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HomeMy WebLinkAboutJune 2002: "Shorewood" I I I 1 1 « SH R 1 O EWO OD 1 2265 NORTH SHORE DRIVE I ORONO, MN I I I I I I 1 REPRESENTED BY: I MEREDITH HOWELL ROBERT HARTFIEL 1 COLDWELL BANKER BURNET 1 JUNE, 2002 I I %1P:i° t 40' I . 1,141P4 s f \ h i..` �:fur/i I 1 O ' i,. i;il 1..4?,-, _ • , „. .,� .. I ,t ' ,,,•• ir,,,,,.;-4, :„. _ •• ... _,,,,,„'',' 6 in 1111 .F { IF _ i or N1 I IN ,k , r+ '40'r r . , 1 . ki ... .''''''' ...0*** - .__... - --,..... -.....,.............. . ' r-.. .....___ L ,. r I \,._ , , , 1 I I 1 I I GOI.DW�L Meredith E.Howell �pp REALTOR® BAN la President's Elite Club Distinctive Homes Division BURNET Bus. (952)476-3692 Res: (952)475-2585 Fax: (952)475-9290 Car: (612)940-4566 Wayzata Office 201 East Lake Street Wayzata,MN 55391 /���,� I.,rdexly 0,1.And Opmvu b By NRT.,@ pmwd CrID METHODOLOGY "SHOREWOOD" This 48 acre property, presently owned by the Kingsley Murphy Jr. family, is one of the largest single-home parcels remaining in the entire Lake Minnetonka Area. It is rich in history, varied in topography and situated in, arguably, the most desirable... remaining...location. The owner intends to retain some acreage for a new home presently being designed in the northwest corner of the property. The owner has considered what the value of the land should be based upon appraiser's opinions of sub-divided value, a study of market comparables, conversations with the City of Orono, etc.; however, it is their preference to have the "market" establish the sale price with potential buyers giving consideration to the following preferences (in order of their priority): 1. The property, including the existing house, will be purchased in its entirety by a single buyer. 2. The existing house and some surrounding acreage will be purchased as one parcel with the remaining land divided into as few building sites as possible. 3. Special consideration should be given to the preservation of the large stand of original growth maple trees in the center of the property 4. The Murphy family will remain in their existing home until completion of the new one. All proposals should include a provision allowing this. The request of the seller: • Prospective buyers should come forward with their perception of how the above preferences would be addressed along with a dollar bid. • Individuals/developers, using their own approach and creativity, should develop their concepts of sub-division and pricing and submit accordingly. HISTORY "SHOREWOOD" Long considered on of the most admired estates remaining in the Twin Cities, "Shorewood" is being offered for sale for the first time since the mid 40s. In the late 1800s, James J. Hill purchased a large parcel of property which included "Shorewood" and the land up to the Arcola Bridge. He had plans to build his grand estate on this exceptional piece of real estate. Around the turn of the century, James J. Hill abandoned the idea and sold the land north and west of the Arcola Bridge to Thomas Henry Shevlin, a lumber tycoon and industrialist. In 1903, Mr. Shevlin built their sprawling summer home and began what is now known as "Shorewood". The original property encompassed all of the Pink Palace property, Bay Ridge Road, the present Walter Ringer property, the French Creek subdivision, and the Minnetonka Center of the Arts. In 1910, Mrs. Shevlin died and in 1912, Mr. Shevlin died; thus, leaving the estate to his three children Thomas, Florence, and Helen. Thomas, having been the then owner of "Highcroft", did not desire additional property. Subsequently, the property was divided in two. The land east of the James J. Hill railroad went to Mrs. Helen Shevlin Beckwith where she and her husband built the "Pink Palace". The property north and west of the railroad, now called "Shorewood", went to Mrs. Florence