Sunday, April 8, 2018
W. Graham Arader, an art dealer specializing in books, prints, and antique maps, enjoys an idiosyncratic interest in antique houses. “I own the seventh-oldest house in San Francisco,” he says, “I own the only pristine beaux-arts mansion on Madison Avenue, and I own George Washington’s home in Virginia.” Arader also owns a 19th century Victorian home in Nyack, N.J., which he purchased for approximately $6 million in 2005. The home, colloquially referred to as the “Pretty Penny,” was owned by Helen Hayes, the “First Lady of American Theatre,” and later, Rosie O’Donnell. The house has seen guests like Marilyn Monroe, Ronald Reagan, and F. Scott Fitzgerald. Arader invested over $2 million into landscaping alone but has placed the property on the market for only $4.75 million. Discussing this substantial loss, he says, “It’s worth much more, but I’ve done extremely well. I’ve had my fun, and yes, cash is cash, and I’m taking a terrible whipping on it. But if someone buys this because they can say they beat Graham Arader? Then great. I’ll take my whipping.”
See James Tarmy, This Estate Has $2 Million Worth of Trees, Bloomberg Pursuits, March 26, 2018.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.