Arbor Hill, a sweeping estate in Fort Washington owned by Dennis Alter, the former chief executive of now-defunct Advanta, has been put up for private auction after spending eight years on the market, writes Katie Park for The Philadelphia Inquirer.
Alter is auctioning off 50 of the estate’s nearly 70 acres. When the entire property first hit the market in 2012, the list price was $30 million. But after there was no interest shown in the estate for several years, he decided to re-list the estate, less 20 acres, for $12 million.
Finally, after the property had once again languished on the market with no buyers for two and a half years, Alter decided to put it up for auction.
The estate, including the house, was listed on Concierge Auctions on Tuesday, Oct. 20.
There is no minimum bid for the estate, but bidders are required to deposit $100,000 that will be returned to them if they do not win the auction. The property will go to the highest bidder, regardless of the final price. The auction ends on Thursday, Oct. 22.
Read more about Arbor Hill in The Philadelphia Inquirer by clicking here.
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