Phipps Estate Under Contract To Be Sold
Updated: Thursday, April 1, 2004 11:57 AM
Posted: Wednesday, March 31, 2004 1:38 PM
The estate of Ogden Phipps has reached an agreement with Kean Development Co. for the sale of a 158-acre wooded tract of land of the Phipps family's Old Westbury property on Long Island, N.Y., according to Newsday
. The property had been listed for a year at a price of $35 million. The price paid by Kean Development remains confidential.
"This has been the most sought after piece I have ever worked on," said John Kean, a principal of the firm, who did not divulge plans for the property.
The property, which includes facilities such as a horse barn, greenhouses, and cottages, plus a racetrack and an apple orchard, is zoned for one residential dwelling on every four acres. Considering that part of the land would be used for roads, etc., the maximum number of private tracts figures to be between 25 and 28.
Ogden Phipps, whose grandfather, Henry Phipps, was a partner in the steel business with Andrew Carnegie starting in the 1800s, died at age 93 in April of 2002. An Eclipse Award winner breeder and owner, Phipps was a former chairman of The Jockey Club, a post now held by his son, Ogden Mills "Dinny" Phipps. The latter, who races champion filly Storm Flag Flying, has two siblings, Robert and Cynthia.
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