METHUEN — Selling the Searles Estate would keep the city’s costs, including those needed for maintenance and code compliance, from ballooning, according to City Councilor Joel Faretra.
It took multiple meetings, a disagreement over city procedures and rigorous debate for the City Council to approve the purchase of the Searles Estate for the $3.25 million last fall. On Monday, the council will be asked to discuss and potentially vote to authorize the city to look for buyers for the historic estate with conditions that would keep the public involved and further the city’s interests.
Officials and local experts have reasoned the best way to safeguard the estate without breaking the bank is to allow private ownership with strict guidelines to ensure preservation and public access.
Faretra explained “the city was not looking to wash their hands” of the estate.
He said the purchase had been about getting “site control” to curb any potential development. As owner, the city could move forward and find a buyer, whether that be a private entity or nonprofit, to make the necessary investments while still keeping the city involved.
The city has so far already spent or authorized $250,000 for insurance and maintenance costs.
However, Faretra said the spending necessary to bring the estate up to code, including ADA compliance, could cost millions, especially since the city has to go through a more complicated bidding process for contractors with wages set by the state.
“I don’t think people realize how much it would cost to bring it up to code,” he said.
At least one serious buyer, famous artist Hunt Slonem, has expressed interest in the 19-acre estate which includes a 74-room mansion.
The estate was built by wealthy interior designer Edward F. Searles in the late 19th and early 20th century. Before the city took ownership, the property was overseen by the Sisters of the Presentation of Mary, who operated a high school on the property.
The school has since closed and the number of sisters living at the estate had dwindled leading up to the sale to the city.
Baked into the city’s request for proposals are requirements including that prospective buyers must restore and maintain the estate to historic preservation standards, keep historical artifacts intact and protected, build no residential housing and seek the estate’s designation as a National Historic Site and its listing on the National Register of Historic Places.
Additionally, the city will not just look at price, but the buyer’s plans for the property including how they keep the public involved and maintain the estate.
In a letter to the council, Mayor D.J. Beauregard asked councilors to move quickly and approve the measure as presented.
“As you know, the resources allocated to support the estate are limited. Moving forward expeditiously is critical to securing a sustainable and responsible future for the Searles Estate,” he said.
The sprawling estate is valued at more than $11 million by the city.