Real Estate - Residential

High Dollar Sale: Mansion Goes For $4.9M

By Cece Nunn, posted Mar 2, 2018
Designed by Lincoln Memorial architect Henry Bacon, the home at 7521 Masonboro Sound Road in Wilmington sold this week for $4.9 million. (Photo courtesy of Landmark Sotheby's International Realty)
A Wilmington property that includes a mansion designed by Lincoln Memorial architect Henry Bacon has sold for $4.9 million, a real estate firm announced Friday, in a deal hailed as the highest-priced residential sale in New Hanover County in more than 10 years.

The property, called Live Oaks and also referred to as the Parsley Estate after the original family that owned it, holds a neoclassical Southern mansion on 7 acres along the Intracoastal Waterway at 7521 Masonboro Sound Road.

"Built in 1913, Live Oaks was a summer playground for the rich and famous of the early 20th century, hosting the likes of the Vanderbilts and Astors as frequent visitors," stated an announcement from Landmark Sotheby's International Realty.

David Benford, broker in charge of the Wilmington office of Landmark Sotheby's International Realty, represented the buyer, Oak Forest Properties LLC, and the sellers, Hormoze and Suzanne Goudarzi, in the transaction. 

Benford said Friday that the home had been on the market for about a year. In addition to being part of one of the largest deals in the county in more than a decade, Benford said, Live Oaks is "also one of the most unique properties with one of the best views."

The only higher-priced New Hanover County sale of a strictly residential property took place in March 2005 and was the $5.25 million sale of the home at 49 Pipers Neck Road on Figure Eight Island, said Kathleen Baylies, broker in charge of Just For Buyers Realty, based on a search of the N.C. Regional Multiple Listing Service. 

When the Goudarzis bought the Live Oaks property, for $4.25 million in 2015, according to New Hanover County property tax records, they did so with the aim of keeping it from being subdivided and redeveloped, Benford said. It was not their primary residence.

Redevelopment "would have taken away from the character of that neighborhood, and it would have ruined the character of this home that was built in 1913," Benford said.

The buyer is keeping Live Oaks as one house on one property, he said.

"They're pleased that they attained their goal," Benford said of the Goudarzis.

Henry Bacon, who "spent much of his youth in Wilmington," according to the North Carolina Architects & Builders biographical dictionary, also designed the Donald MacRae House, which is now the parish house for St. James Episcopal Church on Third Street in downtown Wilmington.

Story On The Map

Ico insights



Tax Reform: Depreciation Changes

Chad Wouters - Earney & Company, LLP

Non-profit or Social Enterprise: Why it Matters

Diane Durance - UNCW Center for Innovation and Entrepreneurship

Using a Supplemental Needs Trust for the Benefit of a Disabled Person

Kara Gansmann - Cranfill Sumner & Hartzog LLP

Trending News

Off The Beaten Path, These Cafes Are Worth Special Trips

Jessica Maurer - Mar 14, 2018

Developer Again Seeks Military Cutoff Rezoning With 'less-intensive' Plan For The Avenue

Cece Nunn - Mar 16, 2018

Steak N' Shake Still Aiming To Establish Wilmington Presence

Jessica Maurer - Mar 14, 2018

Marina Grill Opens Today At Port City Marina

Jessica Maurer - Mar 14, 2018

Toys R Us Demise Could Put Valuable Wilmington Property On Market

Cece Nunn - Mar 15, 2018

In The Current Issue

MADE Winners - Functional Product Category

Flow Sciences LLC, Maverick American Spearfishing and Surgilum made the list of MADE Winners in the Functional Product Category....

Rouse On Remaking The Mall

Changes are on the way to Independence Mall, one of the most high-profile commercial properties in the Cape Fear region. On April 5, the Rou...

MADE Winners - Food And Beverage Category

Apple Annie's Bake Shop, Goodness Gracie Gourmet Foods and Wrightsville Beach Brewery made it onto the MADE Winners - Food and Beverage Cate...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!



WilmingtonBiz Expo - Keynote Lunch with John Gizdic, CEO, New Hanover Regional Medical Center
Wilmington's Most Intriguing People of 2017
2017 Health Care Heroes