Located on the western shores of Lake Mendota, the estate consists of a privately owned landmark home with a separate garage building containing a 2 bay garage and a one bedroom apartment. The two buildings are situated on Lot 4 within a 15.29 acre portion of a 37.07 acre park belonging to the City of Madison.* Ingress and egress is over the existing private driveway, which is shared with another privately owned home on Lot 3, also a leasehold.
- The current 99 year renewable Ground Lease Agreement with the City of Madison expires on January 31, 2080.
- Lease encompasses all of lot 4 (32,801 sq. ft. or approximately 0.75 acres).
- Lease payments are $322.05 per month.
- The amount of rent may be changed once every 5 years by the city.**
- The lease has been amended at the request of the lessee in 1988, 2002, and 2010, to address concerns such as
establishing a more equitable and transparent rent adjustment process.
- Owner pays real estate taxes on improvements only, as the land is leased.
- The private driveway is for the use of the residents of #1 (Lot 4) and #2 (Lot 3) Thorstrand Rd. and their guests.
A copy of the lease and addendums will be provided upon request.
* This 15.29 acre portion of the estate was purchased in 1978 by the city to preserve it as a passive recreation area, within the larger Marshall Park.
** The rent adjustment is done automatically every 5 years, using a data-based formula that is written into the lease. The last time the rent was adjusted was in 2017.
2020 REAL ESTATE TAXES
- Property Taxes - $4,587.48*
*Owner pays real estate taxes on improvements only, as the land is leased.
City of Madison Office of Real Estate Services (608) 267-8718 30 W. Mifflin St. Suite 502-507
For lease questions reach out to Jenny Frese (608) 267-8719
City of Madison Parks Division (608) 266-4711 210 Martin Luther King Jr. Blvd, Rm 104