Brokers wrapped up a blockbuster deal in Boston's Back Bay this week, finalizing the $14.5 million sale of the Ames-Webster mansion.
But it took three years and a hefty 37 percent price cut before a deep-pocketed Saudi businessman snapped up 306 Dartmouth St., one of the largest properties in the neighborhood.
The grand 26,000-square-foot property — with 50 rooms and 28 fireplaces and parking for up to six cars — hasn't been serving as a home but rather the offices of owner Raymond Property Co., a Hub real estate developer.
Originally listed in January 2010 for $23 million, then transferred to broker Campion & Co. in May 2011, the property had one price reduction to $18 million in November 2011.
306 Dartmouth was built as the home of Stephen Van Rensselaer Thayer and his wife, Alice. The wealthy Thayer was president of the Institute of 1770, Hasty Pudding Club and the Harvard Boat Club. But during construction, Thayer died at the age of 24. The home was bought by Charles Whitney, who sold it to prominent capitalist Frederick L. Ames in 1880.
Ames was born into great wealth in the 1830s. His great-grandfather founded the Ames Shovel Works and Ames invested heavily in railroads, becoming one of the principal owners of the Union Pacific Railroad.
Ames was determined to give this home his personal stamp, so he hired the architectural firm Sturgis and Brigham to extensively renovate the home and add a four-story, off-center tower — highly fashionable at the time.
The renovation also doubled the size the home's dining room, and added some of the finest museum-quality finishes including a skylight by Jean-Joseph Benjamin-Constant. The French artist's work is housed in collections across the world including New York's Metropolitan Museum and Russia's Hermitage.
Campion's listing boasted that the mansion has an "embassy-worthy main floor with handsome carved wood and elegant detail at every turn. The main entry is covered in hand-applied tesserae glass mosaic and bordered in market. The great hall, with its elaborate staircase and tower, is 60 feet long.
According to real estate records, the buyer of the property was FAL Boston LLC, an entity managed by Fahad Al-Athel, a Saudi sheikh and head of FAL Holdings, a conglomerate based in Riyadh. FAL was represented by broker First Boston Realty.
It's unclear at this point what Al-Athel intends to do with the property — keep it as an office, convert it back to a single-family residence or divide it into condominiums. The property has duel permit status both commercial and residential.
One thing is certain: The powerful Neighborhood Association of the Back Bay will be watching closely.
Jennifer Athas is a licensed real estate broker. Follow her on Twitter @JenAthas.
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