A 'palace' in NC: One of the state's largest homes is for sale — and it's been discounted

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A nearly 16,000-square-foot home in North Carolina is for sale, and its price has been reduced.

The home at 7505 New Sharon Church Road is nearly 16,000 square feet on more than 206 acres. It's in Rougemont, an "exclusive" Durham suburb, real estate buyer's agent Michael Walker said.

The home is one of the largest private residences in the state, Walker said.

The 2004 home has seven bedrooms, 12 bathrooms and is listed at $6.995 million, down from $7.75 million. That's about $439 per square foot. The home has been on the market more than a year, according to multiple real estate websites.

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The estimated mortgage for the property is more than $35,000 per month.

The home was included in a list of the most expensive homes for sale in the state on May 3 by Property Shark, a real estate news website. The New Sharon Church Road property was ranked No. 8 most expensive on a list of properties ranging from $6.9 million to $11.99 million.

The most expensive was the "Castle of the Whale" home on Bald Head Island.

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The Rougemont home is owned by Michael E. Fagan, according to Orange County property records. It was last sold in 2012. The 2018 property assessment valued the whole property at about $4.04 million.

"This palace is truly fit for a king and is appointed with some of the finest finishes in the world," Walker said in an Instagram and a Facebook post on May 2.

The property is surrounded by stone and wrought-iron fences and features multiple hand-forged wrought-iron gates, landscaped gardens and a Quatre Feuille-shaped fountain. It's built of 6-inch Pennsylvania stone with a slate roof and lead-coated copper trim and gutters.

It has a saltwater pool with fountain effects, along with a pool house and gazebo areas along with four ponds, one of which is spring fed and stocked with bass fish.

Inside the home are Venetian plaster wall finishes; rough-hewn castle-scale travertine stone floors; hand wrought-iron balustrades and light fixtures; and rare Sapele wood floor and trim work, down to the custom closets, according to the property listing. The bathrooms have marble counters, oversized showers and tubs, and there's a steam room in the master bath.

The four-level home has an elevator.

The master suite has a foyer entry painted by a local artist, two separate dressing rooms, a laundry room, sitting room and access to outside terraces and the pool.

The house has security systems, a whole-house diesel generator, guest quarters with kitchen, staff quarters, butlers pantry, garage space for six cars, four gas fireplaces, a home theater, game room, bar, exercise room and wine cellar.

The maintenance building has a 4-bay garage with commercial-grade auto lift, kitchen and full bath.

Forty-eight hours notice and pre-qualification is required for all potential buyers before they can get an appointment to see the home. The listing agent is Caroline Castelain of Berkshire Hathaway.