Historic Estate in Michigan Sells for $12.8 Million

News Summary

A luxurious 17,000-square-foot estate in Washtenaw County has set a new benchmark for real estate sales in Michigan with a closing price of $12.8 million. Spanning nearly 100 acres, the property was previously owned by businessman Louis Ferris and showcases a stunning architectural design inspired by Frank Lloyd Wright. This landmark sale indicates a growing trend in luxury properties in the region, reflecting increased interest from buyers seeking more spacious living conditions compared to coastal markets. The transaction marks a potential shift in the Michigan real estate landscape, drawing attention from industry experts.

Ann Arbor – A historic property in Washtenaw County has set a new benchmark for real estate sales in Michigan, with a sale price of $12.8 million closing on August 29. This sale is among the highest reported in recent years and highlights the growing interest in luxury properties in the region.

The estate, previously owned by Ann Arbor businessman Louis Ferris, spans nearly 100 acres in Superior Township and features a sprawling 17,000-square-foot home. Designed by architect W. Keith Owen, the house takes inspiration from the designs of Frank Lloyd Wright, exemplifying a blend of modern architecture and natural surroundings.

After spending over a year on the market, the estate was initially listed at $10 million. However, due to strong buyer interest in acquiring additional acreage not included in the original listing, the price was subsequently increased. The sale was facilitated by Dan Gutfreund of Sotheby’s International Realty in Birmingham, while the buyers were represented by Brent Flewelling from Reinhart Realtors. The identities of the new owners remain undisclosed, citing privacy reasons, although they are believed to be local residents.

Features of the Estate

The estate is distinguished by its luxurious amenities and elaborate design. The residence includes a high-end kitchen that features dual fuel stoves, multiple refrigerators, and a caterer’s kitchen outfitted with premium appliances. The grand living area includes floor-to-ceiling windows, a great room with cathedral ceilings, and extensive cherry paneling. There is also a luxurious home theater designed to accommodate 16 guests and a gym that offers views of the extensive grounds.

The outdoor space is equally impressive, featuring an infinity pool, a large fountain, and a waterfall. Extensive landscape works have been carried out to accommodate agriculture and wildlife, with sheep, cattle, and a pond gracing the property, as well as a functioning blueberry farm.

Additional features include heated marble flooring, stained-glass doors, and a uniquely designed Harley-themed commercial bar and game room. The lower level hosts a wine cellar capable of storing up to 3,703 bottles and advanced smart home technology for added convenience and security.

The Michigan Real Estate Landscape

This remarkable sale points to a broader trend of increasing confidence in Michigan’s real estate market. The area has seen an influx of residents relocating from states such as California and Oregon, seeking more spacious and luxurious living conditions at more reasonable prices compared to the coastal real estate markets.

In recent years, high-priced transactions have been uncommon in the Midwest. The sale of this property draws parallels to luxury real estate markets typically found in places like New York and Los Angeles, highlighting a potential shift in local market dynamics. Industry experts note that sales at such high volumes were once thought to be rare in Michigan and suggest that this may signal a rising trend in luxury home sales.

Historical Significance of the Property

The property has an interesting historical background, as it was once part of land owned by Tom Monaghan, the founder of Domino’s Pizza. Built in 1994, the estate not only represents a significant milestone in terms of the sale price but also embodies a unique blend of history and modernity in architectural design.

With the successful closing of this sale, real estate professionals are keeping a close watch on the market, anticipating that this transaction could lead to further increases in luxury property prices throughout Michigan.

Deeper Dive: News & Info About This Topic

• Crain’s Detroit: Estate Near Ann Arbor Fetches One of Highest Michigan Prices in Years
• Wikipedia: Real Estate
• DBusiness: Estate in Ann Arbor Sells for $12.8M – Largest Price in Michigan Over Last 5 Years
• Google Search: Michigan Real Estate Market Trends
• MLive: See Inside $14M Ann Arbor Home by Famous Mid-Century Modern Architect
• Encyclopedia Britannica: Architecture
• Bridge Michigan: Tale of Two Cities – Ann Arbor Now Outpaces Detroit Real Estate Values
• Google News: Ann Arbor Real Estate