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The Most Expensive Luxury Home in Biltmore Forest Near Asheville

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The Most Expensive Luxury Home in Biltmore Forest Near Asheville

A historic 1928 renovated mansion selling for $7.5 million is currently the most expensive luxury home on the market in Biltmore Forest, a wealthy town near Asheville. The 4.4-acre estate was one of five original homes built at the time of the inception of Biltmore Forest.

A Piece of Rich History

The house was commissioned by Burnham Standish Colburn, a banker, bridge builder, and real estate developer born in Detroit, Michigan. It was renovated in the 2000s and now covers 13,000 square feet with six bedrooms, six full bathrooms, and two half-baths. It has a resort-style pool, seasonal gardens, water features, greenhouse, stable, and detached garage. The home is taxed at an assessed value of $6.3 million.

Tax Assessment and Property Value

Gaps between county-assessed values and sales prices of mansions have been a heated topic for reformers looking to ensure owners of high-end properties pay a fair share of taxes. Buncombe County Tax Assessor Keith Miller has recently announced changes that could close that gap, including hiring more staff, with one dedicated to luxury homes.

The Stuyvesant Road home last sold for $5.4 million in 2004 and is currently owned by Stuyvesant Investments LLC, a Palm Beach, Florida entity. The home was taxed at a value of $5.9 million in 2017 but fought that assessment and through an appeal had it lowered to $5.8 million in 2018. Its current assessment of $6.3 million was made in 2021.

Luxury Home Market Boom

Luxury home sales have exploded in the region, with sellers asking now for nearly $50 million for a Macon County home, the most expensive listing in the state. Just north of Asheville, owners of Deerhaven Gardens are asking for $25 million. Biltmore Forest’s highest sale was $9.6 million for a mansion at 29 Hemlock Road in 2023.

Current Scenario

The most recent tax bill for the home was $31,611. Biltmore Forest, known for its high-end real estate, continues to attract buyers looking for luxury properties in a serene and upscale neighborhood.

Market Trends

The luxury real estate market in the Asheville area is vibrant, with properties like the renovated mansion at 7 Stuyvesant Road setting new benchmarks for price and exclusivity. The demand for luxury homes in prestigious neighborhoods like Biltmore Forest remains strong, driven by discerning buyers seeking top-tier amenities and unparalleled elegance.

Conclusion

As the $7.5 million mansion at 7 Stuyvesant Road captures the spotlight as the most expensive luxury home for sale in Biltmore Forest, it reflects the allure and sophistication of high-end real estate offerings in the Asheville region. With a blend of history, luxury, and grandeur, this estate represents a unique opportunity for affluent buyers seeking an exceptional living experience in a coveted location.


HERE Asheville
Author: HERE Asheville

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