A 9,000-square-foot estate in Andover that one family has owned for more than 200 years is for sale — again.
The grand home on South Arm Road has 16 bedrooms, seven bathrooms and sits on a 126-acre lot that straddles Route 120. The same family has owned it for eight generations, but now they’re selling it for $2.2 million.
Known as the Merrill House, the property was acquired by Ezekiel Merrill of Massachusetts in 1791 after he served in the Revolutionary War.
Merrill initially built a log cabin on the land, then his grandson, Henry Varnum Poor, and great-grandson, Henry William Poor, expanded the house to what it is today through a series of additions in the 1800s. The last significant expansion to the property took place in the 1890s, said Jason Clark, a realtor at Coldwell Banker Realty and the listing agent for the property.
Henry Varnum Poor was also one of the founders of Standard and Poor’s, which later became the S+P 500, a stock market index that tracks the performance of the 500 largest public companies.
American architects Stanford White and Frederick Law Olmsted contributed to the various expansions of the estate as well. White is believed to have designed the home’s great room while Olmsted, who designed New York City’s Central Park, laid out the property’s landscape.
The home is on the National Register of Historic Places and the estate was the set for some scenes in the 1997 movie “The Myth of Fingerprints.”
The pair of brothers who own the home have put it on the market, changed the price and then taken it off the market at least four times between 2019 and 2023, with asking prices ranging from $1.2 million to $2.3 million, according to Zillow records for the property.
It was put on the market again this summer with an asking price of $2.2 million.
“We’ve had a fair amount of interest over the time we’ve tried to sell it, but we honestly didn’t know how to price or market it,” said Nick Chandler, co-owner of the property.
The family realized they were under-pricing the estate in previous sale attempts, which was a consequence of not having other similar properties in the region to compare it to, Chandler said.
However, Chandler said the family is selling the property “at a pretty aggressive discount” because they believe whoever buys it will likely need to spend money renovating it for whatever use they have planned for it.
The property also comes with opportunities for passive income through a 30-year ground lease with a solar company and a timber harvesting agreement that the sellers arranged, which are reflected in the updated price, according to Clark.
The family decided to sell it several years ago because its members are spread out across the country with limited ability to maintain it and manage it as a rental property. Additionally, the next generation of the family isn’t interested in taking over ownership and maintenance of the site, he said.
“It’s a lot to manage the rental business,” Chandler said. “We’re looking for somebody who enjoys the history, the region and wants to sustain the property.”
The family used the home as a lodge for fishing trips or ski vacations, he said. However, it’s used primarily as a short-term rental for events and gatherings such as corporate gatherings, weddings and retreats.
While Nick Chandler said he’d accept a buyer who wanted to use the estate as a seasonal or year-round home for their family, he believes renting out the property for events would likely be a better use for it.
“We have some good interest now, so hopefully we’ll find a good buyer,” Chandler said.
The property has seven structures, including three barns, two utility sheds and two residences. One home is the large main house and the other is a four-bedroom “caretaker’s cottage.”
A portion of the main building is considered three-season, as it doesn’t have heat. However, another part of the house capable of sleeping eight people is able to host guests year-round, said Clark, the listing agent.
Aside from the homes, the property offers fields, wooded areas, walking trails, mountain views and frontage on the Swift River, Clark said. It’s also a 30-minute drive from ski destinations,
including Sunday River Resort and Black Mountain.
Both Clark and Nick Chandler said the most striking part of the estate is the great hall, which was the most recent addition to the main house. The space has a large fireplace, cathedral ceilings, chandeliers and a massive window that looks out over the land.
“It’s breathtaking — there’s nothing like it,” Clark said.
Peter Chandler, Nick Chandler’s brother who co-owns the property, said the home is full of evidence of its lengthy history and several legends and rumors are connected to the home. Those stories include a rumored ghost, a tunnel that has never been found and a bricked over secret room.
“The place is so filled with legend, lore and tradition,” Peter Chandler said. “It’s a goldmine for someone who can appreciate the history of it. My heartfelt wish is that it be preserved as a landmark for early American life.”