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Eight Months Later, Phillips Seafood Estate Stills Asks $32M

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Location: Annapolis, Md.
Price: $32,000,000
The Skinny: It's always an emotional process for a homeowner to lower the price of a property he or she has poured a lot into, particularly when total renovation costs amount to many, if not tens of, millions. Such is the case with Friary on the Severn, the 23-acre estate owned by Phillips Seafood CEO Steve Phillips and his wife, Maxine. When they first saw it, the couple somehow found charm within the decrepit, raccoon-infested, 1922 brick mansion in Annapolis, Md., and instead of demo'ing it and building anew, the Phillipses decided to save the place, hiring architect Charles Anthony for a full-scale restoration. Now the main house is 26,000 square feet with 10 bedrooms, and the property, sited on a 140-foot cliff, also hosts an Asian tree house, a guest house, two pools, a tennis court, and a private dock. Friary on the Severn was first listed for $32M in May 2012, and that's where the pricetag remains today. Perhaps even a slight bump south would finally help this labor of love—one of America's many grand homes owned by food-industry titans—sell?

· Friary on the Severn [Sotheby's]
· Crab Kingpin Lists Sprawling Maryland Mansion For $32M [Curbed National]