Written by Dan Shibilia
The Searles Estate did not just fall into the City’s hands overnight. Before Methuen stepped in, the property had sat on the private market for years with limited traction, despite its architectural significance and regional name recognition. Coverage in the The Eagle-Tribune documented repeated attempts to market the estate and the financial challenges tied to its size, upkeep costs, and zoning limitations. Mayor Perry’s intention was to save it from destruction. After his passing, this feel to Mayor Beauregard.
Mayor Beauregard convened the committee and the consensus was to go out to RFP to find a qualified buyer who would focus on restoration, preservation, and adaptive reuse. This was met with some contention by the council.
Why am I rehashing this… because history matters.
It underscores something uncomfortable but true: there are not many buyers in the world for a 19-acre historic estate with a 74-room mansion that requires millions in restoration and ongoing maintenance.
And there are even fewer buyers willing to do exactly what a municipality wants done with it.
When a private redevelopment proposal threatened large-scale residential conversion, the Methuen moved to purchase the estate for $3.25 million in 2024. Reporting at the time made clear the urgency and the City acted to prevent what many feared would become dense residential use. (See reporting from WBZ NewsRadio and the Eagle-Tribune on the acquisition and the Mayor’s preservation rationale.)
In October 2025, the City Council considered accepting a Survey and Planning Grant from the Massachusetts Historical Commission to advance formal National Register of Historic Places designation for the estate.
Council minutes from October 6, 2025 show the resolution failed on a tie vote. In a vocal effort that continues to this day, Councilor Soto voted against it. This action left many scratching their heads as the RFP still references pursuit of National Register status. But in the world of preservation finance, actions speak louder than fact sheets.
When a municipality declines funding specifically intended to advance historic designation, investors notice… and not in a positive way.
National Register listing can unlock tax credit pathways, grant eligibility, and financing mechanisms that are often essential for properties of this magnitude. Without a clear, unified push toward that designation, the signal becomes… less certain.
For a preservation-minded buyer, certainty is oxygen. For the City, owning a historic estate is not the same as saving it.
Earlier this winter, a serious buyer was widely reported as being on the brink of submitting a proposal for the historic Edward F. Searles Estate, the 19-acre property on Lawrence Street the City of Methuen purchased in 2025 with preservation at the forefront of its planning. (Source: https://wbznewsradio.iheart.com/content/methuen-to-sell-searles-estate-mayor-says-preservation-is-key/?utm_source=chatgpt.com)
But that buyer, artist Hunt Slonem, has now purchased a sprawling Gilded Age mansion in Newport, Rhode Island, rather than moving forward here in Methuen.Instead of Methuen, the investor turned to Newport. His newly acquired Seaview Terrace is one of the largest privately owned Gilded Age mansions in Newport. As reported by Cottages & Gardens and other outlets, the estate is a nationally recognized landmark with significant historic cachet. (Source: https://cottagesgardens.com/artist-hunt-slonem-buys-the-largest-privately-owned-gilded-age-mansion-in-newport/)
Newport has long established itself as a city aligned with historic preservation investment. The ecosystem, zoning, tax credit familiarity, political messaging, supports that identity. Meanwhile, out City Council appears to be a activity working against anything that resembles Newport’s commitment to historic preservation.
Here is the uncomfortable truth that doesn’t fit neatly into campaign talking points: Properties like Searles are rarely purchased by investors purely out of nostalgia.
More often than not investors looking at estates of this size want to eventually reimagine the land. Think large-scale adaptive reuse. Think dual-zoned creative redevelopment. Much along the lines of Tuscan Village… partially residential, partially event space, or adapted into mixed-use concepts. Across the region, large historic properties that cannot sustain themselves as single-family residences are frequently converted or paired with residential development to make the numbers work.
When municipalities restrict too tightly without providing financial pathways, such as the path to getting the property on the national registry the council shot down late in 2025, the buyer pool shrinks to essentially nothing.
And when the buyer pool shrinks, leverage disappears.
To be clear: the City’s decision to prevent demolition was generally supported. The alternative proposal at the time included significant residential density that many residents opposed.
The City acquired a complex, high-maintenance asset without a business plan, and now finds itself trying to sell under preservation constraints into an already narrow buyer market. All while seemingly fighting against a council that seems to be determined to tow the line of appearing to support historic preservation while favoring what many assume is self enrichment.
How can I say that? That's horrible to accuse them of such behavior. Just look at the behavior and votes. Council votes create ambiguity around historic designation support, the optics are not ideal when investors look for alignment with city officials. When they see division, hesitation, or mixed messaging, they recalibrate… which is a nice way to say they take their time and money elsewhere to avoid drama.
So, what does this mean for Methuen?
The Searles Estate is still under RFP. Bids are scheduled to be opened March 23. So, the opportunity is not gone but the margin for error is thin.
Buyers capable of restoring and maintaining a property of this size under tight preservation expectations are few and far between and they are not lining up to deal with the petty politics our Council has made a mainstay.
Losing even one serious contender matters because if preservation becomes financially unrealistic, history suggests what eventually happens: pressure builds for residential overlay, zoning changes, or density concessions to make the math work. All signs point to this being the goal of the Council.
That is not fear-mongering. It is market reality.
Methuen acted boldly to save Searles. Now it must demonstrate something equally important… that it understands the scale of what it bought, the limits of the buyer universe, and the consequences of sending uncertain signals. This is a lot of pressure for City and while the Mayor's office seems to be aware, Council clearly hasn't been made aware.
Historic stewardship requires unity. Otherwise, the market will quietly move on … as it just did.
Where are you now?
With just weeks before the bids open, Chair Soto wants to hold a public meeting 5 days before bids open (that means the RFP closes and we can see who bid and what they offered). This after her outburst at the council meeting about placing a call pretending to be a perspective event host, another stating she was a Methuen City Council and she wanted to walk the estates, and third undisclosed call with no response. Her statement about “gifting" the estate is just factually inaccurate.
I appears that Chair Soto has a self inflated sense of importance to believe that anyone outside of Methuen cares about her status as a Councilor. Arguably (and rationally) one can assume that this behavior presents as off-putting at a minimum.
The mayor has openly opposed this meeting from the table. Seemingly not in opposition to a public hearing but more focused on a concern over timing and potentially losing ye
t another unicorn buyer.
We shall wait and see how this evolves. ch to learn.
