Despite Turning a $400,000 Property Into a $15 Million Gem, Derek Jeter May Make a Lot Less From Its Sale Thanks to a New Development

Derek Jeter almost lived like an aristocratic figure in New York, while playing for the New York Yankees. So accordingly, he lived in a New York castle. Back in 2003, he bought a $425,000 worth 4.01-acre property at Greenwood Lake in New York. And the former Yankee converted the property into a $14.75 million worth fortress.?

Bidding farewell to baseball as a player in 2014, Jeter became a joint-owner and CEO of the Miami Marlins in 2017. So, having relocated to Florida, he didn’t need the property anymore. He then decided to list his mansion for a sale with Wright Bros. Real Estate Inc. in 2018. The castle got listed for a humongous amount of $14.75 million.?

Notably. Jeter’s palace on the lakeside officially got listed as the ‘Gem on the Lake’.?

A description of Derek Jeter’s castle and reasons behind the lower price?

Derek Jeter’s New York castle is located roughly 45 miles northwest of Yankee Stadium. The Orange County property, initially listed for sale in June 2018, has yet remained unsold. So the property will now have a minimum bid of only $6.5 million.?

Known as the Tiedemann Castle, the property has remained on and off the market. The auction slated for December 15, 2022, will now get handled by Paramount Realty USA. Originally built around 1903, the main house measures about 90,000 square feet. Jeter made multi-million dollar worth renovations to the palace after acquiring it through one of his limited liability companies.?

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Jeter has family connections to the property and spent a part of his boyhood playing around the castle. His grandfather, William ‘Sonny’ Conners, was an adopted son of the former owners of the castle, the Tiedemann family. The property contains nearly 700 feet of shoreline, an infinity pool, a game room, a turret, five kitchens, and a Statue of Liberty replica. Despite the aristocratic design of the house completed with a medieval-looking tower and rooftop battlements, the house went unsold. The coronavirus pandemic in 2020, then made things far worse.?

The views of the realtor regarding the auctioned property of Derek Jeter

The auction will thus get conducted in partnership with Diane Mitchell, the listing agent. Mitchell works with the Wright Bros Real Estate Inc. Releasing a statement about the property, Mitchell said, “this is truly a special property in so many ways, which is why we feel that it is so appropriate to sell by private auction. Let the buyer name their price.”?

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Would you ever like to own a castle as such, someday??