Thursday, January 12, 2006 - Last Updated: 7:17 AM
Home on peninsula sells for record $6.1 million
BY JOHN P.
McDERMOTT
The Post
and Courier
The top
price ever paid for a house on the Charleston peninsula reached a new altitude
last week, when one of the city's oldest and most historic residences changed
hands for $6.1 million, shattering the previous record by about $1 million.
At least
one prospective buyer was willing to pay several hundred thousand dollars more
than that for the William Gibbes House, according to the real estate agent who
listed the property.
The Gibbes
House, at 64 South Battery St., is designated as a national landmark and is
considered a prime example of pre-revolutionary Georgian architecture. The buyer
was Charleston native J. Elizabeth Bradham, whose husband declined to comment
about the purchase Wednesday. The sellers were Thomas and Susanne Trainer.
The home
was built in the early 1770s by William Gibbes, a wealthy ship owner and
merchant. At that time, Murray Boulevard did not exist, making the three-story
house the westernmost residence on what is now South Battery.
"It was
basically waterfront property," said Katherine Saunders of the Historic
Charleston Foundation, which owned the
Gibbes
House in the 1980s.
Gibbes was
temporarily evicted from his home in 1780 while the British army used it as a
hospital. Subsequent owners included the Rev. John Grimke Drayton, who owned
Magnolia Plantation in the 1800s. Another was Cornelia Roebling, daughter-in-law
of the designer of the Brooklyn Bridge, according to Jonathan Poston's "The
Buildings of Charleston." In the late 1920s and early 1930s, Roebling completed
one of the two major renovations at the Gibbes House and commissioned the
existing formal gardens.
The
property's single-family residence status was endangered in the 1980s, when
developers sought to convert the clapboard house into an inn or subdivide it for
condominiums. "Sound familiar?" Saunders said.
Historic
Charleston intervened and struck a deal with the owner, paying $750,000 for the
house in 1984. It restored the home and resold it two years later to a
preservation-minded buyer at a $95,000 loss, but not before putting permanent,
legally binding restrictions on certain parts of the property.
"It's a
National Historic Landmark, which is the highest designation you can get,"
Saunders said. "It's important nationally ... just like St. Michael's Church."
The
property went on the market last year. It was listed at one point for $6.85
million.
Thomas
Bennett of Carriage Properties, who represented the sellers in last week's sale,
said a prospective buyer from New York was willing to buy the 12,000-square-foot
house for $6.4 million if the original deal fell through.
"I wish I
had three more of them," Bennett said, referring to the house and its quality.
The deal
underscores the steadily rising demand for pricey historic homes south of Board
Street and elsewhere on the lower peninsula.
According
to the Charleston Trident Association of Realtors, 27 homes in that area sold
for $2 million or more last year, compared to five such transactions in 2001.
The
previous record home price for the historic area was set just down the street
from the Gibbes House in August 2003, when the Col. John Ashe House at 32 South
Battery fetched $5.1 million.
As of
Thursday, the realtors' association's database of property listings showed that
103 million-dollar-plus residences are up for sale on the peninsula, including
43 with asking prices of more than $2 million.
Topping the
list price-wise is a home north of the Crosstown Expressway. The
8,000-square-foot San Souci Street residence comes with five acres and a dock on
the Ashley River. It's available for $5.2 million.
Site Map |
|
Mark Costello
- AgentOwned Realty |
|
1400 Palm Blvd. |
|
|
Isle of Palms, SC. 29451 |
|
Cell
843.224.3233 - Fax 843.725.6532 |
|
|
|
|
|
|
Privacy Notice:
AgentOwned Realty understands and appreciates the importance of our client's
privacy and any information you provide us will be kept in the strictest of
confidence. |
|
|
Copyrights 2005 by Charleston Home Advisor.
All rights reserved.
No part of this website may be reproduced or transmitted in any form or by any
means without written permission from the owners. |
|
|