Weekly Top Ten Real Estate Hot List Tue: 09-11-2012
Reeling in debt to the tune of $17 million dollars that is growing rapidly, the Philadelphia Archdiocese has decided to sell off some of its prized real estate. Even so, the diocese has said that while the legal expenses are "burdensome" they have played little role in the decision to sell off assets. Instead, Archbishop Charles J. Chaput said, “We just can't afford to maintain and hold assets like Villa St. Joseph by the Sea and my residence. Holding onto these properties at this time would be inconsistent with the mission of our church." Though several high-end properties will be sold, the first to hit the auction block is Villa St. Joseph by the Sea.
Built in 1905 in Ventnor City, New Jersey, this 10,000 square foot beach home spans an entire beach block with panoramic views of the beach and Atlantic Ocean from its many terraces and balconies. It runs 175 feet along a boardwalk, is steps to the sand and is only a three block stroll to the Ventnor City Fishing Pier.
In 1963, a local family sold the Villa to the archdiocese for just $1,000 - a heavenly deal to be sure! For almost a half-century, the massive home has been used as a vacation retreat for retired priests.
The huge home has 11 bedrooms, each with attached baths, an elevator and brick-walled gardens with iron gates, terrace and pond on a half acre. Currently assessed at $6.3 million the property will be auctioned on September 15th.