A 50-acre estate along the Long Island Sound has sold for $138.83 million in Connecticut to an unknown buyer in what may be the priciest transaction ever in the state, The Wall Street Journal reported on Wednesday.
The Greenwich property, “Copper Beech Farm,” was put on the market by limited liability company Conservation Institute, which is tied to Bridgewater Associates, an American hedge fund founded in 1975 by Ray Dalio, who stepped down as co-investment chief last year after nearly five decades at the helm.
The seller was represented by Leslie McElwreath and Joseph Barbieri of Sotheby’s International Realty — Greenwich Brokerage in collaboration with Nikki Field of Sotheby’s International Realty — East Side Manhattan Brokerage.
“Copper Beech Farm is the crown jewel of the Greenwich coastline,” McElwreath said in a statement to Inman. “It’s an awe-inspiring compound complete with every conceivable luxury for a sophisticated live, work and play retreat.”
Originally known as “Kincraig,” the 13,500-square-foot French-Renaissance mansion dates to the 1890s and was once owned by the Lauder Greenway family, which was instrumental in Andrew Carnegie’s founding of U.S. Steel.
The recently restored main house includes four stories, eight bedrooms and bathrooms, nine fireplaces, an upstairs balcony and two stone towers, as well as a solarium with coffered ceilings. In addition to the main house, the estate includes a three-bedroom gatehouse and a two-bedroom carriage house with a clock tower. The grounds include two private beaches, a bathhouse, a tennis court and a 75-foot heated outdoor swimming pool and spa.
Copper Beech Farm was first listed for $150 million in February. The estate last sold for $120 million in 2014, when it set a new record for priciest U.S. home sale.
Stephanie Bo Li of Douglas Elliman represented the buyer in the most recent deal. The sales price of $138.8 million puts the estate within the top five most expensive residential real estate transactions of 2023 so far.
McElwreath told The WSJ that the eventual buyer asked about the property within its first week of being listed, and then came to see it within the month.
“I think they recognized that the property would likely go to a buyer where it would be tied up for generations and that, if they waited, someone else would scoop it up,” McElwreath told The WSJ.
The property’s potential for development was also a draw, Barbieri added, noting that the estate is divided into two separate parcels, one of 20 acres and one of 30 acres, and could potentially be subdivided into 10 or 12 building lots for a family compound.
Despite continued demand for luxury living in Greenwich, McElwreath and Barbieri told The Journal sales have declined in recent months due to a lack of inventory. The number of luxury sales dropped 15.4 percent on an annual basis during the second quarter of 2023, according to a Douglas Elliman report. Inventory was also down 24.3 percent year over year, while the median sales price was up 16.4 percent year over year.