A massive property once owned by the late Yankee Candle founder was sold after years on the market — and a $18 million discount
· Business Insider
Courtesy of Surette Media Group
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- Yankee Candle founder's estate in Massachusetts sells for $4.55M, far below the $23M asking price.
- David and Kerry Reasoner bought it and plan to transform the property into a luxury event space.
- A developer's vision of converting the estate into a senior living community didn't materialize.
Michael Kittredge III, the son of Yankee Candle founder Michael Kittredge II, sold his family's property, which includes 120,000 square feet of living space, for $7.25 million after initially listing it for $23 million.
Three years after Michael Kittredge II died in 2019, his son decided to list the home in 2022. It sat on the market for years, and a Florida-based developer, Josh Wallack, had grand ideas for the property.
Wallack had planned to turn the compound into a luxurious senior living community with affordable housing.
"This is going to be amazing. Regular people can buy one of these units and live in this amazing place that is like heaven on Earth," Wallack told Business Insider in 2024.
Unfortunately for him, that plan never came to fruition as it was sold to a PGA professional for $4.55 million.
David and Kerry Reasoner bought the property and plan to turn it into an event space and luxury destination.
"We feel incredibly fortunate to be involved with Juggler Meadow and look forward to being a part of its next chapter," the Reasoners told Boston.com.
See what the sprawling compound looks like before its next chapter.
The former home of Yankee Candle founder, the late Michael Kittredge II, went on the market in September 2022.Yankee Candle Founder's estate goes up for saleCourtesy of Surette Media Group
The $23 million listing quickly went viral thanks to its litany of amenities.
The sprawling estate is located about two hours outside Boston in Leverett, Massachusetts.Yankee Candle founder estate hits the marketCourtesy of Surette Media Group
The estate encompasses 120,000 square feet of living space spread across eight separate structures, including a main house, a clubhouse, a spa, a pool cabana, two guest houses, and two car barns.
The compound sat on the market for months before its price was slashed from $23 million to $14.9 million.Yankee Candle founder's estate hits the marketCourtesy of Surette Media Group
The main residence is a 25,000-square-foot house designed in the colonial style. It was originally constructed in the 1980s.
Wallack wanted to turn the estate into an active senior living community.Yankee Candle founder estate hits the marketCourtesy of Surette Media Group
Wallack and his family stayed at the estate's guest home in 2022 after he hit it off with Michael "Mick" Kittredge III.
As an expert in rezoning, Wallack said the Kittredge family asked him what he thought they should do with the property.
"Instead of looking for one billionaire to buy this mansion, let's take all the land underneath it and build 700 homes and allow regular people to live here and use your father's mansion as the social club," Wallack said he told the family.
The project would also have offered 25% of the units at affordable housing rates.Yankee Candle founder estate hits the marketCourtesy of Surette Media Group
If approved, Wallack's plan would have allowed people 55 and older to buy individual units on the property, where they would have full access to amenities like an onsite restaurant, cafe, tennis and pickleball courts, and a beauty parlor.
Wallack said the community would have been comprised of 25% of units at affordable housing costs and 75% of units at market rate.
Someone making $84,000 a year would pay about $1,875 a month for an affordable unit, Wallack said.
That plan fell through after a buyer swooped in.Yankee Candle founder estate hits the marketCourtesy of Surette Media Group
PGA professional David Reasoner and his wife, Kerry, purchased the home for $4.55 million, property records show.
The property sold at an $18 million discount.Yankee Candle founder's estate hits the marketCourtesy of Surette Media Group
The property first went on the market in 2022, asking $23 million.
The buyers probably won't live in the property as Kittredge did.Courtesy of Surette Media Group
The Reasoner family plans to update the property's use to a luxury getaway and event space.
"Our immediate focus is on learning the property, protecting and maintaining it, and being respectful of its history and legacy," Reasoner told the Boston Globe.
The main residence has six full bathrooms and five half-bathrooms spread out between five bedrooms.Courtesy of Surette Media Group
The house features 11 fireplaces, including in some of the bathrooms.
The lower level of the house has a 10-seat movie theater.Courtesy of Surette Media Group
Kittredge was a car enthusiast who had two temperature-controlled car barns built at the estate.Yankee Candle founder's estate hits the marketCourtesy of Surette Media Group
The spa is a major attraction at the compound and houses a fitness center.Courtesy of Surette Media Group
The compound also features basketball and tennis courts.
Kittredge had three outdoor tennis courts and one indoor court constructed at the estate.Yankee Candle founder's estate hits the marketCourtesy of Surette Media Group
The indoor tennis court also doubles as a concert venue, which has hosted such bands as The Doobie Brothers, as well as KC and The Sunshine Band.
The fitness center takes up 4,000 square feet and has multiple locker rooms.Yankee Candle founder's estate hits the marketCourtesy of Surette Media Group
A bowling alley is situated in the 55,000-square-foot spa.Yankee Candle founder's estate hits the marketCourtesy of Surette Media Group
The compound also has a two-story arcade.Yankee Candle founder's estate hits the marketCourtesy of Surette Media Group
In addition to an outdoor pool, the estate also has an indoor Bellagio-style water park.Yankee Candle founder's estate hits the marketCourtesy of Surette Media Group
It is full of slides, waterfalls, and palm trees.Courtesy of Surette Media Group
The original listing said the estate is set up like a private country club and includes a nine-hole golf course.Courtesy of Surette Media Group
The clubhouse, which looks out on a pool and two cabanas, has four bedrooms, two bathrooms, and a full kitchen.Yankee Candle founder's estate hits the marketCourtesy of Surette Media Group
The compound is also home to two guest houses.Courtesy of Surette Media Group
"There was nothing he loved more than bringing his family and friends together and hosting parties at his home," Kittredge's son said in a 2022 press release.Yankee Candle founder's estate hits the marketCourtesy of Surette Media Group
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