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Historic: Copper Beech Farm Sells for $120 Million

The 50-acre estate on the Greenwich waterfront is one of the top real estate sales in the country's history.

Copper Beech Farm in Greenwich was sold for $120 million on April 11, 2014. Photo: David Ogilvy & Associates.
Copper Beech Farm in Greenwich was sold for $120 million on April 11, 2014. Photo: David Ogilvy & Associates.

In what is believed to be the most expensive real estate sale in the history of the Town of Greenwich — and perhaps the highest single family home sale price in the entire country — the 50-acre waterfront Copper Beech Farm estate sold Friday for $120 million.

According to Curbed.com, the sale of the home at 499 Indian Field Rd. in the private Mead Point enclave, is the second-largest recorded in U.S. history — the most expensive being Montana's Broken O Ranch, which sold in 2012 for $132.5 million.

The Copper Beech Estate, which had been owned by John Rudey, a timber magnate with holdings in Washington state, was built in 1898 by the Lauder Greenway family, who were founders with Andrew Carnegie of U.S. Steel. It boasts 4,000 feet of private beach on Long Island Sound as well as two islands.

Assistant Greenwich Town Clerk Kimberley Jordan said she believes the sale is the largest in town history. "It's certainly the largest I've seen and I've been here 19 years," Jordan said.

In addition to the $120 million pricetag, the buyers, Conservation Institute LLC, had to pay a total of $1,796,000 in conveyance taxes to the state of Connecticut and to the Town of Greenwich, according to Jordan. The state received $1,496,000 of the tax and the town's coffers were enriched by $300,000 in conveyance taxes, according to Jordan.

The sale was handled by David Ogilvy & Associates, the Greenwich real estate firm affiliated with Christie's International Real Estate. Ogilvy listed the property, comprised of a 30.6 acre parcel and a 20-acre parcel — in May 2013 with a pricetag of $190 million. There were price reductions and then an offered option of purchasing 30.6 acres of the estate — including the 12-bedroom mainhouse — for $76.9 million.

According to The New York Times, Rudey and his wife Laurie purchased the property for $7.55 million in 1981. According to The Wall Street Journal, Rudey decided to sell because his family was grown. 

However, according to The Times, the Rudeys had taken several mortgages against the estate because of the foundering timber industry.

Whoever moves into the home will have grand views of Long Island Sound ... after driving down an 1,800-foot long tree-lined driveway. The wood-paneled library is housed in one of two stone turrets that front the home boasts curved glass windows. There is a 75-foot swimming pool and a hot tub, which in the You Tube video, Ogilvy said, could accommodate 30 people.

The grounds had been cared for by a professional gardener Rudey hired away from the Botanical Gardens in New York, according to Ogilvy and a greenhouse where he grows the annuals and perennials that decorate the property. A professional groundskeeper from an unidentified golf course maintains the manicured grass tennis court.

The farm is named for the copper beech tree that dominates the estate, which Ogilvy said he believes is one of the largest in Greenwich.

Philip April 15, 2014 at 07:57 AM
Conservation Institute has 120mil to burn on a property which at that overvalued price only makes sense as a billionaires toy? Dosent make sense
kang May 21, 2014 at 06:06 PM
We arrange Following Bank Instruments Letter of Credit ( LC) From Various Banks in Singapore / HongKong / Europe /USA Used For Import / Export Business and Trade Finance . 90/180DAYS Bank Guarantee ( BG ) Fresh Cut Slightly Seasoned Seasoned Stand By Letter of Credit ( SBLC ) 90DAYS / 180/ 365DAYS Skype: Kangheeil64 Email: Kangheeil64@gmail.com Regards Kang
Sal Anthony May 23, 2014 at 05:30 AM
It was I who bought the home. I worked hard my whole life to save for this home. I am looking forward to moving in. I am no longer a millionaire because of the purchase. Please stop commenting any further on my home I feel it's racist thank you.

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