Dan's Papers - June 6, 2008 - The Sale of Stately Manse Breaks Shelter Island Record

The estate on 1 Shorewood Court, Shelter Island, stands on the shores like a Greek temple. Shorewood Manor was constructed in 1873, during the presidential era of Ulysses S. Grant. The elegnat air of the stately manse has earned the admiration of many passing sailors. On a bluff overlooking Ward's Point, one of the Island's southern peninsulas, the home has unobstructed 270-degree views of Peconic Bay and Shelter Island Sound. And bucking the news of doom and gloom in Hamptons real estate, this property broke the Shelter Island record, selling for $12.4 million.

Corcoran's Cee Scott Brown and Jack Pearson represented the property to the buyer, described as a Swiss businessman. "The buyer knew the property from walking it years ago and always loved it and the area," said Brown. "I brought it to his attention while I was working on a rental with him. The deal was ultimately struck, then contracts were signed and deposit wired, and closing took place within 2-3 days. The buyer loves this property and I believe he will make it an incredible residence, respecting the style of the house and the lay of the land. The site is awesome."

Although originally listed at $24.9 million, the selling price more closely met Corcoran's recommended listing price of $15 million.

So what kind of house does $12.4 million buy? The answer to that question is an 8,500 square foot Victorian mansion located on a historic site with 1,000 running feet of picturesque shoreline. In season, charming sailboats in full sail glide past Shorewood Manor, riding the Shelter Island breeze. Shorewood Manor embodies the unique qualities that placid Shelter Island has offered since the British fleets visited.

The mansion is situated on 7.8 acres, which, Brown said, "The buyer has no intention of subdividing. Instead, he plans to renovate the home in its original character. He loves and respects the history of the estate." Shorewood Manor was originally owned by advertising executive and philanthropist Artemis Ward, the great-grandson of Maj. Gen. Artemis Ward, who served with George Washington and as a delegate to the Continental Congress. The manor has passed through many hands - the last owner was former Governor Hugh Carey's company, which purchased it for $10 million. The intention wsa to sell it privately. Surrounded by copper beech trees and stonewalls, Shorewood Manor was once a 220-acre farm where Ward raised his pigs. Island lore has it that pheasants and a dairy added character to the manor.

The main house, which has 11 bedrooms, 5.5 bathrooms, stone fireplaces, Dutch gabled roofs and secret staircases, needs renovation after its recent years of neglect. A waterside "honey moon cottage" with a kitchen, bathroom and living quarters sits on the property. An estate of this nature carries significant taxes - at the time of sale it was listed at a mere $35,000.

Therefore, the question must be raised: in this real estate market, is Shorewood Manor worth the $12.4 million? One local real estate agent said the price was, "fair, but the main house needs major work, with some big bucks needed to be spent. But in this market everyone made out well."

Many people look forward to Shorewood Manor's restoration and reemergence. They hope for the manor to return to its glory days filled with parties on the lawn, lights flickering from the many beautiful Victorian windows late into the night, and the glittering moon lighting up waters of Peconic Bay and Shelter Island Sound. First, however, Shorewood Manor will experience the sights and sounds of men at work with permits in hand.

Change on the East End of Long Island is a slow process sometimes. The return of magnificent Shorewood Manor, however, is not truly a change but a return to the past. In restoring the estate as a trophy property for a very successful and lucky man, the East End will see a glimmer of history in Shorewood Manor's frame.

Town & Country Real Estate has announced that Nancy McGann has been appointed Managing Partner of its new Southampton office (location to be announced). McGann began her career in real estate in 1981 with the late Alan Schneider in the firm's Southampton office. She spent the next 27 years at Alan M. Schneider and Associates (later acquired by Corcoran). In addition to her decades-long commitment to real estate, McGann holds a position on the Southampton Village Board of Trustees.

Melissa Cohn, owner and founder of The Manhattan Mortgage Company, was recently named among The 100 Most Powerful People in New York Real Estate. According to the article in the New York Observer, "Last year, Ms. Cohn brokered $1,129,126,981 in loans, which makes her, as usual, America's heftiest mortgage broker."