Derek Jeter Suffers $8.7 Million Loss As His New York Castle Hits the Market At A Shockingly Reduced Price

Even Captain Clutch loses sometimes. Derek Jeter’s been trying to sell off one of his assets for years now. However, despite his best efforts “The Castle” remains unsold. Initially priced at $15 million, its prices plummeted to just over $10 million. However, even that didn’t help the New York Yankees legend. Now the superstar has once again listed his Greenwood Lake property at a drastically low price. 

The property’s been a part of Jeter’s family for over 70 years. Initially, built by the New York City doctor Rudolph Gudewill in 1903, the property was sold to John and Julia Tiedemann in 1952. The Tiedemanns adopted Jeter’s grandfather William Connors and ever since then, the property has been connected to Jeter’s family. Before Derek Jeter’s takeover, the property was in a dilapidated state, however, the Hall-of-Famer has transformed it since.

Jeter changed the existing apartments into a sprawling three-parcel estate. The Castle consists of a main house, a guest house, a pool house, and a boat house. The roughly 4-acre site is popular among the local population for its luxury and design. Now as per northjersey.com, Jeter has listed the property for $6.3 million. That’s a drastic reduction from the original almost $15 million price ($14.75 million) in 2018. 

However, that proved to be a massive overvaluation of the property. As a result, Jeter was forced to lower the price to $12.75 million. However, as is visible now – even that wasn’t enough. With the superstar now lowering the price by almost $10 million – one wonders if this leads to a sale being finally made. 

However, when one closely looks at the numbers the issues become obvious. While the price could’ve reduced some of the buyer’s interest, the property is also attracting massive taxes.

Derek Jeter’s property’s auction to begin soon

While the price has been listed now, the auction still has a few months to begin. According to newjersey.com, the auction for “the castle” will be held in December. So it seems that Jeter has a long time to build a nice crowd of potential bidders for his home. According to the local population, Jeter rarely visited the property. However, his parents were usually seen enjoying a stay in that place. 

Certainly, a property this beautiful could prove to be a massive hit. But with the economy and prices not aligning, even Jeter had to drastically lower its prices. It’s been 6-years of struggle for Captain Clutch but maybe this time could be different. But with a $75,000 annual property tax being levied on it – this is certainly an expensive home to have.