The expansive Indianapolis estate of late businesswoman and philanthropist Christel DeHaan has now officially been sold, setting a state record in the process.
Residential real estate brokerage Encore Sotheby’s International Realty announced Friday that the sale of the 41,762-square-foot Indianapolis mansion closed Sept. 2 with a purchase price of $14.5 million, topping the listing price by $500,000. The price was the highest ever paid for a private estate in Indiana history, Encore Sotheby’s said.
Aspen, Colorado-based M Development agreed to buy the 168-acre property along Michigan Road, just west of the White River, in April.
Corte Madera, California-based retailer RH, which operated as Restoration Hardware prior to 2017, plans to lease and operate the property as a massive home furnishings showroom, interior design gallery, upscale restaurant, wine bar and outdoor furniture gallery.
RH’s goal is to open the showroom in summer 2023. The 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 and Stan Burton of commercial real estate brokerage Avison Young.
Johnson said selling the estate was the “highlight of [his] 25-year career.”
According to Encore Sotheby’s, the sales 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.
“The residents of Indianapolis will soon have the opportunity to experience the grandeur of this amazing estate and private gardens,” Johnson said of RH’s plans for Linden House.
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 is unique in Indianapolis, with 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 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.