Eddie Scott has a new approach to develop the Ardrossan Farms in Radnor, writes Natalie Kostelni for Philadelphia Business Journal.
Scott divided the property into 64 1.25-acre lots and priced them at $1.5 million. Prospective purchasers could combine sites if they wanted a bigger plot and donate a portion to be preserved by the North American Land Trust.
Scott, of Core Capital Realty Inc., has found a sweet spot in the market. Just four lots remain, with possibly two more created in the future.
“Things are going pretty well,” he said. “We’re ahead of schedule.”
The 800-acre estate off Newtown Road at Darby-Paoli Road was owned by the Montgomery-Scott-Wheeler family and made famous by the movie “Philadelphia Story”.
Scott, grandson of Edgar and Hope Montgomery Scott, has overseen the sale of large tracts of the estate.
Buyers—local and wealthy—are drawn to the Ardrossan property for its large tracts, views and proximity to Philadelphia. Buyers are combining multiple sites and building expansive stone mansions.
The owners get a tax write-off by donating the land to the trust, with the undeveloped property managed by a homeowner’s association and left in perpetuity as fields and meadows.
Read more about Ardrossan Farms here.