"American Chopper" star Paul Teutul Sr.'s financial issues have been well-documented over the past year, and it seems like his real estate holdings won't do much to lessen the pain.
According to Realtor.com, the reality TV star's beautiful 38-acre retreat in Montgomery, New York, has been on the market for nearly a year and half, and Paul has had to slash his initial listing price by 42 percent.
In October 2017, Paul listed the compound for $2.89 million. After very little action, he dropped the price to $2.49 million in January 2018. Another price drop occurred in August. Then, last October, a year to the day after initially listing the property, Paul dropped the price to $1.65 million. It's remained at that price for five months.
For the record, the property has had some interested parties, but the offers all apparently came in too low.
The property, located about two hours from Manhattan, is stunning, as it boasts a 3,500-square-foot log cabin main house, a pool, volleyball courts, a koi fish pond, a barn, a show garage and a huge working garage.
So, what's the problem? Location, location, location.
"The median home price within a 3-mile radius is $335,000," listing agent Seta Tunell said, according the New York Post. "Only 16 homes in this area sold for over a million last year, and nearly all of them were on and off the market for a few years."
That's not the only issue.
"Taxes on this property come in at $50,000 a year," the listing agent said. Also, a traditional-style log cabin doesn't exactly fit in with the the area.
Paul's struggling finances can't be overlooked either. Because of Paul's bankruptcy proceedings, gaining possession of the home could potentially be a maze of paperwork with home's creditors, meaning the closing date could take a while.
"This is going to be a home for someone that lives in the city and wants somewhere easy to get to for the weekend," the listing agent said. "It would really work for someone that likes to ski as well."
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