Stone Chateau in Northern N.J. Sells for US$17.7 Million, the State’s Biggest Home Sale in Three Years

A Versailles-style chateau in Alpine, New Jersey, has just been sold for US$17.7 million, the state’s highest home sale in the past three years.

The sale of the custom megamansion, which closed Tuesday, is also the highest-priced in the affluent town and in the Rio Vista neighbourhood since January 2022.

David and Mindy Kwon bought the vacant Bergen County land in 2011 for $3.95 million, according to records on Property Shark. They declined to comment on the sale.

The Kwons spent four years building their dream house, which they christened Chateau de la Roche for the boulder that had to be blasted out of the ground before the project could commence.

The interiors are by Denise Albanese, who, in her dual role as realtor associate at the Christie’s Mahwah-Saddle River Sales Gallery, also represented the Kwons in the sale.

“Among the luxury homes in Rio Vista, Chateau de la Roche is the cream of the crop,” she said. “It’s one of the most elegant—there’s a general feeling of grandeur and luxury.”

The seven-bedroom, 10.5-bath house, which was completed in 2017, is palatial enough to suit royalty.

The 25,700-square-foot house, which is about a half hour from Manhattan, has a 15-seat theatre, an elevator, a gas fireplace, a billiards room, two bars, a wine cellar, two indoor plunge pools, a sauna, a steam room, a conservatory and a central-vacuuming system.

Other features include a grand central staircase illuminated by a massive crystal chandelier, a great room warmed by a mammoth fireplace, a conservatory, a mezzanine and an ornately wood-panelled library with a fireplace. The garage can accommodate four vehicles.

On the left, palatial windows define the conservatory. While in the wood-panelled library, on the right, a fireplace adds atmosphere and warmth. David Heald Photography

Outside, there’s a resort-style swimming pool and a spa.

It’s the details, Albanese said, that set the chateau apart.

“It has soaring ceilings, custom fireplaces and bridal staircases,” she said. “In one of the powder rooms, there is glass-beaded wallpaper.”

Mansion Global could not immediately confirm the identity of the buyer, who was represented by Richard Orlando and Jason Pierce of Prominent Properties Sotheby’s International Realty and Taylor Lucyk of Christie’s International Real Estate Group

Albanese said that the Kwons, who own several other homes, are downsizing.

The transaction, she said, was a “full-circle moment for me as an interior designer and real estate agent. It’s a little sad to see the chateau go, but I’m already working with the sellers on their next interior design and real estate venture.”

Kwon is the corporate vice president and chief legal officer of ADP (Automatic Data Processing), a Roseland, New Jersey., company that provides human resources management software services. And he’s a trustee on the board of SEEDS, a New Jersey-based nonprofit that helps high-achieving students from low-income families.

Chateau de la Roche was originally put up for sale in 2021 for $25 million. Since 2023, the asking price has been $22.49 million.

Australia’s housing crisis will not be solved by first-home buyer incentives or tax changes alone, with leading property figures warning governments must tackle supply constraints if affordability is to improve.

Speaking at the Kanebridge Quarterly Property Leadership Summit in Sydney last week, expert project marketing specialist Sam Elbanna, property investor and fund manager Paul Miron and property consultant Karla McNeice said that a lack of housing supply remained the central issue facing the market.

Elbanna, Director of CPM Realty with more than 30 years’ experience in project sales, argued that successive governments had focused too heavily on stimulating demand rather than addressing the barriers preventing new housing from being delivered.

“The misconception is that politicians think the way to solve the housing crisis is to drive demand,” he said.

“The reality is that’s not the way. This is a supply-side problem, and it needs to be solved on the supply side.”

Drawing on his experience in project sales, Elbanna said policies designed to help first-home buyers often had unintended consequences, pointing to previous grants that ultimately flowed through to higher property prices.

Instead, he said developers were facing increasing red tape, approval delays and rising costs, which were discouraging new housing supply.

“In the absence of stock, demand exceeds supply,” he said.

Miron, a Co-Founder and Fund Manager of Msquared Capital, said the housing debate had become overly focused on tax policy while overlooking broader structural issues.

He argued that affordability challenges stemmed from a combination of factors, including planning constraints, supply shortages, migration levels and interest rates.

“No-one can be 100 per cent certain on the real reason for property prices is going up,” he said.

“The reason why property prices are higher is a combination of interest rates, lack of supply, migration, vacancy rates and maybe taxes play a role.”

Miron was critical of recent federal housing policy changes, warning they could reduce the number of new homes being built and further constrain supply that was even highlighted in the budget.

He also highlighted the importance of the property sector to the broader economy, noting that residential real estate and related industries employed more than one million Australians.

McNeice, who advises developers on sales strategy and market intelligence, said understanding buyers had become increasingly important as affordability pressures intensified.

While affordability remained a major consideration, she said today’s buyers were focused on value rather than simply price.

“People are looking for value for money,” she said.

She said buyers were increasingly evaluating factors such as transport connections, walkability, nearby amenities and flexible living spaces that could accommodate changing family needs.

“What infrastructure is going on? Can I walk to the shops? Can I meet people at the local cafe?” she said.

The panel also discussed the mounting pressures facing developers, with Elbanna arguing that many projects become financially unviable from the moment a site is purchased.

“The viability of a development happens at the moment the site is bought,” he said.

He said rising construction costs, higher interest rates and overly optimistic feasibility assumptions had left some developers exposed as market conditions changed.

While acknowledging the growing number of smaller and first-time developers entering the market, Elbanna said property development required expertise across finance, construction, marketing and legal disciplines.

“It is actually a business that requires a level of expertise,” he said.

Looking ahead, the panel agreed opportunities remained in the market despite current challenges.

Miron said property should continue to be viewed as a long-term investment and cautioned against trying to time short-term market movements.

McNeice said success would increasingly depend on identifying projects that genuinely met changing buyer expectations.

Elbanna said affordable housing remained achievable, but developers needed to deliver more than just homes.

“We can provide affordable housing in this country,” he said.

“But we’ve got to wrap that affordable housing with the things that people want.”

As Australia’s housing affordability debate intensifies, the panellists agreed on one point: without a meaningful increase in housing supply, demand-side measures alone are unlikely to solve the nation’s property challenges.

Stone Chateau in Northern N.J. Sells for US$17.7 Million, the State’s Biggest Home Sale in Three Years

The custom megamansion is located in the affluent town of Alpine, not far from New York City.

Australia’s housing affordability crisis is being fuelled by chronic undersupply, planning delays and rising development costs, as politicians continue to focus on the wrong solutions.