A glimpse beyond the gates

We’re still a few days away from our May report on the Madison Park real estate market, but I thought it might be fun in the meantime to take a look at what is currently the most expensive listing in the neighborhood, according to Redfin. This 7,470 sq. ft. mansion, listed at $12,850,000, is the northernmost of the waterfront houses in the Reed Estate, that super-exclusive, walled-and-gated Washington Park enclave in which also sits the mega-home of Howard and Sheri Schultz.

This 1978 house, which was last on the market for $15.5 million in late 2006, boasts 135 feet of no-bank waterfront and is ensconced on almost three-fourths of an acre. With six bedrooms and 4.75 baths, the high-ceilinged French-style abode has a basement movie theatre and guest quarters, a three-car garage, two kitchens, and an in-door hot tub and spa.

And as you can see, the grounds are pretty spectacular as well.

And of course there's a dock.

Although much of the interior has justly been described as “Frenchified,” the term clearly does not apply to all parts of the house, including the library.

You can probably have this property for a discount from the listing price, since the house has been on the market on this latest go-round for 267 days, according to Redfin. Be prepared, however, for a steep tax bill ($97,000 for 2009, with a $10,662,000 assessed value for the 2010 tax year). And at today’s jumbo-mortgage interest rate (assuming you could even get a loan), monthly payments would be $61,000, with 20% down.

The property, located at 1500 42nd Avenue E., is listed by Kitty Hughes of Madison House Ltd., one of the Park’s top realtors.

If this villa is a bit out of your price range and you still would like to live in the Reed Estate, you are in luck. A “gracious and exceedingly elegant home” on the grounds is also on the market at only $2,975,000. Unfortunately, not on the water, no water view, and no indoor spa.

[Photos courtesy of luxist.com]