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The sale of the expansive Indianapolis estate belonging to late businesswoman and philanthropist Christel DeHaan officially closed Sept. 2, setting a state sales record in the process.
Aspen, Colorado-based M Development agreed to buy the 168-acre property along Michigan Road, just north of West 38th Street, in April. The firm is working with California retailer RH—which operated as Restoration Hardware until 2017—to convert the building into a massive home-furnishings showroom, interior design gallery, upscale restaurant, wine bar and outdoor furniture gallery.
RH expects to open the showroom next summer. The high-end retailer has opened similar galleries and restaurants in Boston, Chicago, Dallas, New York City and San Francisco.
The estate, known as Linden House, was co-listed by Mike Johnson of Encore Sotheby’s International Realty and Stan Burton of commercial real estate brokerage Avison Young. The 41,762-square-foot mansion sold for $14.5 million—about $500,000 more than the listing price—making it the highest-valued sale for a private estate in Indiana history.
According to Encore Sotheby’s, the price topped the previous state record for an estate sale set in August 2021 by a property at 8551 Hunt Club Road in Zionsville, which was acquired by Rajkishore Una, CEO of tech firm GyanSys, for $12.35 million.
DeHaan died in June 2020 at age 77, with her estate going on the market early this January. The home was initially marketed as a private residence.
The lakeside home has 61 rooms, five fireplaces, terraced patios, indoor and outdoor pools, acres of gardens, and other amenities. Half of the home was designed to serve as DeHaan’s private residence, and the other half was set up to accommodate events and other gatherings.
Proceeds from the sale will go to the Indianapolis-based Christel House Foundation.
Christel House serves 6,688 students at nine schools: four in Indianapolis, two in India and one each in Jamaica, Mexico and South Africa. The organization also provides students with five years of post-graduation support in the form of financial, academic and career assistance through its Christel House College and Careers program.•
Check out more year-in-review stories from 2022.
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