Sal Paone and Bruce Goodman win auction for 50-acre Fort Washington estate

Developers Sal Paone and Bruce Goodman were the winners of the auction for the 50-acre Fort Washington (Whitemarsh Township) estate of Advanta founder Dennis Alter. The pair paid $5.6 million according to an article in The Philadelphia Inquirer. Alter, who named the estate Arbor Hill, had the property listed for as much as $30 million several years before the auction.

The basic details about the estate are that it consists of 50 acres with a 36,957 square foot home with nine bedrooms, nine full bathrooms, and six half baths. Leading up the auction, the auction company described the home as follows:

Mature trees and rolling hills surround the striking stone facade of Arbor Hill. Conceived by renowned international architect Rafael Viñoly, this contemporary masterpiece features bright, skylight-lit corridors and panels of enormous glass that look out onto both the stone courtyard and verdant lawns. Soaring ceilings and museum-quality walls are an impeccable backdrop for your art collection or family photos. Your property is ideally suited for entertaining indoors and out. The public spaces occupy two wings, encompassing a large chef’s kitchen, two dining rooms, a great room, and a theater. When you’re not entertaining or hosting fabulous parties, escape to your private quarters occupying the home’s third wing, with a luxurious master retreat and eight ensuite bedrooms. Your resort-style pool and outdoor living space is the perfect setting for a crowd of friends and family, for enjoying the sun or the covered pavilion and dining area. All this on 50 acres of possibilities.

Paone was interviewed for the Inquirer article and stated that they intend to maintain the home to eventually sell. From the article:

“Our real hope is that we get that special buyer to come through and get one heck of a house on 50 acres,” Paone said. He envisioned the estate would be a “good opportunity” for a large family or people from New York City looking to settle somewhere quieter.

You can take a video tour of the house below: