Hip to be Here

Russel Simmon's saddle River home is for sale,and it's just one example of Bergen County's over-the-top boom.

Posted December 19, 2007 by Nancy Brannigan Painter

If you’ve got some serious money to spend and you’re in the market for a new home this spring, you may want to check out this Saddle River location. The 35,000-square-foot home of hip-hop legend Russell Simmons and his estranged wife, Kimora Lee, has a selling price of $20-plus million—$23,888,000, to be exact.

When the couple’s eight-year marriage hit the rocks last year, the 3.9-acre estate hit the listings. It’s been on the market for nearly twelve months, which could indicate a buyer advantage.

Of course, $20 million might seem like a bargain compared to the $58 million paid last January for the Frick estate in neighboring Alpine. (See Exit Ramp, page 204.) According to the Star-Ledger, that property’s new owner, real estate investor Richard Kurtz, is preparing to divvy the property up into separate parcels for residential development.

With numbers like these, it’s no surprise that Bergen County enclaves continue to appear at the top of lists such as Forbes’s “Most Expensive Zip Codes,” where Alpine came in at an impressive number fifteen (out of 500) in 2006 with a median 2005 home sale price of $1,790,000.

If you like the Saddle River vibe but can’t afford the asking price of the Simmons house, you may want to keep an eye on the Burning Hollow Road home of Nets star Jason Kidd and his wife, Journana. The nasty divorce proceedings that began in January could mean “For Sale” signs in the future.

The Simmons home was originally represented by Lisa Maysonet of Prudential Douglas Elliman in Manhattan; the current realtor is Stephanie Rosken of Prominent Properties, Sotheby International Realty, in Tenafly.

For more stories about: Simmons, Kimora Lee , Cool J, LL , Run DMC, Bergen County , Alpine, Baby Phat, Def Jam, Comedy Def Jam, Kidd, Jason, Kidd, Journana, Simmons, Russell, Kurtz, Richard, Saddle River, mansions, home, Forbes magazine