15% of Chestnut Hill Home Sale Profits Will Go to Charity

by Ann Brenoff (RSS feed)
Nov 29th 2010 at 1:02PM

Mark Andrus, who made his fortune selling Stacy's Pita Chips to Frito-Lay, is giving back. He's listed an historic Chestnut Hill, Massachusetts estate that he recently renovated at $12.5 million and will donate 15% of the profits from the sale to to the Boston Food Bank. With this home, Andrus is launching RH Design and Development, his new real estate development company devoted to helping people in need.

We think he couldn't have picked a better time and hopefully more millionaires and billionaires will join in the "give back" drumbeat.

For the 45-year-old Andrus, giving back has been a way of life. Both his parents gave generously despite their own struggles. His dad, a physician, lost his eyesight to diabetes and went back to school to become a psychologist, a path that Andrus himself pursued. Even when the company he co-founded with his ex-wife Stacy was a struggling upstart, it offered free English as a Second Language classes to the community.

"When we sold, I wanted there to be an aspect of my life where I could continue giving back to the community. For this new company -- where we're building high-end homes -- it only feels right to be to be giving back to those in need. Yes, we build great beautiful things, but you can't forget about or ignore those who are struggling and can't partake in this," he said.

Andrus bought the 1929 brick Balemore estate for $3.5 million and spent $7 million and 2.5 years renovating it. He always intended to sell the 6-bedroom, 5-bath home, which has 12,000 square feet and sits on 2.2 acres, although he celebrated Thanksgiving in the house with his family both to "do a test run" and to inaugurate the company's first project.

The Georgian Revival mansion, a stunner, is fused with modern resort-like features, including a spa garden with a plunge pool, indoor-outdoor living areas, a wine cellar and state-of-the-art Crestron audio-visual system. There are two laundry rooms, a library and a studio apartment with a small kitchen. There are stone terraces and formal gardens.

Andrus, who lives in Boston, sold Stacy's Pita Chips in 2005 to Frito-Lay.

Allison Mazer of Sotheby's International Realty has the listing.

Tags: boston real estate, chestnut hill, estate of the day, massachusetts real estate

Filed under: Estates, Charity

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Reader Comments (Page 1 of 1)

Rik Nov 29th 2010 1:58PM

Now this I like!! Finally a classical mansion without the pretentious old crap lying around and matching styling.
The front of the house is rather boring, but the inside and back-side are amazing!!

Eric Nov 29th 2010 2:14PM

Deidre: This is a nice house. Hope it's not in lieu of the "estate of the day" :(

Spectacular Bid Nov 29th 2010 4:14PM

I like the restoration work as its remained true to the classic architecture. The facade at the forecourt looks a bit naked but clean and proportional. Inside the restoration has worked quite well with the modern hints incorporated nicely with the traditional layout. It has everything expected to be found in a home of the era - generous spaces, fine work floors and paneling. Props to the restraint on the kitchen from being some sort of theater space. 5 years from now kitchens won't be the focal point everyone makes it out to be today.

Perhaps I am cynic here but are we supposed to dance around the May pole in celebration of Andrus because he is dangling a 15% charity carrot around this sale? Keep in mind he'll be seeing that amount written off against his taxes and any would-be capital gains so in reality it is still purely a benefit for him.

Charity would've been to pour the $7M he spend in upgrading the home directly into a charitable organization. Instead on the back end (after enjoying the benefits of all those invested restoration dollars) he'll cough up maybe $1,875,000 to charity.

I'm not one of these folks who is telling anyone what to do with their money. However in this case the owner/seller is trying to make a point with charity. In that case I see it as relevant to discuss the full picture where donations come in.

JLS Nov 29th 2010 4:37PM

Don't diminish his gesture. We all know he will get to claim it on his taxes, but not anyone posting here is doing anything close to this. Let's not be so negative about it.

JLS Nov 29th 2010 4:39PM

This is simply gorgeous! He clearly has excellent taste. No old junk, no beat up antiques. Just class, elegance and intelligent design.

Beautiful mansion and worth the price. I honor him for his gesture in these tough times.