Ex-Advanta CEO offers Philly-area estate for auction

Arbor Hill, the sweeping Fort Washington estate owned by the former chief executive of the now-bankrupt Advanta banking company, was put up for private auction Tuesday after an eight-year attempt to sell the property.

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Unlike 2012, when Arbor Hill’s owner, Dennis Alter, posted the almost 70-acre property for sale for $30 million, on Tuesday he auctioned a fraction of his home — 50 acres — for $12 million. It had been on the market for more than two and a half years.

The estate is listed on Concierge Auctions, a high-end real estate bidding platform that has counted Cher and Michael Jordan as its clients, and also been accused of using fake bidders to drive up prices. Concierge has denied the accusations.

“We’ve tried to sell the entire estate, but that’s not what we’re selling today at auction,” said Janet Rubino, the Long & Foster real estate agent

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