In an extremely rare occurrence in property sales that is perhaps a sign of the times, a number of the privately owned historic plantations in South Carolina have gone up for sale, ranging in price from as low as $3 million to as much as $20 million for the most expensive.
According to housing experts, the sluggish economy is one reason for the change of ownership, but as Reuters reported, maintenance costs and also generational changes in ownership are also thought to be factors in the increasing number of South Carolina plantation sales.
Of course, these plantations aren’t suitable for everyone, as Charleston-based real estate broker Helen Geer told Reuters:
“These places are very, very expensive to take care of, and people are cash-strapped right now.”
Currently, South Carolina has eight plantations listed for sale. The plantations come with a rich history, having grown crops ranging from rice, cotton and indigo since the days of Colonial rule, even before the Civil War began. Friendfield Plantation, the most expensive of the lot at $20 million, is said to have once been lived in by Jim Robinson, great-great grandfather of no less than Michelle Obama, and the property comes with the unique distinction of standing slave houses.
Geer pointed out that these properties are most unusual for South Carolina, as the state is far behind the likes of New York, Los Angeles and Connecticut as far as its property values are concerned.
As Geer explained to Reuters, “We don’t have that many $8 million plus properties in South Carolina”.
But buyers are out there somewhere.