This Hudson Valley estate, once priced at $45M, is now a bargain at $20M

If you’ve got a big budget and you’re scouring the housing market for a bargain, the price of a lavish Hyde Park estate has dipped just below the $20 million mark.

Ledgerock, a modernist masterpiece perched on a jagged ledge at the Hudson River’s edge, is currently listed by Douglas Elliman at $19,995,000, down from its previous price of $25 million.

If that’s above your price range, consider that the home built for real estate mogul Jacob Frydman and his wife Monica was originally listed at a record-high $45 million not quite three years ago.

“We feel that the pricing now is in line with the market,” said Stacey Pinkas, one of the listing agents. “I think that pre-COVID they had it at a certain price point and now when we took on the listing it’s more in line with the market trends. And they are motivated to let go of the property.”

The Frydmans purchased the Dutchess County property in 2005, demolished three existing buildings and hired New Orleans-based architect Lee Ledbetter to design Ledgerock.

The couple envisioned a “dream home” where they could entertain and showcase an art collection containing dozens of sculptures, including a 3,000-pound lava-stone carving they brought back from Indonesia.

The five-year project culminated in a limestone and glass, five-bedroom residence with windows offering 360-degree views, 18- to 28-foot ceilings, and wood, marble and stone sourced from Europe, Africa and South America.

The 14,800-square-foot home features an elevator, two-story library, billiards room, gym, theater and indoor pool.

The 10.7-acre estate boasts a two-bedroom guesthouse, sculpture garden, 18-car garage with a car wash, outdoor saltwater pool, beach, helipad, fire pit, spa, outdoor kitchen and 5,000 square feet of travertine terraces.

Along with its luxurious amenities, Ledgerock comes with an annual estimated real estate tax bill of $108,392, according to the listing.

“It’s such a stunning property and special place, to see it not being used as often as one would hope,” Pinkas said.

Ledgerock sits directly on the Hudson’s shore, which would not be permitted under current zoning and setback laws requiring new homes to be constructed at least 100 feet away from the riverbank.

It’s got its own private dock, so you can arrive by boat or seaplane. But rest assured: The gated estate is accessible by car.

Ledgerock has a cantilevered design to protect it from flooding by diverting water underneath the house, Pinkas said.

The Frydmans would be open to selling Ledgerock’s furnishings, many of which were custom designed and built, she added.

“They own multiple properties,” Pinkas said of the Frydmans. “They are a mature couple and they are just not spending as much time there as they were previously.”

Robert Brum is a freelance journalist who writes about the Hudson Valley. Contact him and read his work at robertbrum.com.