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A century-old, roughly 50,000-square-foot mansion in New Jersey is hitting the market for $48 million after a years-long renovation, according to owner Ilija Pavlovic, a local businessman.

Formerly known as the Crocker Mansion, the brick and limestone manse sits on 12.5 acres in the township of Mahwah. It’s one of the most expensive residential listings in the state, according to real-estate listings site Zillow. Mr. Pavlovic is marketing the property through the real-estate brokerage he owns, Special Properties Real…