They say desperation is the world’s worst perfume.
That adage is probably applicable to the listing history of the obnoxiously mammoth mansion at 490 West Paces Ferry Road: Its pricing standards rise and fall for the highest bidder; its never-changing wardrobe of unusual ceilings and gaudy bathrooms repels suitors like an eye-watering gush of flowery fragrance.
This expansive Palace of Gaud has been on the market now for seven consecutive years, interrupted only in July 2015 by a seemingly impossible $1.3 million foreclosure sale (?), according to Fulton property records.
It relisted two weeks ago at $18.8 million, which represents a sort of compromise (more on that in a minute). New listing photos provide previously unseen glimpses and fresh angles on so much relentless opulence. For newcomers, a quick recap:
Billed as a "European masterpiece" on "Buckhead’s most prestigious street," the home has nine bedrooms, 14 bathrooms, and 33,000 square feet. It sits within two gated acres in Argonne Forest, right across the road from the governor’s mansion in Tuxedo Park.
The home also has a ballroom, several dining areas, wine cellars, a cigar room, screening room, two gyms, a 20-person steam room, tanning and hair salons, a massage room, game rooms, and numerous fireplaces. The resort-style swimming pool is the centerpiece of a private central courtyard.
The mansion and grounds have also apparently been the film set for several movies, including "Zombieland" and "Three Stooges."
It's the former home of Lee Najjar — AKA "Big Poppa," who dated Kim Zolciak in the early days of "Real Housewives of Atlanta" — a real estate investor who struggled following the economic downturn, according to at least one media outlet.
Attempts to sell the West Paces Ferry homestead have looked like this: listed for sale in 2009 at Tyler-Perry-esque $25 million, the price was reduced in February 2014 to $15.9 million. In November 2014, it changed to $24.8 million, then took a nosedive back down to $15.9 million days later, before the aforementioned foreclosure auction in July 2015.
Is the middle-of-the-road $18.8 million price tag a final realization of worth? Are more slashes and increases forthcoming? Or will they ultimately have to pay somebody to live here?
- 490 West Paces Ferry Road [Rodeo Realty]
- Reality for a former tycoon [AJC]
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