Where The 50 Wealthiest Bostonians Live
David Bates / March 14, 2011-7:25 pm
In its May 2006 issue, Boston Magazine named the 50 Wealthiest Bostonians. Logic has it that these folks could live anywhere they wanted in the Bay State. Where did they choose to live?
Boston was by far the most popular single location of the wealthiest. In Boston, they lived almost exclusively in Back Bay and Beacon Hill. In Beacon Hill, the wealthiest preferred single family homes in Louisburg Square, Chestnut Street and Brimmer Street. In Back Bay, the most popular address for the wealthiest Bostonians was the original Ritz Carlton condominiums located on the corner of Arlington and Com Ave.
As popular as it was to live in Boston, the majority of the 50 wealthiest Bostonians lived chose the privacy of suburban locations. A few were able to make their abodes even more private by purchasing adjacent properties, such as the CEO that purchased a $2.8 million property in 1998 and then spent $6.7 million on the adjoining address in 2008. New England Patriots owner Robert Kraft also appears to have spent $2.5 million in 2004 to purchase the two acres of land (and buildings) next to the 3.5 acres on which his 11,000-square-foot Brookline house is located.
While some of the wealthiest lived abundantly on large estates — for example, John F. Fish (#33) of Suffolk Construction whom, according to public record, has a 14,421-square-foot home on four acres in Milton — others lived more modestly, like John Abele of Boston Scientific, #3 on the list. This man, estimated to be worth more than $3.3 billion, appears to have sold his home on Fairhaven Hill in Concord for a modest $1 million in 2007. And at least one of the 50 wealthiest Bostonians was a renter: Jack Welch, the famed former CEO of General Electric.
Real Estate value as a metaphor is not lost on the wealthiest Bostonians as evidenced when Henry Termeer, the CEO of Genzyme and #42 on the list, communicated to the Boston Globe that he thought an $18.5 billion offer for Genzyme was low by saying “this is not a fixer-upper; this is beachfront property.”