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Historic South Carolina plantation sale sets real estate record

One of the signs of a recovering economy is that major real estate transactions are being completed. For a couple years, the South Carolina housing market has been rather stagnant. However, a recent residential real estate closing marks the largest on record in the region.

The historic Medway Plantation was sold for $11 million to an international shipping magnate. The property, which is listed on the National Register of Historic Places, covers 6,695 acres and the main house was built around 1686, which makes it the oldest standing residence in the Carolinas. In addition to the main house, there are several other structures and a garden on the expansive property.

After falling under the ownership of the Medway Institute due to an inheritance in 2000, the foundation's trustee decided it was best to sell the property at a price dictated by the national and international markets. The valuable property has been on the market since 2004 and has undergone a series of price changes dictated by the local, national and international real estate markets.

In addition to being regulated by the legalities of an inheritance, the land is also protected by conservation easements. These legally-enforced agreements prevent the property from being used for commercial purposes, so it will remain a residential property, unless the easement is lifted.

Dealing with a real estate transaction of this magnitude can include stipulations and factors that are difficult for even the most business savvy individuals to complete on their own. Not only does this deal involve a large sum of money, but it has international ties and includes government-enforced land-use ordinances. The hope is that this transaction will be finalized without any major hitches so the history of the property can be preserved for future generations.

Source: The State, "Historic Medway Plantation sells for $11 million," John P. McDermott, April 14, 2012

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