Access denied: Ipswich's Little Neck officially closes to public - Ipswich, MA - Ipswich Chronicle.
There are at least four Little Neck homes up for sale: 4 Little Neck Road, $649,999; 30 Plum Sound Road, $489,000; 29 Middle Road, $565,0000 and 18 Baycrest Road, $650,000.
The average price per lot the town received in the August sale was approximately $186,747.
The cottages themselves are quite modest. Most are at least 80 years old, many less than 1000 square feet, many not winterized. Anywhere else, no one would say they were worth more than $75,000.
When the Feoffees -- trustees of this fine piece of land, whose charge was to steward this 1650 gift to the schools of the town of Ipswich, Massachusetts to produce maximum income -- sold the land at a small fraction of its real value, to its tenants, they did something that reasonable people would call criminal.
The students of Ipswich -- this generation, the next generation, and dozens of generations after them -- should have had the windfall. Instead, the tenants got it. Let's say those 3 cottages sell for a mere $500,000 on average. $187,000 paid for the land and $75,000 worth of cottage add up to $262,000. The other $238,000 each was a very generous gift from the students' trustees to 166 cottage owners. Calculate it. That's $39,508,000 -- over and above the $31 million -- that should have gone to the students' benefit, and instead was gifted to the tenants. And their well-compensated attorneys and consultants and public relations folks.
Look for an article next week detailing all the wonderful things that this year's installment of the interest on the $31 million -- well, not that much, net net net.
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