Why Pharma Moguls Who Spent $27 Million Building Dream Mansion Are Now Auctioning It Off for Less Than Half of That

The couple who spent a staggering $27 million building one of New Jersey’s largest—and gaudiest—homes have revealed why they are now auctioning off the 40,000-square-foot property with a reserve price of less than half their investment.

Pharmacological moguls Calvin and Orsula Knowlton first purchased the 7.7-acre plot of land on which their megamansion now sits for a relatively paltry $640,000 in 2017. At the time, they had big plans to restore and expand the 1800s farmhouse that sat on the land, the Wall Street Journal reported.

However, a year after they began working on plans for their dream home, they ran into a major issue: mold.

The farmhouse in Cinnaminson contained “vast” amounts of it, the couple told the Journal, effectively forcing them to scrap their plans and return to the drawing board. They ultimately decided to raze the original property and build in its place a mansion of epic proportions.

As it turned out, however, the mold was only the beginning of their troubles.

Big plans for an even bigger home

Because the plot of land technically sits in two New Jersey townships—Moorestown and Cinnaminson—the couple said they faced immediate delays because they had to get permission for every aspect of the planning from both authorities.

Then, they discovered several areas of waterlogged land where they were planning to build, which forced them to reconfigure the plans and raise the home up by several feet.

Throw in a few more redesigns sparked by Calvin’s desire to create the perfect palace for his large brood, and the already hefty cost of construction began to soar.

They moved into the New Jersey mansion in 2022, but used it lightly, as they mostly live in their home in Florida.

Having a change of heart, they put the mansion on the market for $24,950,000 in November 2022. In June 2023, the price dropped to $19,750,000 and then came off the market in the fall. It returned to the market in April 2024 with a price of $17,500,000.

The couple told the Journal they are turning to an auction to sell the property because they didn’t get “a lot of bites” through a traditional listing.

Today, a savvy bidder could potentially walk away with the home for just $10 million. Bids can be placed until Oct. 9, according to the auction website.

‘Sunk cost’

The sellers are at peace with the possibility of a reduced return.

“It’s a sunk cost,” Calvin told the Journal. “Sometimes you do really well … and other times you don’t. It’s just part of the ups and downs and proclivities of life.”

Even at the discounted price of $10 million, the home is the most expensive listing in the area by a long shot. There aren’t any homes currently for sale in Cinnaminson for even $1 million, much less $10 million.

The community across the Delaware River from the greater Philadelphia area has a median list price of just $454,000. And the priciest sale in town over the past six months was a relatively humble $775,000.

Ritzy residence

The still-unfinished build includes a chapel, a bar, a reflecting pool, a home theater, a wine grotto, and a golf simulator. An auto gallery has been left unfinished in case a buyer decides on a different use for that structure.

Other highlights include seven en suite bedrooms, four floors, several elevators, and six fireplaces. The entertaining spaces include a kitchen with two islands, a huge dining room, a tavern-style pub, a wine cellar, a home gym, and a home theater.

A glorious entry hall is punctuated by a dramatic double staircase, and French doors lead to a courtyard and enormous reflecting pool outside.

The listing touts the many potential ways in which a new owner could use the space.

“There is also ample space for an indoor sports court, including the very popular Pickle Ball,” it states. “Much more can be said of this modern masterpiece, but it absolutely must be experienced to truly appreciate the workmanship. An extraordinary lifestyle is to be lived within these walls.”

The stone home’s inspiration is said to come from Philadelphia‘s City Hall. It sits a mere 13 miles from Philly.

Misha Haghani of Paramount Realty USA is handling the auction sale alongside listing agent Kevin Steiger, of Kurfiss Sotheby’s International Realty.