Jul 30, 2014

Mercer Island Mansion Sells for $21.6 Million

Likely to be the most expensive home sale in Washington state for 2012, the sale could mean a $100,000 windfall for cash-strapped City Hall.

Mercer Island Mansion Sells for $21.6 Million

What is likely to be the most expensive home sale in Washington state for 2012 happened on Mercer Island last week.

Harmony at Proctor Lane,” located at 3221 Proctor Lane near Proctor Landing, sold for $21.65 million on Sept. 20, according to property records.

The Seattle Times reported three-acre waterfront compound on Mercer Island was owned by theater patron, art collector and philanthropist Marsha Glazer.

The newspaper also reported that the buyer is a trust whose trustee is Cammi Libby, a chief financial officer of Bellevue real-estate firm Legacy Commercial, according to the company’s website.

The property features an 11,000-square-foot mansion, three other houses and more than 300 feet of waterfront, according to tax records.

It's an estimated $108,250 in Real Estate Tax (REET) revenue for City Hall, which collects .5 percent on all real estate sales transactions. REET revenue is important to the city because it is used exclusively for capital improvement projects and road repair and maintanence.

Mercer Island is consistently ranked as one of the most expensive housing markets in the country and is home to the most expensive homes sold in the state in two of the last three years, according to MLS sales records.

Windermere Real Estate originally listed the property for $26.9 million.

The most expensive home for sale on Mercer Island is now a 7-bed, 8-bath 13,560 square-foot lakefront mansion at 4137 Boulevard Place that was on the auction block last summer but failed to attract a winning bid. According to Realtors Ewing & Clark, the home is currently listed at an asking price of $16,288,000.

One of Glazer's other homes, Proctor Estate (located next to "Harmony at Proctor") at 5999 SE 32nd Street was reportedly auctioned for $15.675 million in 2009 after it was once listed at $39.5 million two years prior. In 2010, the Lytle Mansion sold at auction for $12 million.

The highest-priced single family home sale in 2011 was located in Hunts Point at $14,750,000.

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