Glen Cove Estate Built By Retail Tycoon Sells For $8.25M

GLEN COVE, NY — A Glen Cove mansion built by discount retail magnate Frank W. Woolworth has sold for $8.25 million.

The home, known as Winfield Hall, is a marble-covered mansion erected in 1917. A relic of an indulgent bygone era, Winfield Hall sits on nearly 16.5 acres, and boasts 12 bedrooms and 10 bathrooms. It's fronted by a towering marble archway and includes a clock tower building that can accommodate at least 11 cars.

The Woolworth name may sound familiar. A pioneer of "five-and-dime" retailing, Woolworth commissioned his namesake building in 1910. The 792-foot tower in Manhattan was the world's tallest building from 1913 to 1930, serving as a symbol of the Woolworth company's wealth and reach in the 20th century.

Woolworth's stores have since folded, but his Glen Cove estate — which is rumored to be haunted — has caught the attention of many wealthy buyers.

Still, it wasn't always easy to sell the property.

The Italian Renaissance home, which hasn't had a permanent occupant since 2003, went up for auction several times — including last summer. But a deal was never sealed.

Woolworth Estate was eventually listed through real estate broker Compass, Inc.

At one point, the home at 77 Crescent Beach Rd. was seeking around $18 million. But since then, the price has dropped significantly.

In a November 2021 interview with Patch, Margaret Trautmann — the broker in charge of the listing — said the estate went for just under $10 million. And lots of wealthy buyers wanted to the snag the deal.

"I've got more calls on this listing than any other one I've had in my 30 years in the industry," Trautmann told Patch.

Back in November, Trautmann said she had five offers — including some coming from out of the country. But the sale fell through.

"We had a bidding war," Trautmann said. "The person we picked didn't follow through. And that knocked out the four people right behind him because they were not happy to be in a bidding war. Then we had another offer, but there were too many contingencies."

Then the sale finally happened.

"This guy came in and said 'let's do an all-cash close, immediately' ... and we said OK," Trautmann said.

She did not go into details about the buyer but said he plans to restore the home to its former grandeur.

"He's the perfect buyer," she said, adding that he got the home for a "bargain."

"It should have gone for over $10 million," Trautmann said. "(But) he's exactly who we were looking for — someone who will live in the home and restore it to its former glory."