If you’re looking to fall for Darien, CT, drive to Ring’s End Landing. It begins by turning off of Boston Post Road at Saint Luke’s parish. You take a sloping shot past stately homes until you reach the stone bridge, which is flanked by arguably the most picturesque sound waters on the Gold Coast. Travelers can turn right, left, but to continue straight and you’d have to go through imposing gothic gates with a no trespassing sign made on Old World tile. It looks like the kind of entrance you’d expect to see at a school for wizards. But soon you won’t need magic or an illegal action to continue forward. On May 5th, this private residence, known as Great Island, will be owned by the town.
Great Island is the Board Walk of American real estate. This iconic property has it all— provenance, 60 acres rimming the water, a 13,000 square foot manor home, beach cottage, equestrian facility and it’s the largest private island ever to be offered for sale on the East Coast. Darien saw a chance to secure an unspoiled property and made it happen. “What an incredible ad value to our town, children and community,” says Jennifer Leahy, the real estate agent on the purchase and local resident.
Great Island: A little history
Great Island was originally owned by the Zeigler family. The family patriarch, William Zeigler, was one of the founders of the Royal Baking Powder Company. As written in his obituary, he wasalso a passionate financier of Arctic explorations and lived his final years at Great Island until his death in 1905 at age 62.
Zeigler’s adopted son, William Zeigler Jr, inherited half of his fortune and remained president of the Royal Baking Company until it merged with Standard Brands in 1929. He is listed as residing on Great Island in 1917 while he recuperated from appendicitis.
William Jr had two children with his second wife Helen, William Jr III and Helen. In 1950 Helen married the equestrian gold medalist Bill Steinkraus. According to Steinkraus’ obituary, he was considered one of the greatest riders in the history of equestrian sports. Steinkraus made all six United States Olympic teams from 1952 through 1972, missing only the 1964 Games in Tokyo due to his horse’s running up lame. Steinkraus won Olympic gold in show jumping at the Mexico City Olympics in 1968.
Epic piece of real estate
Leahy, who had performed 80 tours of the property in two weeks, is most certainly connected to the home. “I put miles on my legs!” she says. According to the listing, Great Island’s circa 1905 manor house is surrounded by views of the Long Island Sound and detailed with fine craftsmanship inspired by the Italian craftsman era. There’s also a three-bedroom stone house, 19th century farmhouse, seaside bungalow, beach cottage and dock. The compound’s equestrian facility was designed by renowned architect Rafael Guastavino of Grand Central Terminal notoriety.
The transaction
The excitement surrounding what would become Connecticut’s second largest real estate sale was multi-faceted. “The first bidders were developers,” says Leahy. She was also approached by former First Selectman Jayme Stevenson, who started the conversation about the town of Darien being a possible buyer. (Leahy also serves on the planning and town board.) “At that point I had not thought the town would be the buyer. It was a difficult to get everyone organized,” she says.
Having New York City in Leahy’s back pocket, she tapped into her city connections—notably developers. There was interest because developers wanted diversification in Connecticut and venturing into a secondary market showed promise. Where were the license plates coming from on Leahy’s showings? “New York,” she says. “I always thought Great Island was going to be sold to a developer.”
First Selectman Monica McNally and Jim Palen, Chairman of Darien Board of Finance, were proactive in securing the property. After a few price reductions, Darien purchased the property for $85 million. Leahy notes that the original bid was for $103 million, which was in alignment with other bids, and was renegotiated to $85 million after due diligence was conducted.
Darien sought an opportunity
With an original price tag of $125 million, a bidding war on a property of this magnitude wasn’t in the works. The high number defines a narrow margin of buyers. “Great Island has been viewed by various town leaders as something that the town really should have…someday. It has been offered for sale, on and off, since 2016, but the town never made a move to acquire it,” says McNally. “When it came to the market this time, I thought it was our last chance and the right time for us to move forward. We worked to garner support from town and other community leaders. The purchase was strongly supported at a public hearing by residents young and old, then was approved by a large margin by our Representative Town Meeting.”
Financing
$85 million is no paltry sum for a town, and grumblings of how to purchase the property has been shared over social media. Says Palen, the Board of Finance will fund acquisition of Great Island through the issuance of long-term tax-exempt debt that will be repaid over a period of 30 years, similar to a mortgage, and therefore the effect on the annual budget will be muted and is not expected to place any pressure on education or public services.”
Palen also notes that Darien has earned an AAA rating from Moody’s Investor Service, which is the highest category that a municipality can receive. Such a rating provides access to attractive borrowing costs.
Says Leahy, “I think Monica and Jim Palen did a banner job in moving quickly by not letting this opportunity slip away from us. They had to vote, it was the summer, and they did their jobs for the residents of Darien.”
Why Darien lucked out
Leahy describes Great Island as the love child between Greenwich’s Tod’s Point and New Canaan’s Waveny. “I knew what would have happened if a developer would have bought Great Island. Those trees were coming down,” she says.
When we the public has the chance to visit the island, Leahy describes a variety of moments they’ll enjoy. From strolling down riding trails that echo pastoral life to a possible bald eagle sighting. There’s even cacti indigenous to Connecticut. We can only imagine the marriage proposals and mental health breakthroughs that will happen here, and all for the positive.
Environmental impact
Chris Filmer, President of The Friends of Selects Woods, is also a Darien Great Island acquisition supporter. “After three decades with the Darien Land Trust, I appreciate how precious our open space is and how devastating its loss is to the local habitat. Our town is overbuilt, and it seems that the only way to construct a new building is to demolish an existing structure and the fauna and flora that surround it. Native trees, decades in the making, disappear, as do the thousands of nature’s creatures they supported.”
Great Island offers us a one-time opportunity to save and be stewards of sixty beautiful acres. “I probably won’t be here to enjoy its natural treasures for long, but it’s heartening to know that in 2023 we put our faith, not in opulence, but many a native tree,” says Filmer.
McNally agrees that preserving this environmentally sensitive island from intensive development is sacred. “The wildlife that lives and uses the land and water there is diverse and flourishing.” This is the home of all kinds of wildlife, which include blue herons, ospreys, along with clam and oyster beds. “People fish in the coves surrounding the island. The area is pristine, with old growth trees,” she says.
What now. . .
“We will move forward, exploring opportunities to utilize the land in a careful and considerate manner, while keeping residents informed as we move through the process of opening the property to the public,” McNally says.
Darien is now the caretaker of this one-of-a-kind destination and we will share the mission to relish in its natural eminence. “With some improvements, our town residents will enjoy the views and the peace and tranquility the island offers. We will also discover other ways to more actively enjoy the spaces. This property offers so much to our residents, they will find their own ways to connect to it,” says McNally. “And it will add to the numerous reasons people seek to live in Darien. There is no doubt that Great Island is a great investment for Darien.” Ned Steinkraus , whose family has cherished Great Island for over 120 years, calls the island a magical place. Their family offers a bittersweet farewell. “We are confident they will be top-notch stewards of the land and preserve it for all to enjoy.”
The story originally appeared in the May issue of Darien Neighbors.
Photography by Infinite Creator
