A Washtenaw County estate has sold at a sale price that’s among the highest in Michigan in years.
The estate of late Ann Arbor businessman Louis Ferris on Friday afternoon closed on the sale of nearly 100 acres in Superior Township — which includes a 17,000- square-foot home with architecture inspired by Frank Lloyd Wright — at a price of $12.8 million.
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Image: James Cooke
Such sale prices are rare in the area, with only a few properties going for more than $8 million in the past several years, according to multiple listing service data.
The property, just northeast of downtown Ann Arbor, had been on the market for over a year and was listed by Dan Gutfreund with the Birmingham office of Sotheby’s International Realty. Brent Flewelling with Reinhart Realtors in Ann Arbor represented the buyers, whom he declined to identify, citing privacy concerns, saying only that they are local to the area.
Image: James Cooke
Listed last summer at a price of $10 million, the buyers emerged within the last few months and sought to buy additional acreage not initially part of the offering, driving up the price. Now, the new owners will have the W. Keith Owen-designed home that includes an updated kitchen with high-end appliances, a backyard infinity pool and dozens of acres dedicated to agriculture and wildlife, including sheep and cattle, as well as a pond and blueberry farm.
The “opportunities are endless” with the added acreage, Flewelling said on behalf of his clients.
Image: James Cooke
“Artistry shines through with stained-glass doors, while high ceilings and heated marble flooring enhance the luxurious feel,” reads the marketing copy for the recently sold home. “Entertain guests in the Harley-themed commercial bar and game room that opens to the pool area, or relax and watch a movie in the sixteen- seat home theater. The home gym overlooks the beautiful property, adding inspiration to every workout.”
Built in 1994, the home sits on some property once owned by Tom Monaghan, the founder of Domino’s Pizza and former owner of the Detroit Tigers. Monaghan’s main estate, also in Ann Arbor, is currently listed for sale with Flewelling as the listing agent.
Image: James Cooke
For Gutfreund, the sale marks the culmination of a year’s work, and such deals “can suck the life out of you,” he said.
“So many intricacies to it,” Gutfreund, who primarily works in the Birmingham and Bloomfield Hills area, said of the process. “This is a very niche, unique market because you’re dealing with less than 1% of the 1% for this type of purchase. And not everybody is investing $10-plus million in Michigan real estate. You can count it on one hand.”
Image: James Cooke
By Nick Manes — Reporter covering residential real estate and local mortgage companies as well as the Detroit mayoral race for Crain’s Detroit Business. Joined Crain’s in 2020 after six years as a reporter at MiBiz.
News, Residential Real Estate, Real Estate
Courtesy of: https://www.crainsdetroit.com/