$28 Million Price Reduction on Eastern Shore

    An Eastern Shore estate priced at $13.99 million – down from $42 million in 2008 – and owned by developer Dan Hoffler has been sold, in part.

    Hoffler, chairman of Virginia Beach-based Armada Hoffler, sold 31 acres of his sprawling 130-acre Point Farm property in Cape Charles for $3.09 million last year, according to his real estate agent, Susan Pender with Berkshire Hathaway Towne Realty. The sale, which happened about six months ago, included a six-bedroom farmhouse, 16-stall stable, indoor riding arena, tennis court, four-car garage and boat dock.

    Public records indicate the buyer is WaltzFam LLC, whose address matches the corporate headquarters of JES Companies owned by Jesse and Stella Waltz.

     The rest of the property, including Hoffler’s eight-bedroom mansion facing the water, was taken off the market, Pender said.

    At the height of the real estate boom, Hoffler listed the entire property for nearly $42 million. More than a year ago, he dropped that to $13.99 million.

    Original wood floors and a fireplace in the farmhouse date back to the 1730s and historians believe that some of the property was once owned by early settler Thomas Savage, who was given the land by tribal leader Esmy Shichans in the 1620s and passed down to family members until at least 1946.

     Several months after Hoffler put his property on the market in October 2015, he told The Pilot he wouldn’t sell the entire property for anything less than the $13.99 million price.

    “It’s a hell of a deal for someone who can use it,” he said at the time.

    Article Courtesy of PilotOnline.com. Original article can be found here

    Trackback from your site.