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Ziegler Farm, a piece of undeveloped waterfront land spanning about 52 acres in Connecticut, has sold for $57.5 million.
The property, in the affluent New York City suburb of Darien, was listed last year for $85 million, according to Leslie McElwreath of Sotheby’s International Realty, one of the listing agents.
The sellers are descendants of baking-powder entrepreneur William Ziegler, who purchased large swaths of property in the area around 1900 as a summer home.
The buyer is unknown.
The Ziegler family couldn’t immediately be reached for comment.
McElwreath said a large number of developers looked at the property, floating ideas for residences, a private club, a corporate retreat and a hotel. She declined to comment on the buyers, other than to say they don’t have any “immediate plans to do anything.”
Members of the Ziegler family owned the farm and an adjacent roughly 60-acre parcel known as Great Island. Great Island was purchased earlier this year for $85 million by the town of Darien, which plans to open the island to the public. The two contiguous parcels on Long Island Sound are some of the largest remaining undeveloped pieces of land in the area.
Ziegler Farm’s only building is an old cow barn, but the property has approved plans to build up to 14 homes. There are two paved roads in place, along with water, electric and sewer lines.
During the third quarter, luxury sales in Fairfield County dropped 26.2% from the third quarter of 2022, according to real-estate appraisal firm Miller Samuel. But McElwreath noted that Connecticut has seen several pricey home sales this year, including a $138.83 million deal for Copper Beech Farm in Greenwich. Connecticut’s proximity to New York City is attractive for local and international buyers, but some high-priced homes are being purchased by wealthy people adding to their real-estate portfolios without necessarily becoming Connecticut residents, she said.
McElwreath had the listing with Joseph Barbieri of Sotheby’s International Realty. Kristina Stewart of Outlook Realty represented the buyer.
Write to E.B. Solomont at eb.solomont@wsj.com