One of the biggest land listings in the Adirondacks is back on the market after a Texas developer backed out of an eye-popping deal for the property.
Todd Interests walked away from its $125 million contract for the 36,600-acre Whitney Park estate, citing a hard stop in the late owner’s will that forbids selling the land to New York State, the Adirondack Explorer reported. The collapse ends what had briefly looked like a breakthrough.
In recent weeks, the Dallas-based developer floated a 200-year lease of roughly 32,000 acres to the state as a workaround to the terms put forth by John Hendrickson’s estate. Hendrickson barred state ownership after blaming Albany’s management of a previous land sale for wiping out native trout in Little Tupper Lake.
Todd Interests said Gov. Kathy Hochul’s administration rejected the lease, insisting instead on outright acquisition. That impasse killed the deal.
“This seems to be an unsolvable challenge,” Shawn Todd told the outlet, saying the company couldn’t deliver the state a fee-simple purchase without violating the seller’s instructions. Trustee Edward Hendrickson confirmed that the developer had pulled out, putting the coveted tract back on the market at its full asking price.
The breakdown marks Todd Interests’ second retreat in a deal tied to the Whitney estate. Weeks earlier, the firm abandoned its $12.9 million option on Cady Hill, the Saratoga Springs mansion owned by John Hendrickson and his late wife, socialite Marylou Whitney. At the time, Todd said Whitney Park remained the firm’s priority.
The will’s prohibition on selling to the state — long seen as the likeliest steward for a parcel that includes more than 6,000 acres of ponds and lakes and nearly 5,000 acres of wetlands — set up a difficult dance.
Conservation groups told Todd they oppose long-term leasing, arguing only state or nonprofit ownership ensures permanent protections. Meanwhile, the developer learned late in the process that some lawyers viewed the restriction as binding only on the trustees, not future buyers, an interpretation the estate disputes.
For Long Lake, a town of fewer than 800 residents, the stakes are high. Net proceeds from a sale are earmarked entirely for the municipality, potentially delivering a windfall several times its annual budget.
The trustees say they remain committed to maximizing value while protecting the property’s legacy, but that the ban on state acquisition is non-negotiable.
That leaves one of the Adirondacks’ crown jewels — larger than Manhattan and anchored by the historic, 17-bedroom Camp Deerlands — in search of a deep-pocketed buyer willing to navigate a conservation minefield.
— Holden Walter-Warner
Read more
Hochul moves to claim Whitney Park for preservation
Texas developer in contract for $125M Adirondack estate
Massive Adirondack estate reduces price to $125M