Detroit's Motown Mansion Sells For $1.65 Million

After sitting on the market for two years, the historic home formerly owned by Motown Records founder Berry Gordy has been sold for above the asking price.

The buyer, according to a press release, is a Detroit native who currently lives in San Francisco purchased the property for $1.65 million.

That’s above the $1.595 million asking price.

This is the second highest sale price of the year here in the city of Detroit and the highest in the Boston-Edison neighborhood for awhile.

The 10,500 square foot home on Boston sits on a 2.2 acre lot that also has a 4,400-square-foot pool house. Additionally, a carriage house on the property also has its own apartment.

This place is a jewel with sumptuous and classy architecture. The owner, Cynthia F. Reaves, Esq., apparently tried to keep it as original as possible.

“The process took two years and we went through several deals with several buyers before Ms. Reaves found the right buyer to protect the legacy of this iconic home and become its new steward,” said real estate agent Deborah Smith of the Family First Team at Keller Williams.

Here’s some interesting context to show you the gap in property values and why out of town money seems to flooding into the city’s housing market.

In San Francisco, the median home price in San Francisco right now is currently $1.5 million. So in San Francisco, this person would have bought a slightly more expensive than average, average property. Here, for basically the same price, they bought a piece of Detroit history.