General Electric CEO Jeffrey Immelt is selling his 4-acre estate in New Canaan, CT, for $5.5 million, beginning GE's march up Interstate 95 to Boston, where the company's relocating its headquarters this summer.
And it appears that Immelt and his wife, Andrea, have already found a new home. The Boston Business Journal reports that the couple is under contract to buy a 3,565-square-foot, triplex condo for $8 million.
In January, GE announced the company was leaving Fairfield, CT, for Boston, "the center of an ecosystem that shares our aspirations," using verbiage that would moisten the eye of Jack Donaghy. However, grumbles beneath the surface say that Connecticut's rising taxes are chasing GE out. The National Review describes Connecticut as "high-tax, high-regulation, anti-business."
GE's headquarters move will relocate 200 corporate execs, who are expected to flood the southern Connecticut real estate market for high-end homes, though none probably as grand as the Immelts'. Their 10,458-square-foot, stone and clapboard house features six en suite bedrooms, chef's kitchen, solarium, and separate in-law suite over the garage.
The New Canaan property has witnessed drama of its own. In 2011, Occupy Wall Street protesters took a field trip to the Immelts' front yard to complain about income and tax disparity. The invitation to the protest reportedly stated, "In the land of the free they tax me but not G.E.!"