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Harlem Circus House Sells for Over 75% Off Original Price

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The Greatest Show in Harlem has finished with a bang. Built in 1886 for circus promoter James A. Bailey (of Barnum & Bailey fame), the limestone castle "with turrets, porches, balconies and no fewer than 66 windows" at 10 St. Nicholas Place in upper Harlem hit the market for $6.5 million earlier this year. But not even the world's best tamer could whip a lion into shelling that out in this volatile market, and so the price on the neglected nine-bedroom mansion was soon reduced to $3.5 million. All eyes were on the Bailey Mansion when it went into contract at the end of July, and now the tears of a clown have been exposed for all to see.

Records posted to PropertyShark reveal that the deed transfer was recorded on August 19, and the sale price at 10 St. Nicholas Place was just $1.4 million, or $170 per square foot. Of course, that cold calculation doesn't even include the Belcher mosaic glass, 12' high mercury mirror, French polished oak floors and all the other dramatic original details in need of a thorough dusting. Steal of the year? The buyers are listed as Martin and Jie Spollen, and the speed of the deal makes us think this was an all-cash arrangement. For one last time before it again goes into hiding for who knows how long, have a look inside this uptown curio.
· Listing: 10 St. Nicholas Place [Stribling]
· 10 St. Nicholas Place [PropShark]