of the original listing. Those lots, totaling about 1.3 acres, are available to a buyer but are no longer required for a sale of the home, said listing agent Bill Gallasch of Joyner Fine Properties.
“The lots are each a building site; however, the seller is giving the purchaser of 5103 Cary Street Road the option to buy one or both lots before others,” Gallasch said.
After a year on the market, the house’s listing price dropped $1 million.
Gallasch listed the nearly century-old Tudor Revival home a year ago with his wife, fellow Joyner agent Ceci Amrhein-Gallasch. He described the removal of the lots as a restructuring for the listing, which now consists of the nearly 6,000-square-foot home and 1.2-acre lot.
A similar scenario resulted in the sale of a home in western Henrico County late last year. That home, at 911 S. Gaskins Road, sold for $1.16 million after an adjacent buildable lot was likewise removed.
Called Hillcrest, the Royalls’ home fronts Cary Street Road at its intersection with Hillcrest Avenue, just east of the Country Club of Virginia. Built in 1928 and restored in 2006, the 10-room home includes four bedrooms, three full bathrooms and two half-baths, a center hall, a formal dining room, two offices or studies, and a master bedroom with marble fireplace. The property also includes an in-ground pool with bluestone terrace and a carriage house with three-bay garage.
When it was listed last August, the house was the most expensive listing in the city and surrounding tri-county area. Since that time, other high-value homes have hit the market, including one up the street at 5115 Cary Street Road that was listed last month for $5.97 million.
Bill Royall is founder and chairman of Royall & Co., a direct marketing services company for colleges and universities that was acquired in 2014 in an $850 million deal. He and Pam, who works as Royall’s head of research, are big supporters of the Richmond arts scene and Virginia Commonwealth University, providing a $5 million gift for VCU’s Institute of Contemporary Art.
Bill Royall is also president of the Virginia Museum of Fine Arts and has served on the board of visitors of VCU, his alma mater.
The Royalls purchased the house in 2006 for $1.6 million. The city’s latest assessment valued the property at $2.68 million.
Nearby, a 5,700-square-foot home at 210 Virginia Ave. also recently dropped in price, from $2.65 million to $2.47 million. It was originally listed in May for $2.75 million.