Weitsman Buying Saratoga Mansion But “Vestal Will Always Be Home”

Broome County businessman Adam Weitsman is preparing to acquire a massive estate that's been described as the "jewel of Saratoga Springs."

Weitsman, who has lived in Vestal for more than two decades, says he expects the sale of what's known as "Palazzo Riggi" north of Albany will be finalized soon.

The deal was first reported by the Times Union in Albany. Weitsman told WNBF News he's buying the property as an investment. He said although he'll stay there when he's working in the Albany area, he'll still reside primarily in Vestal.

Weitsman said he's been living in Broome County for about 25 years and he has no plans to leave. Of his Vestal residence, he said "I love that house" and he said he loves the neighborhood. He noted it's close to where his parents live.

The listing price for the property was $17.9 million. Weitsman didn't say how much he'll be paying but he said it's "significantly less" than the original asking price.

Margie Philo and Julie Bonacio are the listing brokers for the property. Phil said she expects the sale will close in the second week of December.

Weitsman also has homes in Skaneateles and Miami. He has an apartment in Manhattan.

Weitsman owns Upstate Shredding, which is based in Owego. The company bills itself as the "largest privately owned scrap metal processing & recycling operation on the East Coast."

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Contact WNBF News reporter Bob Joseph: bob@wnbf.com or (607) 545-2250. For breaking news and updates on developing stories, follow @BinghamtonNow on Twitter.