Saratoga Springs – Adam Weitzman, business magnate of the $1 billion scrap metal project, is the new owner of Palazzo Riggi.

Whitsman confirmed to the Times Union that he is under contract to buy the luxury property, the home of Michelle and the late Ronald Reggie, the businessman and philanthropist who died in August.

“I haven’t bought the house yet, but I’m entering into a contract to buy the house,” Whitsman said in a phone interview on Tuesday. “I have a business in Albany and will be spending more time there.”

The business tycoon said the shutdown will likely be within the next 60 days.
Weitsman is the president of Upstate Shredding, headquartered in Owego in Tioga County. The company has locations in New York stretching from the Port of Albany to Rochester and across the Southern Tier. Whitesman currently lives in Skaneateles, a suburb of Syracuse.
Palazzo Riggi hit the market with a list price of $17.9 million in late summer.
Weitsman declined to discuss the sale price for the Spa City landmark but said it was “significantly below” the asking price.
“It was a good situation because of the market,” he said. “It ended well for both parties.”
Weitsman buys the 20,000-square-foot stone mansion on North Broadway without going inside, rather than relying on distant tours. The pending sale comes after he previously discovered other properties in the area.
Weitsman announced in 2018 that his company plans to invest $10 million to add a 3,000-horsepower shredder and supporting equipment to its Albany operations.
“I’m going to change the style a little bit to loosen it up a little bit but we’re glad we’re there,” Whitsman said. “We are fortunate that working in Albany has been so good for us and I want to be part of the community.”
Julie A. Bonacio, the broker-owner of Julie & Co. Realty, and Margie Philo, brokerage and owner of Berkshire Hathaway Adirondack Premier Properties, officially announced the pending sale of Palazzo Riggi as brokers in their joint listing on Monday. Buyer brought by Amy Farchione-Sgromo from Julie & Co. Reality.

Whitsman said he has never met Regis but looks forward to continuing their legacy of giving and community engagement.
One of the most prominent couples in the spa town was Riggis, perhaps best known for the stone mansion that served as the pair’s elegant base of operations. The mansion – which also houses dozens of tiny dogs known as Michelle’s “luxury puppies” – is intricately decorated for each holiday.
Whitsman said his dog recently died, so the house will be without a resident puppy once he’s moved. But he joked that he was willing to take care of Michelle’s dogs if necessary. He said, “I’m glad to do that.”
Palazzo Riggi sits on 1.3 acres and has six bedrooms, 13 bathrooms, two kitchens, four fireplaces, a five-car garage, and an elevator. It features gardens, manicured lawns, fountains, a pool with spa, and a pool house, according to the broker.
In addition to building a business empire, Weitsman is also an art collector. In 2014, he donated what was then one of the world’s largest private collections of ornate American stoneware of the 19th century, valued at nearly $10 million, to the State Museum in Albany.

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