MERRILL HOUSE ESTATE FOR SALE – historic estate and event venue has been in the same family for over 230 years.
EARLY AMERICAN ESTATE comprising grand lodge with contents, cottage, workshop & barns in Andover Maine, 126 ACRES, half-mile riverfront, spring-fed swimming pond, and lucrative solar land-lease option, offered for $1,750,000.
Currently profitable as a venue for retreats, reunions, weddings, and special events. Seeking individuals or groups with a passion for the outdoors and nature, who are looking for a unique and expansive property with historic and architectural significance for events, retreats, hospitality, historical development, or grand vacation experiences.
Solar energy lease-option on 10 acres, projecting an estimated income of $16,000 per year for up to 35 years*, assumable by the purchaser and currently included in offer price.
The estate is spectacularly situated on a hilltop overlooking the valley, along the picturesque Ellis River in Andover, Maine with river and mountain vistas. The property lies just a half-hour from Sunday River Resort, and close to a great many ski, golf, hiking, biking, fishing, hunting, backcountry, lake, and river adventures in Maine’s Western Mountains and Rangeley Lakes Region.
Your approach to the 9600sf main house is through stone gates and a long, winding driveway. Enter through the massive doorway into the expansive Great Hall, standing 30’ x 60’ and another 30’ high at the apex of its cathedral ceiling, featuring an incomparable, 12’ wide showcase granite fireplace and hearth, breathtaking 20′ tall picture window, and dramatic, irreplaceable decorations and furnishings. Your guests and family will enjoy the porches and parlors, a formal dining room that seats 25 or more, 16 bedrooms, 14 fireplaces, 6+ baths, and 2 full kitchens. Contents of the main house are included in the offering, minus a small list of family memorabilia. View floorplans.
The grounds feature a private spring-fed pond and beach, over half-mile riverfront, 16 acres of manicured lawns and gardens, landscape architecture with dramatic monument stones, overbuilt stone walls and picturesque gates, pristine pastures and forest, with mountain vistas and walking paths throughout. 60 acres are under tree-growth plan with groomed trails (15 acres subject to solar lease option).
Completing this magnificent property are:
• A finely crafted, 2,500sf, 4-bedroom caretaker’s cottage
• A 6,000sf barn with compelling architectural features
• A 2,000sf workshop, currently used for woodworking
• 3 well-built sheds
• Street access on 3 sides with street-side 3-phase electrical service
The Estate is the legacy of successful publisher Henry Varnum Poor, founder of Standard & Poor’s, Inc. The structures and grounds boast architectural contributions from Stanford White and Frederick Law Olmsted, completed in 1902. The original farm was carved from the wilderness in 1791 by Ezekiel Merrill, a Revolutionary War veteran and the first homesteader in the valley. The estate has remained in the same family ever since, now over 230 years. For more history, please see Merrill House History
OFFER CONSIDERATIONS
Please consider the following:
- Asking price allowance for discretionary updates. The property is partially heated and currently operates four-season for up to 8 (4 bedrooms, 2.5 baths, kitchen, study, & Great Hall), with upgraded electrical (200 amp) and plumbing, with three-season full occupancy. We recognize many updates may be contemplated, and have priced the offering AS IS, at almost 50% discount to a “sum of the parts” market valuation, with the intent to provide buyers ample allowance for their vision. See MH Asking vs Market Pricing for more information. We welcome alternative perspectives.
- Residential mortgage requirements. Please speak with your banker. Our experience is that for residential mortgages, banks require appraisals using comparable property sales within 20 miles, which do not exist for the Merrill House. Residential buyers seeking to acquire the property with bank financing may find success with a high deposit and personal collateral or guarantees. Banks that finance such an offer will likely need to be willing to keep the loan in their portfolio, rather than remarketing it. Offers contingent on residential financing should reflect this consideration.
- Commercial financing requirements. Commercial financing typically requires debt service coverage based on operating cash flow. The estate has historically been managed to break-even to sustain availability for family enjoyment (see Draft Cash Flow statement), so cash-flow will not show a high debt-service coverage ratio. The Small Business Administration (SBA) provides attractive options that may consider borrowers with business plans compatible with regional development goals, and personal guarantees. Offers contingent on commercial financing should reflect this consideration.
- Cash offers are requested. The sellers are open to other approaches.
The property is currently offered for sale by owner. Buyer’s agents welcome.
INTERESTED PARTIES PLEASE CONTACT
Nick Chandler
Merrill House Partners, LLC
nicholas.r.chandler@gmail.com
Or by text to 978-979-3173
*previously, the solar lease option was described as generating $25,000 for up to 30 years. Recent regulatory updates required the project to be reduced in scale. Construction is planned to begin fall 2024.