Rachel Fieldhouse

Real Estate

Richard Gere makes bank on “magical” estate

Richard Gere makes bank on “magical” estate

After spending a decade building it and 36 years owning it, Richard Gere has farewelled his lavish New York country estate and walked away with a tidy $USD 28 million ($39.4 million or $NZD 44.1 million).

The Pretty Woman star bought the property in 1986, four years before starring in the cult classic with Julia Roberts, 

He went on to build the mansion over 12,000 square metres using custom joinery, with the home boasting including a handsome library, several living areas, and a breakfast nook with an open fireplace.

The estate, located about an hour’s drive away from Manhattan, also features a private lake with a beach and an island, a pool with a guest house, and a soccer field and is surrounded by 1740 hectares of hills and dense foliage.

Having spent $USD 1.51 million on the vacant property in the ‘80s, the 72-year-old earned a monumental profit when he finally sold the home five months after listing it with agent Muffin Dowdle from Ginnel Real Estate.

With the home now under contract, it comes after he and his wife, Alejandra Silva, dropped $USD 9.8 million ($13.9 million or $NZD 15.4 million) for an upstate New York home sitting on 14 acres in North Salem.

Their new home sees the couple live among a slew of A-listers, with their new neighbours including media mogul Michael Bloomberg and Bill Gates’ daughter Jenna Gates.

Residents reported that Gere and Silva have already moved in after spotting Buddhist prayer flags at the property, with Gere being one of Hollywood’s most high-profile Buddhists, according to Domain.

Images: Getty Images, Ginnel Real Estate