December 2, 2023

This 46-acre Lake Placid compound has been listed for $31 million by Berkshire Hathaway Adirondack Premier Properties.
(Photo provided — Berkshire Hathaway)

LAKE PLACID — A sprawling five-building estate in Lake Placid, owned by Saratoga Springs philanthropists Michele and Ronald Riggi, hit the real estate market Thursday, July 14 with an asking price of more than $31 million.

The more than 46-acre property, called “Casa Del Paradiso” in the real estate listing by Berkshire Hathaway Adirondack Premier Properties, is located off of Bear Cub Lane near the John Brown Farm State Historic Site.

Berkshire Hathaway Adirondack Premier Properties Broker-Owner Margie Philo, who is a co-listing agent for the property along with Realtor Justin McGiver, said she believes the $31,150,000 asking price is the highest Lake Placid has ever seen. The only property in the area to list or sell for that much was the Last Chance Ranch — on Adirondack Loj Road — which she said sold for $13 million in 2005.

The Berkshire Hathaway listing touts the Casa Del Paradiso property as “a private majestic estate rarely offered anywhere in the world.”

There are five “primary buildings” on the property with a total of nine bedrooms, eight bathrooms and two half-bathrooms, according to the listing. There’s a main house with an underground tunnel to one of the property’s two guest homes, a “tree house residence” and an Airstream “she-shed.” Philo said the interior walls of the she-shed are covered with animal pelts.

The property has a tennis/basketball court, an indoor shooting range, a lean-to and a toboggan hill, and the nearby Olympic Ski Jumping Complex is visible from the property.

Philo said the property will be a “turnkey” sale, meaning all of the “expensive, artisan,” Adirondack-style furnishings will remain. Philo said many of these pieces of furniture are “unique,” adding that one of the dining room tables in the house is one of two in the world — the other table is owned by Oprah, according to Philo.

Philo said the Riggis have four children, and they brought their children up to the home from Saratoga Springs for vacations and weekend trips. Philo said the Riggis built the toboggan hill for their children. The Riggis first bought the home in 1980 for around $1 million, and the property only had one structure at the time.

Philo is hopeful the home will sell for its asking price.

“I think it’s very possible, and we’re hopeful,” she said, “and we’re certainly attracting the upper echelon of the world to look at it.”

Philo said she already had a couple of inquiries about the property on Friday — one from someone living in the U.S. and one from someone in Dubai. She said Berkshire Hathaway has offices all over the world, and every BH agency has received the listing information. She said she won’t be giving tours of the home, noting that anyone who looks at the home would need to be financially qualified with proof of funds. She said the property will sell for cash.

“Most people who buy a home like this have multiple homes, and this is part of their portfolio,” she said.

North Elba Town Assessor Todd Anthony said Friday that the sale of this property, should it sell for the asking price, likely wouldn’t impact everyday homeowners’ property assessment values in Lake Placid since the property isn’t really comparable to most properties in the town or village. He said this would be a kind of “outlier” sale, and he said those types of sales don’t affect property assessments unless a “critical mass” of them start to come in.

“I don’t think most mere mortals have to worry about the sale price,” he said.

Philo believes the Casa Del Paradiso listing is putting Lake Placid “in front of the world.” Media outlets, including the Albany Times Union and the Wall Street Journal, have featured the listing in their publications.

Philo added that she’s selling more than the property — she’s selling a lifestyle. She said that there’s something for everyone in Lake Placid, from winter sports to summer hiking to leaf-peeping in the fall.

“I think it will appeal to someone looking for a lifestyle, not just a home,” she said.


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