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What's Up Magazine

What’s Up? with Eastern Shore Real Estate

Jan 22, 2015 11:56AM ● By Cate Reynolds
By C.B. Scott

In this issue of What’s Up with Eastern Shore Real Estate, it’s all about the location. We profile two extraordinary residences, from a tiny Craftsman cottage to an opulent Georgian mansion, both dwarfed by the stunning waterfront properties on which they are built.

Royal Oak (Talbot County)

Primary Structure Built:         1950
Sold For:                                  $1.1 million
Original List Price:                  $1.295 million
Last Sold/Price:                      Not available
Bedrooms:                               3
Bathrooms:                              2 full, 1 half
Living Space:                           1,239 square feet
Lot Size:                                   4.8 acres

Originally built as summer cottage in 1950, the Cove Hall home was purchased by the Knapp Foundation to protect the waterfront property from development. The cottage included two acres bordering the Tred Avon River. Over time, the foundation acquired additional adjacent lots, expanding the overall property to almost five acres.
This demure cedar shingle summer home had seen better days when the foundation acquired it. According to Barbara Watkins, the listing agent, the house was gutted in 2012, and by 2013, restored to its original Craftsman style. The result is a waterfront cottage with clean lines, an open floor plan, and ample closet space. From the attic to the cellar, every room was renovated. Wood floors, crown molding, and wainscoting throughout the main floor blend seamlessly with the kitchen’s granite counters and top of the line stainless steel appliances.

The baths and powder room are tiled, and the main level mudroom doubles as the laundry room includes a hidden front loading washer and dryer. The master bedroom is on the main floor, as well, and while it only measures a cozy 120 square feet, it connects to a walk in closet and spacious custom tile bath. The second and third bedrooms, along with a buddy bathroom and sitting area, make up the second floor.

Now a bright, sunlight-filled home equipped with the comforts of a year round residence, the cottage takes full advantage the beauty of the property’s almost 1,000 feet of protected shoreline on the Tred Avon River. Bare double-pane windows bring the picturesque views indoors from all directions, with the living and dining areas on the main floor facing the river. Outside, the 27 x 8 foot front porch and custom patio provide additional space to relax or entertain.

But the restoration wasn’t limited to the cottage. With part of the Knapp Foundation’s mission to conserve and preserve wildlife and waterfowl, the area immediately surrounding the home was professionally landscaped, and the acreage restored to a habitat for wildlife and waterfowl. The property also includes a private pier.

The cottage was on the market for 245 days until it was purchased in November 2014 for $1.1 million, along with a separate 79-acre parcel for an additional $1.1 million. The buyers, who are from New York state, have friends and family in the area, and love the serene waterfront view and relaxation of the Eastern Shore.

Sources: Barbara Watkins, (listing agent), Eliza Albrecht (licensed assistant), Benson & Mangold Real Estate, 410-822-1415, ealbrecht@bensonandmangold.com

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Penderyn Estate (Queen Anne’s County)

Primary Structure Built:           1989
Sold For:                                    $3.9 million
Original List Price:                    $29 million (2006), reduced to
                                                  $8 million prior to the auction
Last Sold/Price:                        $8 Million (1999)
Bedrooms:                                 8
Bathrooms:                               11 full, 3 half
Living Space:                            22,500 sq. ft.
Lot Size:                                    18 acres

The Penderyn estate in Queenstown is all about the location. Nestled in the privacy of a peninsula on the Wye River with a 2,000-foot panoramic view of the DeCoursey Cove, it is the perfect spot for a luxurious vacation home or hideaway. But when Mario J. Boiardi, son of Hector Boiardi, better known as Chef Boyardee, purchased the 18 acres in the 1980s, he and his wife, Maureen, envisioned something a bit more opulent. The couple built a 22,500 square foot Georgian-style mansion with indulgent extravagance in almost every room, from the wood-burning fireplaces in each of the eight bedrooms to the plush drawing and billiard rooms, to the 60-foot arched marble hallway complete with marble busts and Chinese export ginger jars, a Perry of London crystal chandelier and silk-lined walls in the conservatory, and a French monastery fireplace in the family room.

The estate boasts more everyday luxuries, as well, including a heated four-bay garage, a personal sauna, and an inviting gourmet kitchen with Hobart appliances, a gas stove with six burners, and a royal blue cast iron heat-storage oven.
But the lure of this Georgian, 18th-century style estate is less the lavish European interior than the sheer beauty of the peninsula and the Wye River. According to Daniel DeCaro, the listing agent for the auction, the estate sits on one of the best lots on the entire Eastern Shore. “It’s just a magnificent lot,” he says.

Indeed, this private, yet expansive waterfront was what drew Mario J. Boiardi to the area, and he built the estate to take full advantage of it. The property’s impressive 2,000 feet of water frontage sports views from almost every corner of the residence, and a 157-foot Bailey dock with 11 slips that accesses deep water. The main residence includes multiple private balconies, a large pool and patio, and a formal English rose garden, all with unobstructed views of the water. Mr. Boiardi named it “Penderyn” after a village in Wales.

While the Boiardis remained in Queenstown, the couple sold the estate in 1999 to Morgan O’Brian, a founder of Nextel Communications for $8 million. In 2006, it was listed again, this time for $29 million. By 2013, the price had been reduced to $8 million, and finally removed in favor of an absolute auction.

Once the auction date was slated for July 19, 2014, more than 500 potential buyers toured the property in three weekends of open houses. Out of those, 16 bid on the property at the auction. Mr. DeCaro noted that the resulting price, recorded as $3.9 million in pubic records, is a significant value for the location alone.

Sources: Daniel DeCaro (listing agent), DeCaro Luxury Real Estate Auctions, 800-332-3767, info@decaroauctions.com; Michael Rosendale (buyer’s agent), Rosendale Realty, 410-643-2166, allie@rosendalerealtyonline.com