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Luxury

Former Morgan Stanley Chairman S. Parker Gilbert's Plantation Lists for $17.5 Million

Mulberry Plantation, a 1,705-acre estate featuring a historic main residence that is among the oldest plantation houses in South Carolina, is on the market for $17.5 million.

Thirty miles north of Charleston, Mulberry was established in 1679 primarily as a rice plantation, according to histories of the estate, which is in the National Register of Historic Places. In addition to the 5,000-square-foot main house built in 1714, there is also a 5,500-square-foot-house built in 1835 and a 3,100-square-foot guesthouse built by the owners. The acreage includes formal gardens, bass and duck ponds, hunting grounds for dove, turkey, and deer and 2 miles of frontage along the Cooper River.

The property was owned by the late S. Parker Gilbert, former chairman of the board and president of financial services firm Morgan Stanley, and his wife, Gail. The Gilberts bought the manor house and 800 acres in 1988 for $2.55 million, according to public records. They bought it from the Historic Charleston Foundation, which had purchased the plantation a year before in order to protect it from development. The Gilberts added the adjacent acreage in 1991 and donated conservation easements that limit alterations to the main house facade, formal gardens and surrounding land.

Mr. Gilbert, who died in May, headed Morgan Stanley in the 1980s, during which time he took it public. Gail Gilbert, 76, who lives in New York, is selling the estate because "it was very much my husband's place. He loved the outdoors," and particularly hunting and fishing, she said.