The owner of Gross Electric purchased at a private auction Friday night a Saratoga Springs mansion owned by Michele Riggi, according to news reports.
Joe Gross purchased the 25,000 square-foot mansion that featured six bedrooms, seven bathrooms and six half baths and was originally listed at $17.9 million before being reduced to $12 million, according to the Albany Business Review. Gross owns one of the region’s largest electrical contracting firms. It also reported Gross said the final purchase price will be around $7.1 million.
A broker at Berkshire Hathaway Adirondack Premier Properties said the mansion went for a price “Saratoga Springs has never seen before,” and the agency and new owner celebrated with champagne following the auction.
The home is located at 637 North Broadway features numerous custom pieces, including two Clive Christian kitchens, a home theater designed by Theo Kalomirakis and hand-painted murals. It was built in 2003.
Potential bidders were required to pledge $100,000 to be able to participate in the auction. The sale will close within 30 days and is a cash-only transaction. The mansion was originally listed at $17.9 million before being reduced to $12 million.
Michele Riggi, the widow of Ronald Riggi, had moved out of the mansion and is currently staying at the family’s Lake Placid home, which is also on the market. Both homes were named in a lawsuit against Riggi by Turbine Services LTD, a company owned by the deceased and Ronald Riggi. The two founded the company in 1972.