In a move that defies stark environmental warnings, a 225-year-old estate in the heart of downtown Charleston, South Carolina, has been sold in a quiet, off-market deal for a staggering $21.028 million. This sale sets the highest price ever paid for a home in the city's history.
The final purchase price reached $21.575 million after furniture and artwork were included, according to local realtor Charles Sullivan of Carriage Properties, who represented the seller. The anonymous buyer now possesses unique treasures, including a set of matching chandeliers originally from the set of the classic film 'Gone with the Wind.'
A Historic Property's Journey
Known locally as the Caspar Christian Schutt House, the property was the long-time home of the late businessman and philanthropist Wayland H. Cato Jr.. He purchased the estate in the 1990s for just $950,000 and embarked on a years-long, painstaking restoration to return it to its 18th-century glory.
When Cato acquired it decades ago, the building was in a severe state of disrepair, with pigeons and squirrels living inside. He is credited with single-handedly saving the unrenovated property from being converted into multiple condominiums. His work spearheaded a trend to maintain and protect large, estate-sized properties within Charleston's prized historic district.
The nearly 16,000-square-foot estate, nestled near the Battery and sea wall, includes:
- A four-bedroom main house with distinctive triple-tiered piazzas.
- A two-bedroom guesthouse.
- A former carriage house converted into a pool house with an indoor pool.
- Artfully landscaped gardens.
The Cato family had planned to list the home publicly this autumn, but an anonymous buyer made an unsolicited off-market offer that was too good to refuse.
The Looming Threat of Water
This record-shattering sale occurs against a backdrop of grave concerns for Charleston's future. Experts from Climate Central project that rising sea levels and worsening floods could leave parts of the historic city sitting in more than two feet of water within a decade.
NOAA Coastal Hazards Specialist Doug Marcy has outlined a worrying future for downtown Charleston. He warns that without significant adaptation measures, these regions are projected to experience daily high tide flooding by the end of the century. In a worst-case scenario, the city could be around 12 feet underwater by 2100.
Marcy specifically advised that anyone planning long-term real estate investments should seriously consider these risks. "If you're planning for things like critical infrastructure or building something to last a long time you may want to look at an extreme scenario," he stated.
Market Boom Defies Environmental Logic
Despite these clear warnings, the luxury property market in Charleston is surging. According to Charles Sullivan, the realtor behind the record sale, the metro Charleston luxury market for 2025 continues to outperform the previous year.
"The five to ten million price range exceeds last year's total with 65 properties closed, and 11 under contract," Sullivan said. "The ten million plus price range is following the same trend with nine closings to date for 2025, and 3 under contract."
This latest transaction is one of three on the peninsula to close this year for $15 million or more and is the first to exceed $20 million in metro Charleston. The allure of charming Southern architecture, low taxes, and year-round mild weather appears to be outweighing the fear of a watery future for a new generation of wealthy, often younger buyers moving to the area.
In response to the growing threat, the city is already planning to raise the existing sea wall along the Battery. The Battery Extension Project, in partnership with the US Army Corps of Engineers, aims to extend protection around the full perimeter of the peninsula to guard against storm surges and tidal floods.
