$55 Million Estate For Sale In Massachusetts

by Deidre Woollard (RSS feed)
May 13th 2010 at 9:01PM

An impressive historical property has been listed in Cohasset, Massachusetts for a really impressive price, $55 million. The property is actually four properties on Cohasset Harbor and includes not just a 20,000 square-foot mansion but also the Cohasset Harbor Resort, and the Atlantica and Olde Salt House restaurant complex as well as the Mill River Marina. The area is a popular summer destination and the resort and restaurants have been the site of many weddings.

The property once belonged to Clarence Barron who bought Dow Jones & Co. in 1902 for a mere $130,000 and is considered to be one of the key creators of modern financial journalism. After Barron died in 1928, his stepdaughter Jane Barron tore down the original home and built the 45-room brick Georgian Revival house now on the property. She and her husband inherited Mr. Barron's stake in Dow Jones and their descendants sold the company in 2007 for $5.16 billion to News Corp. Her granddaughter lived in the house until her death in 1982.

Gallery: 49 Margin Street

The mansion accounts for half the asking price but listing agent Jonathan Radford hopes that one buyer will take the whole package. The current owner is Peter Roy, a retired investor who sold an independent power company in 1998. The Roys have renovated the mansion, adding a roof deck and a large private dock that can accommodate yachts more than 100 feet long. They also paid to dredge the public harbor to create access for large boats.

The mansion known as The Oaks has ten bedrooms, a library, sunroom, gallery,media room, billiard room, home gym, pub room and wine cellar. The family room alone is 816 square feet. Outside there is a giant chess board, pool, pool house and grilling stations. The Boston Globe reports that taxes on the home totaled $107,000 this year.

The mansion flies the Canadian and American flags and the Roys are reportedly selling to spend more time in Toronto.

The shot above shows the Roys' massive yacht.

The new dock will appeal to boat lovers.

Formal gardens offer a harbor view.

The property includes a tennis court and children's playhouse.

The Cohasset Inn.

Tags: clarence barron, cohasset, massachusetts real estate, peter roy

Filed under: Estates

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Reader Comments (Page 1 of 1)

DJ Wetzel May 14th 2010 8:07AM

Amazing property. However, for my $55m I would like to buy a little more privacy. I couldn't handle looking out my back door and staring at gawking boaters as they passed by. No thanks.

hindlist May 16th 2010 9:01AM

It will be every one's dream to live in these kind of Mansions.These photos are fantastic.
http://www.hindlist.com

Spectacular Bid May 14th 2010 11:17AM

Deidre you snagged some great shots of the property. Since the Wed announcement of it going on the market I've been hunting for better shots then those found from the AP and the Boston papers.

The mansion (The Oaks) is unquestionably historic and gracious with its setting on the harbor likely almost perfection when it was first built. Today I have to concur with DJ's remarks in the desire for privacy for that much of an investment. The current owner has said he'd break up the properties - and almost certainly will have to - for separate would-be buyers. Still that doesn't change the close proximity of the manor house to the harbor traffic and the like.

I suspect with the very soft market for Mass properties, even those on the water, will mean the The Oaks is very unlikely to fetch over $15M by itself. Aside from the Red Sox owner purchase in Brookline for $16M in 2007; one of the highest ocean side sales was of "Seahome," in Manchester-by-the-Sea on its own private peninsula. It closed for $11 million in August, 2007. The magnificent Wyck Estate (once an EOTD) also in Manchester-by-the-Sea remains unsold at $12.250M

maysuen10 May 14th 2010 12:21PM

This house would be a great place to have a high end bed and breakfast or rent it for weeks at a time to high end clients. It is spectacular.

http://www.mayleisuen.com