You and I both know that the real estate market right now is HOT!

Actually, it's not's BOILING!

Listen to Nicole Murray middays on 94.3 The Point and download our free 94.3 The Point app.

Because of the COVID-19 Pandemic, people are fleeing major cities and buying properties in the suburbs. But when people move, they bring their wealth with them.

So right now, homes are selling in two weeks or less and are being bought ABOVE asking price. There are even cases of people paying for the full...all in cash!

So this story caught my eye because a sad real estate ending is always surprising...but now, it is nearly unheard of.

I came across a mansion in New Jersey on that was just recently sold for over 80% UNDER asking price. That is a huge loss, I was dumbfounded and had to learn more.

The asking price was listed at $39 million and it just recently sold for $4.6 million.

Big difference, huh? Keep scrolling to find out why this house sold for so much less.

But first, here's what we know about the house.

This home has 8 bedrooms, 9 full bathrooms, 5 bathrooms, a pool, a pond, a game room with a card table and a pool table, a banquet-sized dining room, a grand salon, a gentlemen's room with a flat-screen TV and a bar, a music room, a movie theater and a master bedroom that is connected to a common seating area and a master bathroom that occupies the entire right wing of the home.

This mansion sounds immaculate and it looks just as luxurious.

Take a look at the photos that are posted on Michelle Pias Group's Website and ask yourself:

"Would you accept an offer that far below your asking price if this were your home?"

Well, let's find out....

Exclusive Sneak Peek At The New Jersey Mansion That Sold For 1/6 Of Asking Price

I am not sure how it sold for so little....can you figure it out?

So, why was the actual sale so much lower than the asking price?

For starters, the house has been on sale for OVER A DECADE. You and I both know the longer a home is on the market, the harder it is to sell.

The message being sent to other shoppers is that something is clearly wrong with the house if it has been struggling to be sold for so long.

Here is what Michelle Pais, the listing agent for the home had to say according to

“I can tell you that a home is worth what a person is willing to pay for it, so the asking price is irrelevant. The property was very challenging,” Pais said. "Taxes on the home were about $168,000 a year, and the home needed significant renovations."

So taxes for this home are hefty and it sounds like it needed a lot of work.

 On top of that, there was some drama that went on behind the scenes.

"The home went through multiple owners over the decade, and was owned by a corporation that required board approval before a sale," Pias continued according to "Earlier in the process there were multiple, higher offers, but at that point, the corporation board was not willing to approve the sale at the prices offered."

So to say something went wrong? That is probably the wrong wording to use.

It sounds like it was just...the perfect storm.

A round of applause to Michelle Pias and her staff because the real estate market can be a rough, grimy, dog-eat-dog and drama-filled business.

So to take a home with ownership issues that has been on the market for over 10 years and sell it, that is an accomplishment in and of itself.

Job. Well. Done.

So: if you were this home's owner, would you have sold for that price?

Take a look at the sources for this article at and


LOOK: Here are the 25 best places to live in New Jersey

Stacker compiled a list of the best places to live in New Jersey using data from Niche. Niche ranks places to live based on a variety of factors including cost of living, schools, health care, recreation, and weather. Cities, suburbs, and towns were included. Listings and images are from

On the list, there's a robust mix of offerings from great schools and nightlife to high walkability and public parks. Some areas have enjoyed rapid growth thanks to new businesses moving to the area, while others offer glimpses into area history with well-preserved architecture and museums. Keep reading to see if your hometown made the list.

Tour this Breathtaking Beach Mansion with the Undisputed Best View at the Jersey Shore

Take a Tour of New Jersey's Most Unusual Home in Morris County

More From 94.3 The Point