Anyone looking at the home had to be pre-approved and provide proof of funds in advance. In total, Black said he believes there were around 20 showings.

“I got the impression that people were genuinely interested in the house,” Black said. “For that kind of house — not just the size, but the land and the amount of work that goes into both — you really have to make sure there’s the right buyer that understands both the history of the house, but also what it takes to maintain a house like that.”

The home’s new owners were represented by Charles Laird with 4Houses Realty LLC in Birmingham. Laird declined to name the buyers at this time, but described them as long-time clients who are a married couple with two children who “really wanted the house.”

Laird added that he believed the sellers were drawn to them as being a family, as opposed to investors.

The more than century-old Kahn mansion has received considerable upgrades and maintenance, according to Black, who previously told Crain’s that the majority of major infrastructure projects needed for a home of that age have been completed. 

At its selling price of just less than $2 million, the Siegel mansion sale makes for the most expensive single-family home transaction in Detroit in almost two years, according to multiple listing service data. A riverfront home on the city’s east side previously owned by rock star Kid Rock sold in October 2022 for $2.2 million. 

Higher-end luxury homes have been something of a bright spot in an otherwise troubled real estate market as of late, according to a late-July report by brokerage Redfin. “Typical” luxury home sale prices in the U.S. in the second quarter reached a record of nearly $1.2 million, up 8.8% from a year earlier, according to Redfin. 

“The luxury market has withstood the havoc wreaked by high mortgage rates this year, thanks to an abundance of all-cash buyers,” Redfin Senior Economist Sheharyar Bokhari said in a news release. “Now that sales are stabilizing and more homes are being listed for sale, it’s unlikely that luxury prices will continue to grow at quite as high a rate.”

For Black, flexibility is the key to getting such deals done. 

“Particularly when you’re in that multi-million dollar range, you have to be flexible,” Black said. “Because if you’re not, you could potentially be in a situation where the home is on the market for an extended period of time and then ultimately you end up getting a price below what the true market value is based on how the market responds. It’s very important when dealing with multi-million properties that the sellers be flexible in terms of responding and adjusting when necessary.”