The Mount, Edith Wharton's Classic Home, Is Fighting Foreclosure

by Deidre Woollard (RSS feed)
Mar 26th 2008 at 7:01AM

I've seen a few famous foreclosures in the last couple of months but none makes me sadder than this. The organization that owns author Edith Wharton's Lenox, Massachusetts estate, "The Mount" is fighting foreclosure. The Boston Herald reports that they recently received a one-month extension to raise the $3 million needed to save the home. So far the group has raised $560,463 from donors around the world but they have to raise $3 million by April 24 to avoid foreclosure by the Berkshire Bank in Pittsfield. The good news is that an anonymous donor has pledged to match the $3 million which would allow the group to restructure its debt. The foundation website reports that donations will be processed only if The Mount meets its fundraising goal, otherwise they will destroy all checks and credit card slips.

Wharton, the author of Ethan Frome, The House of Mirth and The Age of Innocence, designed and built the house in 1902. She wrote over 40 books in 40 years, including authoritative works on architecture and gardens and was the first woman to receive the Pulitzer Prize for fiction. The Mount is one of the five percent of National Historic Landmarks dedicated to women. It only gets around 30,000 visitors a year but is a lovely and significant reminder of a more gracious era.

UPDATE: The president and chief executive of the estate has stepped down rather than assume a different position in a restructured management hierarchy.

Gallery: Edith Wharton's The Mount

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Reader Comments (Page 1 of 1)

Spectacular Bid Apr 2nd 2008 10:05AM

The news of the Mount's financial crisis reaching the point of a possible foreclosure is just jaw dropping. Although the rapid pace which the estate has been restored, promoted, and somewhat overreaching expendatures have been made (like the library collection) should've been red flags all along. Add to that the little know private arrangements of paying for some of the leaders housing in NYC and other overly handsome financial compensation it only makes it worse.

I've been to The Mount every year at least once for the last 9 years - and a couple times before - it is a treasure with its grand architecture, perfect setting, relaxed presentation, and historical significance. I'd lament any loss of the property from being open to the public to just possibly being a private residence again.

The leaders however do need to rethink their approach in how they raise money, become vastly selective spending/focus, and cut back on trying to do everything "now".