The historic Sandy Point Farm in Portsmouth sold at auction Thursday for $2.3 million, despite efforts by a newly formed nonprofit to preserve the property as a community space.
The 6-acre estate, once part of a sprawling 280-acre Vanderbilt property, was auctioned off after 37 days of marketing by Sotheby’s Concierge Auctions. The sale is pending, with the buyer’s identity not yet disclosed.
Genna Heath, a co-founder of the Sandy Point Heritage Foundation, confirmed to What’sUpNewp that their group was not the winning bidder.
“The auction closed a little after 4 pm for $2.3 million. SPHF was not the winning bidder so we are standing by to see who the winning party was, and to see if we can pursue a partnership,” Heath said.
In a press release, Sotheby’s Concierge Auctions says the property is “pending sale for US$2.576 million after just 37 days of auction marketing”.
The foundation had raced against time to raise $1.5 million by October 15 in hopes of preserving the site as a community hub. They fell short of that goal before the auction began on October 17.
Nonprofit races to save Sandy Point Farm from auction
Sandy Point Farm features 24-stall stables, a 15,000-square-foot indoor riding arena, and additional structures. It also houses what Heath described as “the longest continuously operating music recording studio in New England.”
The property was commissioned in 1902 by Reginald Claypoole Vanderbilt, son of Cornelius Vanderbilt and grandfather to CNN anchor Anderson Cooper.
Ingrid Adolphs, another foundation co-founder, had expressed concern about the property’s fate before the auction.
“We are very afraid that the way that this is being marketed and the current conditions of the property would lead to someone acquiring it to tear it down,” Adolphs told What’sUpNewp in early October.
The foundation aimed to transform Sandy Point into a space for equine-related activities accessible to all, while preserving its historic character.
“We want to keep the core of it the same, but we really want to open it up,” Heath said. “We want to make programs that are accessible. We want to do scholarships and sponsorships of courses so that different people can get in there and actually participate.”
The group had planned to partner with local organizations such as FabNewport, the Cerebral Palsy Foundation, and the Boys and Girls Club to create impactful programs.
While the auction has concluded, the Sandy Point Heritage Foundation remains hopeful about potential collaboration with the new owner.
“We will keep you informed as things unfold in the next few days/weeks,” Heath said.
The sale was handled in cooperation with Kylie McCollough and Judy Chace of Mott & Chace Sotheby’s International Realty.
“Working with Sotheby’s Concierge Auctions allowed us to leverage a global audience and find the perfect buyer in just 37 days,” McCollough said in a statement.
Chace added, “The swift and strategic approach by Sotheby’s Concierge Auctions brought us incredible exposure and results in a short time frame, proving the power of combining our local expertise with their expansive reach.”
The closing of the sale will result in funding towards new homes built for families in need, as part of Sotheby’s Concierge Auctions’ Key for Key giving program in partnership with Giveback Homes.
As the community awaits news of the buyer’s plans for Sandy Point Farm, the future of this historic Vanderbilt estate remains uncertain.