Heathcote Road Manse Sells at Far Below the Asking Price

A mansion at 17 Heathcote Road, that was on the market in 2016 for $11.8 million, sold this week for just less than half that amount at $5,300,108.

The 9,896 square foot home sits on 4,12 acres in the Heathcote Association and includes 7 bedrooms, 8 full and 2 half baths. Also on the property are a 50 X 20 pool and cabana, a tennis court, a fire pit and a four-car garage.

The home was owned for years by the Freidfertig family who are prominent builders in Scarsdale. In May 2021 they sold the house to Bhupendra Kumar Modi for $8.500,000. Residents noticed that Modi posted a prominent blue and gold sign outside the driveway, the gates were painted blue and gold, the columns in front of the house were topped with gold and the shutters were painted royal blue. The sign read, “Bhupendra Kumar Modi, Singapore Citizen, Overseas Citizen of India, 17 Heathcote Road, Scarsdale New York 10583.

Who is Modi? According to Wikipedia, “Bhupendra Kumar Modi (born 2 January 1949), known informally as Dr. M is an Indian-born Singaporean businessman, social entrepreneur, and philanthropist. He is the founder-chairman of Smart Group of companies, the founder of the Global Citizen Forum and the global chairman of the Foreign Investors India Forum. He is also the Honorary President of the World Federation of United Nations Associations.

In January 2023, Modi was bestowed with the title of Raja-Rishi on the occasion of his 74th birthday. The title means “royal sage” and describes “a person who has attained all material possessions but has a high level of spiritual knowledge that enables him to remain detached. This is an acknowledgement of the life and work of Dr Bhupendra Kumar Modi who has been known as the ‘Man of Many Firsts’ for bringing several new technologies such as India’s first mobile call, first photocopier etc. These technologies have revolutionized the office automation and mobility landscape of the country, laying the foundation for a digital India.”

It is not known whether Mr. Modi ever stayed in the house.

The house was included in the historic Cultural Resources Survey of Scarsdale where it said, “The house, which was commissioned by Samuel Woolverton, Vice President of the Hanover National Bank and was known as “Woolverton House.”

The house was listed for sale by Haritini Pandis and Angela Retelny, both of Compass Realty.

Why it sold at such a discount is open to speculation. Annual taxes are $188,000 and the property cannot be subdivided. The home is old and current buyers seem to prefer new construction. Perhaps there are few buyers out there who can foot the bill?