UPDATED: 112 Acres in Framingham Goes On Market For $17.9 Million

Eastleigh Farm in Framingham is for sale.

The real estate firm, who posted the listing, said the property was a “rare and unique opportunity to purchase one of the last farms with over 100 acres of open land only 20 miles West of Boston.”

The 112 acres is listed for sale at $17.9 million.

The property is accessed by the Town of Framingham for $190,200.

The property has been up for foreclosure several times.

The real estate listing says up to 61 lots can be developed on the property.

The real estate firm wrote the “acreage has various development options of how it can be used. The Transfer Development Rights (TDR) in which a company can purchase and transfer to their existing site which would save open space, these rights can also be banked for future use and a tax advantage. This would also be suitable for an outstanding Equine facility or a gentleman’s farm. Alternately this allows for cluster development with a 30/70 ratio or a traditional subdivision that would allow at minimum 2-acre-plus lots.”

“A true once in a lifetime opportunity,” wrote William Raveis Real Estate.

In February, the Eastleigh Farm store closed.

The Edmands Road farm also stopped production of raw milk in February.

Owner Doug Stephan began selling raw milk in 2009. Of the 200 cows on site, about 60 are involved in the raw milk production.

The farm has also been scheduled for foreclosure several times, only to have it postponed just as many times.

Stephan purchased the 100+ acre property on Edmands Road in Framingham in 2006 for $4 million. Later, he mortgaged the property for another $5.5 million.

In May, Framingham Town Meeting members approved a new zoning bylaw, which allows owners of farmland and open space to sell development rights to businesses elsewhere in town.

***

Original posted on July 20. Updated to correct factual error by reporter on July 21. The real estate firm was listed wrong. The property was listed by David Ferrini, Ferrini 4Homes of William Raveis R.E. & Home Services.