Shevlin Tenney. "Shorewood" now consisted of approximately 119 acres, presently divided as follows: Ringer Estate 14 acres Murphy Estate 48 acres Tenney Estate 11.78 acres French Creek 40 acres Mtka. Center of Arts 5 acres (approx) Mr. and Mrs. Tenney spent their summers raising their three children at "Shorewood" and living on Park Avenue in Minneapolis in the winter. Mr. Tenney raised Guernsey cows and in 1918 built two identical barns just off the service driveway of the current Murphy estate. Mrs. Tenney, an avid bridge player, built a small cabin in the woods for her bridge group. This cabin was known as "Little Woods". The cabin was added on to over the years and is now the home of Mr. and Mrs. Walter M. Ringer, Jr. Mr. Tenney died in the spring of 1936 leaving the property to his wife. After World War II, Mrs. Tenney elected to sell to Mr. and Mrs. Kingsley H. Murphy, Sr. 88 acres of land consisting of the barns, the main house, the caretaker house and other improvements. The 88 acres included what is now the French Creek subdivision plus the 48 acres which the Murphy, Jr. family own today. Mrs. Tenney gave her daughter, Mrs. Alice T. Mitchell, 14 acres where the "Little Woods" house was located and approximately 5 acres where the Minnetonka Center of the Arts sits today. Mrs. Mitchell built a school on the Minnetonka Center of the Arts property and sold the 14 acre "Little Woods" property, presently owned by Walter M. Ringer, Jr. In 1946, Mrs. Tenney built a home on the west end of the property, similar in design to "Little Woods". That house, surrounded by 11.78 acres, is today the home of her daughter-in-law, Mrs. William L. Tenney. When Mr. Kingsley H. Murphy, Sr. died in the late 50s, Mrs. Murphy returned to her home in Minneapolis. Her son and daughter-in-law, Mr. and Mrs. Kingsley H. Murphy, Jr., took over ownership around 1960. Extensive work was done to winterize and modernize the home. During the mid 1980s, Mr. and Mrs. Kingsley Murphy, Jr. sold the 40 acres across North Shore Drive to Edward N. Dayton, developer of French Creek. SUMMARY OF STRUCTURE STATISTICS MAIN HOUSE Built: 1900 Square Footage: main floor 4061 second floor 3533 7594 sq. ft. MAIN FLOOR ROOMS: Main floor public rooms are characterized by their large scale, open and friendly feeling, hardwood floors, and distinctive leaded glass windows. Living Room (42x25)/ Dining Room (22x20): Large and open with high coffered ceilings, hardwood floors, and fireplace at living room end. Diamond shaped leaded glass windows. Walks out to spacious wrap around screened porches with terrazzo floors and bead-board paneled ceilings. Library (26x21): Lined with floor to ceiling bookshelves and oak paneling. Featuring large brick fireplace. Kitchen (20x15)/Pantry (15x9): Well appointed handsome kitchen highlighted by polished copper accents, hand painted Portuguese tiles, and distinctive hand pounded nickel sink in butler's pantry. Garden Room (20x13)/Laundry (15x9)/ Mud Room: Functional with continuous sunny views across south lawn and gardens; updated and pleasant. Garage: Attached to home; drive-through (doors on both sides); heated and large enough to accommodate four or more vehicles. Formal Powder Room: Off entry, featuring hand painted tiles. . .. i - 1 ' ,- _ .. ---,4.-.:.,7*- • ' ' - - —AIL°., ..lt•"•—'' ----"„s.2,...-:- ;'- , •• feki - _- fl °14 , .. torawAr., al . i f ir t I I ' . i A,,,411.0-.: '• ; t I,1 '',. 1 t r. ,.. ', '. , ; , , ,,,.‹ ..... ...,::1 : ' -_ • _. g 2. . - * ' 1 et-- • . ... :-.1, ---„. 1.....,- is.L.„ . •.. -.--. ---. - -...ir.1.1sol•N' .., . .,.., ... ..... ....-......... .:4",*?:. ,.... •••... ' ''-.^-.- k _.............--- 9 _. .. -- --:, - . , gimmil. - . . 14111., , - P 1, ,. _, i :.'i 1 . .:- 'ttAsoi -• A 1 • I , . • .., sit i . 14 ! - . . . ; • , -\ ',..-411). -,. :;..: ,:...