Regis Philbin Selling Greenwich Home For A Huge Loss

GREENWICH, CT — Television personality Regis Philbin and his wife, Joy, have put their secluded English Manor-inspired Greenwich home up for sale, according to Realtor.com. News of the listing was first reported by the Wall Street Journal, who noted the price was 36 percent less than what the couple originally paid for it about a decade ago.

The six-bedroom residence, located on N. Stanwich Road, is listed for nearly $4.6 million by Sotheby's International Realty. Built in 1997, the sprawling residence measures approximately 13,661 square feet and is set across 2.59 acres of land. (Realtor.com has 28 photos of the Philbin mansion which can be viewed here.)

Joy Philbin said in a statement to the journal that the couple was selling the home because they want to spend more time with family in California.

"We've moved around a lot and lived in many houses together but this house will always be our favorite," Joy Philbin said in a statement to the Wall Street Journal. "We celebrated many birthdays and holidays and never had to worry about inviting too many of our family and friends. There was always room for everyone."

The home, offers a number of exciting features, including seven fireplaces, a mahogany library, and "pub room'' with a full bar, as well as a billiard room, home theater, sauna, gym and a "spacious wine cellar."

Other features include a chef's kitchen with marble counters and a double-height family room with a stone fireplace.

Outside, potential buyers will find a luxurious pool and spa, with an adjacent fountain and tennis court. There are also garden walkways, garages for five cars and a one-bedroom guest house with a kitchen, full bathroom and loft.

The National Review, the nation's largest conservative magazine, noted that "The Philbins are, as the Wall Street Journal put it, “the latest victims of a brutal Greenwich market.” The National Review notes that several Greenwich houses are selling for a loss in excess of $1 million on average. "That’s the price of getting out of Greenwich," the National Review said.

The conservative magazine says wealthy people fleeing Greenwich and Connecticut can't be a surprise as there are better options including: Aspen, Colorado, Florida, no income tax, and even New York City as the gap between the cost of living has shrunk compared to Connecticut.

And the National Review concludes that "The poor governance of Connecticut and the relative decline of the state as an attractive place to live have had the effect of devaluing a great deal of capital in the form of people’s houses, usually the most valuable asset of a family, including affluent ones in the New York City suburbs. Connecticut in consequence has suffered all the negative effects of an enormous wealth tax without realizing any revenue."

>>>Read More at the WSJ.

>>>Read More at the National Review.

>>>View the full listing on Realtor.com.