In a housing market that's characterized by constantly increasing prices, a severe inventory shortage and many other extreme elements, it isn't easy to be shocked by the price of real estate these days. However, the former head of Reebok, Paul Fireman, just did precisely that. In late September, he and his wife, Phyllis, listed their grand estate, which is called Woodland Manor, for sale. The asking price? A cool $90 million. If you've been looking for a home to buy in the Boston area, you're probably used to seeing some pretty extreme prices. This one takes the cake, however, as it is believed to be the highest list price in Massachusetts history.
So, what will that $90 million get you? A whole lot of luxury, as it happens. Woodland Manor is situated on a 14-acre site with an exceptionally prime location. The property is tucked into the same area where you will find The Country Club of Brookline and the Putterham Meadows Golf Course. It features meticulously landscaped grounds sprawling across a series of rolling lawns that are dotted with pretty ponds and highlighted by exquisitely carved rock outcroppings.
The mansion was designed by Shope Reno Wharton and built by Thoughtfarms Corp. in 2000 out of thousands of pounds of elegant Indiana limestone. Its curved facade lends it a distinctive look, and more than 5,000 square feet of Deer Island granite terraces provide breathtaking views of the impeccably maintained grounds. Its driveway winds lazily from the curb, stretching an incredible one-third of a mile long. Needless to say, you will need professional help to maintain the grounds--and to keep the long driveway clear during Boston's notoriously cold and snowy winter months.
All told, Woodland Manor boasts 26,623 square feet of living space. Again, there is also an additional 5,000 square feet of outdoor terraces and 14 acres of grounds, so there is space aplenty. The mansion has 24 rooms total, including eight bedrooms, 12 bathrooms and a four-car garage. A dramatic grand staircase welcomes you when you enter its front doors. Throughout the mansion, you'll find custom-designed decorative keystones, chimneys, carvings, balconies and cornices. The attention to detail that went into the design of this lavish home is simply incredible, so it's easy to see why Fireman saw fit to list it for such a high price. The question, of course, is will he get it?
Whoever ends up buying this incredible estate will need a lot of extra cash to keep it up. The annual tax bill alone stands at around $339,000, which is more than most people pay for homes in metro Boston. As big as the home is, it must also be very expensive to keep warm during the winter and cool during the summer, so whoever becomes the new owner should be prepared to face some pretty steep electric bills. Of course, anyone who can afford to buy a $90-million home should have no problem affording to heat and cool it.
The building of this exquisite mansion was not without controversy. It was designed and built between 1999 and 2000. When plans were announced, people around the area almost immediately started complaining. The fiercest complaints came from country club members, who were concerned that the mansion would ruin their views. None of these complaints affected Fireman's decision to go ahead with the project. Now that so much time has passed, no one is really upset that it's there anymore, so the new owners shouldn't have to worry.
Woodland Manor is by far the most expensive home ever listed in the state of Massachusetts. Lately in the Boston area, however, we've been seeing a lot of big-ticket sales in the real estate market. Most notably, investment firm manager John Grayken famously purchased the penthouse atop the Millennium Tower at Downtown Crossing for $35 million. At nearly one-third of the price of Woodland Manor, that seems like small potatoes now. Not too long ago, a three-home complex on Nantucket was listed for sale for $32.75 million. These two examples are the closest that we could find to the Firestone estate listing in terms of price, and they aren't even really that close.
Paul Fireman served as president and CEO of Reebok from the late 1970s until 2006, when he sold Reebok to Adidas for $3.8 billion. He and his wife are believed to have made around $800 million from that deal, and Fireman has many other lucrative investments. He was president of Reebok when it made its IPO as well, which happened back in the mid-1980s. These days, Fireman seems to spend his time enjoying life. He has a membership at an ultra-exclusive golf course and country club that overlooks the Statue of Liberty and whose membership fee is $500,000.
Due to its extreme size and unbelievable price tag, Woodland Manor is unlike any other property that is currently on the market anywhere in the state of Massachusetts. It will be interesting to see how long it sits on the market. Will the price be reduced if there aren't any takers right away, or will Fireman hold out until he gets his $90 million? How likely is it that someone will pay the full listing price, anyway? These and other questions will be answered in the weeks and months to come, and Boston City Properties will keep you up to speed.
Because it is such an unusual property, you won't find Woodland Manor on the regular MLS. This type of mansion sale is handled by real estate firms that specialize in big-ticket sales like these. If you are looking for a nice home in Brookline or elsewhere in the Boston area, the pickings are fairly slim these days. The best way to find what you need is by signing up to use Boston City Properties' free, constantly updated database of searchable MA real estate listings. You won't find Woodland Manor there, but you will find the latest and best information about properties for sale at this time.
Whoever ends up buying Woodland Manor will be in very good company. Many prominent people own mansions and estates in this area, including Tom Brady and Gisele Bundchen. In fact, a celebrity could very well end up purchasing Woodland Manor. Although the property hit the market more than a month ago, no news about any offers being made has been made available. Chances are that whenever someone does pounce, it will be handled very discreetly. As soon as more information is available, we will share it here on our site.
If you'd like to take a look at Woodland Manor, it is being handled by Jonathan P. Radford and Deborah M. Gordon of Coldwell Banker Residential Brokerage. This is not the type of property that is shown during a casual open house kind of situation. Videos of the interior and exterior of the estate are available online, so you can try living vicariously through those. In the meantime, check back here often for the latest news about this property and about all manner of Boston real estate related topics.
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