This is big news for real estate junkies–about as big as it gets. According to Hidden City, Philadelphia maverick developer Bart Blatstein–of the Piazza, Provence casino and innumerable other developments–has purchased the long-vacant McIlhenney mansion on Rittenhouse Square, and is going to live there. He’ll be the first tenant since the unconventional art collector and bon vivant Henry Plumen McIlhenney died in 1986.
Last we knew, owner and Tylenol heir Hank McNeill was asking $4.75 million for the 10-bedroom, 8,600 square-foot mansion with two-car garage, way down from a 2006 ask of almost $12 million. Hidden City reports that Blatstein purchased it for $4.2 million, which is a bargain, although the residence needs extreme TLC. But if anyone can get it done, Bart can.
Here’s some listings copy that ran with the ad for a long time:
Unparalleled Opportunity to own the finest home in Philadelphia. This mansion, known as “The McIllhenny” facing Rittenhouse Square is built on 5 property lots with a 5800sf footprint. Assembled in the early 1950′s by its only resident, Henry Plumer McIllhenny, to house his renown art collection and entertain guests. The home was last occupied in 1986 and is in need of complete restoration. 8600sf “L” shaped home with 10 bedrooms including a not to be believed Master Suite, 3 guest suites with en suite baths and 6 staff bedrooms. 30′ courtyard. 2 car garage with possibility to create muti-car parking garage under courtyard. Ready to be restored as the Jewel of the Square. Addresses include 1914-1916 Rittenhouse Square and 1915-1919 Manning Street. Please contact listing agent for more information or to schedule a tour.
More to come…