“American Chopper” star Paul Teutul has hit the skids when it comes to finance. About a year ago, the man behind Orange County Choppers filed for bankruptcy and was reported to be millions of dollars in debt.
And his real estate dealings haven’t fared much better. The reality TV star listed his rustic, 38-acre retreat in Montgomery, NY, for $2.89 million in October 2017, at a time when his troubled finances weren’t public knowledge. Three months later, the price was sliced to $2.49 million. Now, just over a year later, the massive spread is priced at $1.65 million—a substantial 42% discount from its original price. Yet no buyer has seen fit to rev up and make an offer.
Why hasn’t Paul Teutul’s home sold?
The property has a wealth of pluses: a cozy main house, pool with waterslide, volleyball courts, pond, and a massive garage for working as well as a show garage. With top-of-the-line amenities and beautiful vistas, Teutul’s estate offers a unique opportunity.
Also, the property is a two-hour drive from midtown Manhattan, which should appeal to a buyer looking for a weekend retreat from the city.
Price plays a role
For starters, the million-dollar price range puts the property at odds with homes in the surrounding area.
“The median home price within a 3-mile radius is $335,000,” says listing agent Seta Tunell. “Only 16 homes in this area sold for over a million last year, and nearly all of them were on and off the market for a few years.”
Potential taxes also play a role. “Taxes on this property come in at $50,000 a year,” Tunell adds. For a buyer looking at the property as a vacation or second home, the additional yearly payout is a hard pill to swallow.
It’s not exactly family-friendly
The 3,500-square-foot main cabin is well-appointed and cozy with three bedrooms and two baths. It has a wraparound porch and a chef’s kitchen as well as an open floor plan.
However, the bedrooms are on different levels of the home, which doesn’t suit buyers with kids.
“Most parents want to be on the same level as their children, so this home doesn’t quite fit what they’re looking for,” says Tunell.
A traditional-style log cabin isn’t common for the area, adds Tunell. In addition, Montgomery is a small town, but it isn’t a place with large swaths of acreage with barns, and animals are a regular sight. Most area buyers aren’t looking for a ton of acreage to tend to—especially if they want an easy, breezy weekend getaway.
Finding a match isn’t easy
Tunell also takes extra caution when showing the home. “We do a fair amount of screening to make sure the people that see the home are actually interested in potentially buying it. We don’t want them just walking through the home because of who it belongs to.”
Another factor potentially complicating the sale is Teutul’s bankruptcy proceedings. Rescuing the home from a potential foreclosure means a buyer might have to sort through additional paperwork with the home’s creditors, which also means the sale might take longer to close. Why deal with a potential inconvenience when other properties in the area are cheaper and easier to purchase?
Even so, the home has had its fair share of interest and showings, says Tunell, adding that they’ve had a few offers, but “they just came in too low.”
Homes priced over $1 million in Orange County tend to sit on the market longer, so Teutul’s home isn’t exactly an outlier. Still, the agent remains hopeful the right buyer will come along.
“This is going to be a home for someone that lives in the city and wants somewhere easy to get to for the weekend,” she says. A buyer who loves animals, wants a lot of land, and likes to entertain would be an ideal fit.
“It would really work for someone that likes to ski as well,” she adds.
Sooner or later, the right buyer will motor on in and take a chance on this unique opportunity.