Moorestown megamansion lists for $24.95M, becomes most expensive home ever listed in South Jersey

A 44,000-square-foot estate owned by the former husband-and-wife leaders of Tabula Rasa HealthCare has hit the market for $24.95 million in what is believed to be the most expensive residential listing ever in South Jersey.

Dr. Calvin H. Knowlton and his wife Dr. Orsula V. Knowlton stepped down from the helm of the Moorestown-based health care technology company in September amid pressure from an outside investor.

The couple is now looking to depart with a Burlington County home that cost about $27 million to build, according to listing agent Kevin Steiger of Sotheby’s International Realty. The Knowltons estate, which sits on 7.7 acres partially in both Moorestown and Cinnaminson, has taken nearly six years to build and is about 90% complete, but still leaves future owners with some room “to put their own handprint on it,” Steiger said.

Steiger said the Riverton Road home is “like nothing we’ve seen in the area” and said it is “by far” the most expensive residential property to list in South Jersey.

“It’s trying to do something that’s never been done, to sell a property at this price point,” Steiger said. Chateau de la Roche in North Jersey’s affluent Alpine community is the only single home currently listed at a higher price in the state at $25 million.

The Knowltons four-floor home has seven bedrooms, eight bathrooms, three powder rooms, six fireplaces, three elevators and an indoor pool. An east wing of the estate is still being constructed and Steiger said the cost associated with finishing it is built into the list price.

Other amenities in the home include an elevator for cars that can bring vehicles to a specifically designed display space, a golf simulator that lets you virtually play any course in the world, a game room, pub room, gym, sauna, movie theater and a wine cellar. Each ensuite bedroom has walk-in closets and the primary suite has access to an elevator that can take you directly to the indoor pool or gym.

“Anything you think of that you could want, they have in here,” Steiger said.

At 44,000 square feet, the estate is one of the most expansive in the region. Steiger referenced banker Vernon Hill’s 55,000-square-foot Moorestown compound — which is regarded by many to be the largest in New Jersey — as one of the only homes in the state that outsizes the Riverton Road estate.

The Knowltons are selling due to a “change in life plans” and they also have a residency in Florida, Steiger said.

The couple founded Tabula Rasa (NASDAQ: TRHC), which specializes in the safe use of medications, in 2009. Prior to departing in September, Calvin had been chairman and CEO and Orsula held the titles of co-president and chief marketing and new business development officer.

Indaba Capital Management, a San Francisco hedge fund that holds 20% of Tabula Rasa’s outstanding shares, called for the couple to step down due to a decline in the company’s stock price since going public in 2016.

As for the home’s next owners, Steiger said it would likely have to be someone with a net worth of at least $100 million. He said it could be a hedge fund manager or someone from overseas looking to establish a residency in America. Steiger was skeptical that the next owner would be a professional athlete unless they had strong local ties or a long-term contract with a Philadelphia-area team.


Steiger said if someone wanted to build something in the same realm as the estate it would take them another five or six years, which warrants the price point for the turnkey mansion. He said the home would come mostly furnished, but any new buyers would also have the opportunity to put their own spin on it with the remaining construction.

“If you wanted to build your ultimate house, it would take you years, but this is it and it’s all ready to be moved into,” Steiger said.

 

Leave a Reply