When History is in Your Hands: Marketing a Complex Restricted Property
A 600-acre Chesapeake Bay estate, consisting of five farms and a manor house dating to the 17th century, was subject to conservation and historic preservation easements. The house was famous at one time in Washington D.C. as a hub of policy and social interaction. The manor house was in need of renovation and the nearly two miles of coastline required stabilization. LandVest’s challenge was to meet fiduciary obligations in selling the property, while acknowledging the complexity of restrictions and the condition of the property. Should it be marketed in its entirety, or as component farms?
A highest and best use analysis determined that the best strategy was to create four properties on 272 of the acres while keeping the main manor with the remaining acreage. LandVest used our strong national and international resources to market the entire property both as a single estate, and as component properties, and worked with a prominent Eastern Shore broker to handle the showings. The farms sold quickly, and while the manor house took more time to sell, LandVest’s marketing ultimately attracted a prominent Washington physician that was smitten with the history of the property. Extensive renovations were subsequently undertaken.
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