Old Salem Farm, a premier equestrian facility on 120 acres in North Salem, has finalized the purchase of a nearby property that is more than double its size.
With papers signed Friday, it is the new owner of Grand Central Farm, the 286-acre horse spread owned by hedge fund manager and former North Salem Supervisor Paul Greenwood, who in 2009 pleaded guilty to conspiracy and securities fraud and whose property was seized by the court for liquidation to repay victims.
A court overseer had accepted a $1.5 million down payment from the owner of Old Salem Farm toward the purchase of Grand Central Farm this summer. But a federal judge had given investors a final chance to make a higher bid and temporarily held off a closing.
The horse property includes a lake, pond and stream, riding ring and views of the nearly 300 acres. The barn has a slate roof, 20 stalls, a vet room, breeding and washing stalls, foaling stalls with heat and cameras.
The closing took place Nov. 8.
While the property was originally offered at $29 million in 2010 and reduced to $18.1 million, the final price was $14,902,000 in a cash. Estimated annual property taxes are $92,378 for the property, which is in North Salem and Southeast. The listing was through Ghylaine Manning and Declan Orphen of Vincent & Whittemore Real Estate in Bedford and the agent for the buyer was Kathleen Needell of the same brokerage firm.
There was some concern that the large property could have been split up and developed rather than remaining open space and horse land.
Old Salem Farm is located nearby and it has a renovated and updated barn facility with 67 stalls and boasts of featuring luxury care for horses.
It is the host of popular and prestigious horse shows—a Spring Horse Show which just celebrated its 31st year and more recently the American Gold Cup, a national equestrian competition. It is unclear how Old Salem Farm will use this newly acquired Grand Central Farm that is not directly connected to its current facility. Oddly, Greenwood once owned Old Salem Farm from 1980 to 2001 and had built the original Olympic-style riding ring.
Greenwood’s personal home, a five bedroom, 10,000-square-foot home with accessory cottages on nearly 16 acres in North Salem is empty and remains on the market for $7.5 million. He is out on bail living in North Carolina with his family and expected to testify against his former partner Stephen Walsh.