One-of-a-Kind $7.2 Million New England Estate Has Languished on the Market for 2 Years—and There’s an Intriguing Reason Why

A grand turn-of-the-century estate perfectly perched on the northernmost tip of Marblehead, MA, has been lingering on the market for more than two years—despite offering a “once-in-a-lifetime opportunity” to own a rare piece of local history, as well as a spot in the area’s most sought-after neighborhoods.

The dwelling known as Broadmere was built in 1900. Located on the waterfront on Fruen Point, it overlooks the “serenity and activity” of the Salem Sound.

With sweeping ocean views, manicured grounds measuring 2 acres, and plenty of old-world luxury, the residence is both rare and remarkable.

It features nine bedrooms, nearly 10,000 square feet of living space, and abundant historical charm, as well as thoughtful updates to bring the home into the modern era.

The one thing it does not have is a buyer—despite having been on the market since June 2023, when it was first listed for just a touch under $8 million.

The reduced price of $7.2 million in June this year failed to attract significant interest.

The home was originally constructed for a member of the Appleton family—a prominent name in Boston’s early 20th-century insurance industry. Today, it’s an enduring embodiment of that turn-of-the-century elegance in an area that has attracted titans of industry over the years.

The dwelling is located just a stone’s throw from a stunning mansion that was once home to W. Gardner Barker, former chairman of the Lipton Tea company, and sold for $6.8 million in 2024.

Broadmere retains many of its original luxurious features, including high ceilings, crystal chandeliers, and a grand staircase leading to the home’s nine bedrooms and 6.5 bathrooms.

The waterfront home sits in a quiet, private neighborhood on Olmsted-designed grounds. It features a pool, pool house, 200 feet of shoreline, and private dock with mooring.

“Several properties have one or two of those components. But to find a property that has all those components … is very unique on the North Shore,” listing agent Jack Attridge says.

The home, which is situated outside of a flood plain, is largely protected from extreme weather, a rare find for waterfront homes.

“Being off the open ocean means less exposure to storms but still access to the Atlantic via Salem Sound,” the listing agent explains.

What’s more, the property has not been available for sale since 1995, when it changed hands for just $1.6 million.

The family, including the children and grandchildren, that owns the property has enjoyed it for more than 20 years. After the parents died, the two adult siblings, who no longer live in the house, made the decision to sell.

Attridge believes the home has not been shown “to its full potential” over the past two years—largely, he explains, because it has been occupied by a tenant during that time.

The agent stays tight-lipped about the nature of the relationship but hints at tension during the selling period.

“There was a tenant in the house, which made showings difficult. … They moved out this past spring, and after a price reduction, we’ve seen renewed interest,” he notes.

Attridge says the slow sales period was exacerbated by decreased housing market activity following COVID-19. That’s now turning around, with many buyers eager to get a slice of the Marblehead magic.

“Since December last year, Marblehead has had three sales over $5 million. … Waterfront estate properties remain elusive and in high demand,” he shares.

But the local real estate agent, whose family has lived in the community since the 1600s, emphasizes that Marblehead isn’t a destination for the flashy and famous who typically gravitate toward waterfront estates.

“You won’t see the commonality of big, expensive cars and opulence. You’ll see the person who has it all sitting next to the landscaper at the local bar. It’s not the Hamptons.”

Instead, this waterfront haven offers entry to a lesser-known but vibrant and humble community of 20,000 residents, rich with its own history.

The peninsula, just 4.5 square miles, sits off the North Shore of Boston and has the largest concentration of pre-Revolutionary War homes in the country, according to Attridge. That even includes a residence that once belonged to one of America’s Founding Fathers.

Settled in 1629, Marblehead became one of the largest fishing communities in New England and played a key role in the American Revolution, with its ships vital to the Continental Navy.

Today, it remains a sailing hub popular for its historic architecture, boasting plenty of New England charm grounded in working-class roots.

“We still have a diverse housing stock—it’s not all million-dollar homes,” Attridge explains.“Since the 1980s, it’s become more affluent, but it still has a humble, blue-collar New England feel.”

“Whether it’s someone in need or a school team going for a state title, people show up and support each other. There’s tremendous community spirit.”

Now, Attridge hopes to hand over the keys so someone new can enjoy the best of what Marblehead has to offer.