SARATOGA SPRINGS – The North Broadway mansion of Michele and Ron Riggi was put up for sale this week, just two weeks after Ron Riggi’s death from cancer.
The palatial 20,000-square-foot home, known as Palazzo Riggi, was listed Thursday at $17.9 million.
The Riggis became best known as generous and active philanthropists in the greater Saratoga Springs community, involved with or financially supporting numerous organizations such as Saratoga Performing Arts Center, Saratoga Regional YMCA, National Museum of Dance, Saratoga Hospital, Double H Ranch, National Museum of Racing and Saratoga Automobile Museum. Ron Riggi, who made his money in the power turbine business, died in mid-August at age 80.
When it was completed in 2003, the Riggi mansion dwarfed some of the other mansions on North Broadway and quickly became the most noteworthy and talked-about home in a city already known for grand homes. Even today, the home attracts curious passersby who slow down and sometimes stop their cars to take in the sight. For years, the Riggis put on Halloween and Easter functions for the community outside the front of their home. The events attracted thousands of people each year.
The Riggi mansion was assessed at $4.8 million this year and has a full-market value of $8.8 million, according to public records. The annual property tax bill was roughly $140,000 this year, records indicate.
“It has to be seen to be believed,” said real estate agent Justin McGiver of Berkshire Hathaway Home Services Adirondack Premier Properties. “It’s absolutely one of a kind. When you step foot in there and tour the house, my first impression was that it was underpriced. It’s just an amazing house, it’s breathtaking.”
The property is formally co-listed by Julie A. Bonacio, broker and owner of Julie & Co. Realty, LLC and Margie Philo, broker and owner of Berkshire Hathaway Adirondack Premier Properties.
The home was built in 2003 and took two years to design and three years to build. It has six bedrooms, seven full bathrooms and six half-bathrooms. The estate also features a number of features, such as, an elevator, indoor and outdoor radiant heating, a home theater, a personal fitness room, a bowling alley, a pool, a spa and a pool house to name a few.
“The attention to detail and design, was really all done by Michele herself,” McGiver said. “I think she spent over two years designing it before she built it. There is no stone unturned. It’s just absolutely some of the most impressive attention to detail I’ve ever seen.”
The Riggis listed another property they owned on the market in July. Casa Del Paradiso in Lake Placid is still for sale for $31 million, McGiver said.
“Extraordinary exceptional properties such as this can take a little bit longer to sell,” McGiver said. “But I do expect the Saratoga property may go very quickly, because of its location, and its proximity to Saratoga and the Capital Region and its absolute extravagance.”
The typical home in Saratoga Springs is valued at $494,700, according to Zillow. The average home price in Saratoga Springs has increased by about 12.9% in the past year.
Saratoga County has some of the more expensive homes in the state. The residential median sale price in Saratoga County in 2021 was $331,000, according to the New York State Department of Taxation and Finances. Eight counties in the state had higher median sale prices than Saratoga.