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 rental market has reached a new milestone, with national median advertised rents climbing to a record $670 per week in the June quarter as prices continued to rise across every capital city.

New data from realestate.com.au shows national rents increased 3.1 per cent over the quarter and 6.4 per cent over the past year, while capital city rents rose 2.2 per cent over the quarter to a median of $690 per week, up $10 from the March quarter.

REA Group economist Luc Redman said rental price growth had continued despite a small increase in vacancy rates.

“National median rents reached a new high in the June quarter, with widespread price growth across the capitals,” he said.

“The rent increases occurred despite a small increase in the rental vacancy rate over the same period.”

Melbourne and Perth recorded the strongest quarterly growth among the capitals, with rents increasing 3.5 per cent in each city. On an annual basis, Perth led the nation with rental growth of 10.3 per cent, followed by Hobart at 9.1 per cent and Darwin at 7.7 per cent.

Sydney remained Australia’s most expensive city for renters, with a median advertised rent of $800 per week, while Melbourne and Hobart were the most affordable capital cities at $600 per week.

Regional markets were more subdued, with rents holding steady over the quarter but remaining 5.3 per cent higher than a year ago, suggesting the rapid pace of growth outside the capitals has eased.

Mr Redman said the full impact of the Federal Budget’s changes to investor tax settings was yet to be seen.

“The May Federal Budget, which announced sweeping changes to investor tax settings, occurred in the middle of the quarter, so the full impact on the rental market is yet to be seen,” he said.

“While the vacancy rate has edged higher, the expected decrease in investor demand due to the budget’s tax changes could slow the pace of new supply, putting further pressure on rents.”

The report also found house rents continued to outpace units, rising 2.9 per cent across capital cities over the quarter compared with 1.5 per cent for units. Melbourne was the only capital where renting a unit was more expensive than renting a house, reflecting demand for well-located apartments.

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 median advertised rent has climbed to a record high, with every capital city recording quarterly price growth despite a slight lift in vacancy rates.