\ • , , ',8.• , •.,• ..Ak....... --:: 1 • 414,t rivA(..*.ir - ,..,, ,,, , - i 'l ,,r-' . III j -- ir V Vi 4)'37,47r, I glitt li , , .7.- ._,-Af . ,' ; 111) tiii • • IIR i P f � x :, . yc' 004 d 9 '---' p • * ■ J 1 /• f,' ///fl • 1 1 1 arsacwit;fikta X1414 1 ___ SII r. :x. , , .., 1 ill1 . , I p , .. • ,, , iii �s . SECOND FLOOR: Master Suite (24x18): Recently remodeled, corner gas fireplace, built-in bookcase, and tray ceiling. Magnificent southerly and westerly views. French doors lead to a private deck overlooking lake. Separate and newly remodeled "his" and "hers" dressing rooms and baths. Four additional bedrooms and three baths THIRD FLOOR: Several more rooms currently used only for storage, requiring extensive renovation to be usable as living area. BASEMENT: Full unfinished below grade basement, used for storage and mechanicals. Features tunnel to lakeside and boat house. TOWER: Attached at the opposite side of garage, contains several small rooms with stairway and look-out. Has not been renovated. MECHANICALS: • Gas, hot water boiler • Air conditioning servicing master wing only • Private well • Private septic system-although city sewer in North Shore Drive EXTERIOR ARCHITECTURE: • Brick and stucco-English Country • Cedar Shingle roof CARETAKER'S COTTAGE SUMMARY OF LAND STATISTICS ACREAGE: • According to survey, 45.2 acres • According to tax records, 48.3 acres • 41.2 acres: dry; 7.1 acres: wetlands • Approximately 780 feet of south facing lakeshore on Crystal Bay of Lake Minnetonka. • Rolling terrain, wooded areas (including stand of original growth maples), grassland area, and low lying wetlands. REAL ESTATE TAXES: $45,080 (2002) PID: 10-117-23-33-0002 SCHOOLS: Orono #278 'A .4• AA *'/ , , .N _ X ,,,, '-',.:',_-..:i:Ii-:-....,''.-.::' '..: ,...:1,', 51► '= cG-�T KiF j a, i 11 S A.1,, ., F .:y i., j •34`,4. .. f -.+Ta �•. rim - _.. r•,: 0 •i - ri•..-. ' y '� - - .sF F £ Y ,. !f Pe,%. ,,....i.'!-.. ' F CC FU PAW f ,ilb= �. ti, .�� - - jf- - '..L., _ - - t4T • �e �„w VALUE ANALYSIS Not since the sale of the Pillsbury estate on Brackett's Point in 1991, has there been a Lake Minnetonka property of such scale available for sale. While it is the fervent desire of the seller that this property would sell to a sole buyer, it is understood that determining value may equate to viewing the property as a sub-divided basis. The seller will receive presentations from developers as well as individual buyers. Deed restrictions (other than those already encumbering property-site line-no build lines-see survey) are not currently required. A quantitative approach to pricing on the property can only be achieved by viewing it from a sub-divided basis. Appraisals and preliminary discussions with developers indicate a wide range of sellout potential from $12 to $21 million. Presenters should consider the following: • Seller is retaining some acreage including the "ruins" as a building site for their new home, currently being designed. • Seller will not vacate their current home until their new home is finished (18-24 months approximately). • Seller prefers as little invasion as possible of "the woods". • If developed, seller prefers as few lots as possible-retaining privacy and charm. • Seller wants to realize ultimate financial potential-but may choose to meld price, density, preservation, and esthetic considerations. • GRAPHIC SCALE (ix r rT) T J Io I 1 070 5,r1 ________. ii1.)AEI 1+t✓ ass a 9a9e .'� I O.0: / 0 I I • _1 -'N..a _ I_ L. 1! ill � 1;I I I z _....y .. ° �-f __ -B9 z3b' .. 7—IR . — �,� .T --RE DRIVE 11 } 1 �.L— . . OUNTY ROAD S. 51 - --1486.73-- - .._. .�c�.rsinra � N�1 a `57l' 1t� 00 \ NW CdIMu OF SW V.of - 1$� IS Mlr. \ I KZ.f f eR ek. �.�.. NW . Y, x/ ! illr T11E p VN,SEG 10.T ti).1113.....":x '). '� "II ., Si ... 9601+ /sy%,.) 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