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August 3, 2023

Greenwich waterfront estate with ties to Ray Dalio sells for record $139M

Contributed by Sotheby's International Realty 499 Indian Field Road, Greenwich.
By Andrew Larson

A Victorian-influenced, French Renaissance-style waterfront estate in Greenwich has sold for $138.83 million, setting a record as the most expensive property ever sold in Connecticut.

The 50-acre property at 499 Indian Field Road, known as Copper Beech Farm, sits on a private peninsula and is the largest waterfront parcel in Greenwich with nearly a mile of frontage, according to Sotheby's International Realty, which brokered the deal.

It once held the distinction of being the most expensive home in the country. In 2013, it was listed for $190 million, according to the Wall Street Journal.

The property, which offers views of Long Island Sound, contains walled gardens, a swimming pool, a grass tennis court, apple orchard and two private beaches.

The 13,519-square-foot home built in 1898 has eight bedrooms and eight bathrooms, and is situated at the end of an 1,800-foot driveway lined with trees and cobblestone. There are several auxiliary buildings, including a carriage house, gatehouse, pool house and two greenhouses. 

The interior contains oak paneling, plaster frieze moldings, fireplaces and 12-foot ceilings in the main rooms. 

The sale was arranged by Leslie McElwreath and Joseph Barbieri of Sotheby's International Realty – Greenwich Brokerage, in collaboration with Nikki Field of Sotheby's International Realty – East Side Manhattan Brokerage.

"Copper Beech Farm is the crown jewel of the Greenwich coastline," McElwreath said. "It's an awe-inspiring compound complete with every conceivable luxury for a sophisticated live, work, and play retreat."

Sotheby's would not release the name of the buyer, but according to town land records, the buyer is an entity named LCT Range LLC.

The property was previously owned by Conservation Institute LLC, according to town land records. The principal of that company is listed as  Jonathan P. Whitcomb of New Canaan, a partner at Stamford-based Diserio Martin O’Connor & Castiglioni.

However, it has been speculated that the person who actually bought the property in 2014 under the name Conservation Institute LLC was billionaire Ray Dalio, according to Bloomberg.

The property was originally the home of industrialist John Hamilton Gourlie.

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