Before there was Chip and Joanna, there was Tom Hanks and Shelley Long in the classic 1986 film The Money Pit. The duo starred as two yuppies who buy a sprawling estate for just $200,000 in a distress sale. But naturally, nothing goes right when they attempt to move into the home, which ends up being a deathtrap with collapsing stairs, a bathtub that falls through the floor, and even a resident raccoon. And now, it can all be yours!
The Money Pit house is currently on the market, and you can buy it for the low, low price of just $5.9 million, according to Zillow. And if you think that’s pricey… you should see what it was listed at just a few years ago.
(Image credit: Amblin Entertainment/Universal Pictures)
Of course, you won’t recognize all that much about the home now, except for its exterior: the exquisite 23-room home is nothing but the picture of stately elegance these days. Located up a 1/4 mile gated drive for plenty of privacy, Northway is an eight bedroom, ten bathroom spread in the luxe New York suburb of Locust Valley. Built in 1898, the 14,000-square-foot home is fully restored to its historic beauty, and updated with the needs of any modern property. Ebony wood floors run throughout, while a total of eight(!) fireplaces provide a cozy, family-friendly atmosphere. In addition to the seven spacious bedroom suites, the master suite is composed of four rooms equipped with every amenity you could need. Rolling gardens, lush green landscaping, a swimming pool and a brick veranda are the perfect final touch to the outdoor area, which is ideal for entertaining. Point being: you probably won’t find any raccoons in a dumbwaiter waiting to pounce.
But here’s the thing: Despite its luxe accommodations, it seems Northway has been sitting on the market for quite some time. According to Zillow, it’s been for sale for 1189 days. We did a little digging, and it seems the last time it was on the market, back in 2014, the price tag was a whopping $12.5 million. The couple who bought the home in 2002 spent $10 million on renovations, including $2 million on the landscaping alone, the then-agent Shawn Elliott told Zillow back in 2014.
“Every square inch of the home was redone by the current owners,” Elliott said.
Just three years later, the property is listed for $5.9 million. And you don’t have to be a math olympiad to figure out what that means: This home may actually be a legitimate money pit. But, ya know… at least there’s stairs in this version!