SARATOGA SPRINGS, N.Y. (NEWS10) — The Palazzo Riggi, the “Jewel of Saratoga,” has been sold at auction. Owner of Berkshire Hathaway-Adirondack Premier Properties & Adirondack Realty Margie Philo said the property was sold to a Capital Region family on Friday.

The auction, held by Platinum Luxury Auctions, was without reserve and was time-sensitive, which meant it needed to sell on Friday. Philo said the sale price cannot be disclosed until the sale closes in 30 days.

The Palazzo Riggi, formerly owned by socialite Michelle Riggi, was listed for sale in September 2022. First listed for $17.9 million, the price was reduced to $12 million but still hadn’t sold. It was announced in July that the property was going to auction.

The Palazzo Riggi is about 25,000 square feet and has six bedrooms and 13 bathrooms. The home was built in 2003 and has four garage spaces, a finished basement, and an in-ground pool. The property sits at 637 North Broadway in Saratoga Springs.