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Royall mansion sells for $2.5M, to out of town buyers

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Posted at 10:33 AM, Nov 01, 2016
and last updated 2016-11-01 10:36:20-04

RICHMOND, Va. — After a year on the market, one of the priciest residential listings in Richmond is now in the hands of new owners.

The Tudor Revival mansion at 5103 Cary Street Road sold Friday for $2.5 million, below its latest list price of $2.89 million.

The buyers, who could not be identified Monday, also purchased two adjacent lots totaling about 1.3 acres that had been removed from the listing over the summer. Those lots were purchased separately for $885,000, said listing agent Bill Gallasch of Joyner Fine Properties.

The home was listed as pending in mid-August and closed Oct. 28. A deed for the transfer had not been filed in circuit court as of Monday. Gallasch said the buyers are from out of town.

Built in 1928, the home was restored in 2006 by Bill and Pam Royall, who purchased the property earlier that year. (Courtesy CVRMLS)

Built in 1928, the home was restored in 2006 by Bill and Pam Royall, who purchased the property earlier that year. (Courtesy CVRMLS)

Previously the home of Bill and Pam Royall, the nearly 6,000-square-foot home was originally listed in August 2015 for $3.95 million. That price was reduced with the removal of the two adjacent parcels in July.

Gallasch said the reduction helped to expose the listing to more buyers. While doing so resulted from the removal of the two parcels, it attracted buyers who ended up purchasing the whole 2.5-acre property, which Gallasch noted will remain intact.

“Anytime you come down in value, you reach more people,” Gallasch said. “That upper-end market was a little soft.”

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