By Ben Fractenberg
UPPER EAST SIDE — An Upper East Side mansion once valued at $64 million has become the most expensive New York residence to go to into foreclosure, according to reports.
Sloane Mansion at 18 East 68th Street is reportedly in default after being purchased in 2008 for $64 million by an LLC called “18E68 Owner.” The corporation has gone into default with $28 million in loans and plans to auction off the 18,267 square-foot, six-story home on June 22nd, according to The New York Times.
The Beaux-Arts-style property, which includes 17-foot ceilings, granite fireplaces and an elephantine marble staircase, has reportedly plummeted to slightly more than half of its original value, with an asking price of $37.9 million. It was built in 1905 by carpet magnate Henry Sloane, and served as the home where he and his daughters lived after he was jilted by his wife, according to reports.
The manse is being auctioned in Room 130 of the courthouse on 60 Centre Street. The 36-foot wide building is built to fit as many as 14 units, but is being sold as a single residence, according to the Times. It appears to have fallen into some disrepair during the years it languished on the market, with the listing warning that it needs a "gut renovation."