Citi CEO Vikram Pandit Selling His Conn. Estate
Just a day after shareholders rejected Citigroup Chief Executive Vikram Pandit’s pay package, the word is out that Pandit is selling a 2.3 acre estate in Greenwich, Conn. for an asking price of $4,300,000.
The house is a pre-War colonial number with six bedrooms and six and a half baths, according to the Sotheby’s website. There are also five fireplaces, a garage apartment, a wood-paneled library, a pool with a pool house and something called an “in-law apartment.”
Interestingly, it’s a bit unclear when Pandit bought the house and what he paid for it. RealEstalker claims that Pandit and his wife acquired the house in May 1999 for $3,400,000. Blockshopper, however, indicates that public records show Pandit bought it in 2001 for $4,100,000.
Pandit’s asking price might be a bit steep: Zillow estimates the house is worth just $3,655,000.
Of course, Pandit may think that Zillow is underestimating the value of his property. It wouldn’t be the first time a Citigroup executive had refused to believe the market value of an asset was less than he had paid for it.
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