A swath of land encompassing Whitney Park is seen from above. (Provided photo — John Hendrickson)

LONG LAKE — A Dallas-based developer of high-end housing, golf courses and resorts is on the verge of purchasing two famous Whitney properties — the heralded 36,600-acre Whitney Park in Long Lake and the historic Cady Hill mansion in Saratoga Springs.

Todd Interests Chairman Shawn Todd said his company entered into contracts to purchase the two renowned properties from the estate of the late John Hendrickson, widower of Marylou Whitney. Whitney, the heiress who inherited the vast holdings of her late husband Cornelius Vanderbilt Whitney, died in 2019, leaving the wealth to her husband John Hendrickson. He died last August.

Whitney Park is of particular interest in the Adirondacks as Hendrickson carried on his and his wife’s philanthropy by directing that net proceeds from the sale of the pristine wilderness and its unique residences go to the town of Long Lake for its unrestricted use. Edward Hendrickson, executor of his brother’s estate, recently listed Whitney Park at $125 million.

“At the asking price, I couldn’t get there fast enough,” said Todd, who has paid similar sums for smaller tracts of lakeside park land.

He said he had been talking and meeting with John Hendrickson about purchasing the Adirondack acreage in Hamilton County as recently as a year ago when it was on the market for $180 million.

The men intended to resume discussions once the horse racing season ended last summer, Todd said. However, Hendrickson, a thoroughbred owner and major supporter of the sport, died suddenly at age 59 amid the Saratoga racing meet. He and his wife resided at Cady Hill at the time of their death.

Environmental groups and state conservation leaders have coveted Whitney Park and wished for it to be protected and conserved.

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A new era for Whitney Park

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An unparalleled haven amid a backcountry forest, Whitney Park boasts 32 lakes and ponds, more than 100 miles of roads and trails and several cabins and structures including a 17-bedroom retreat called Camp Deerlands where Marylou Whitney hosted many celebrity guests and family.

However, John Hendrickson became averse to the New York government acquiring the 36,600 acres because of what he viewed as its poor stewardship of 15,000 acres of Whitney Park purchased by the state in the 1990s.

When he learned that bass had gotten into Little Tupper Lake and could wipe out the brook trout, he sought to sell the remaining land to private parties, perhaps even subdividing to maximize the revenues. He made Whitney Park more attractive by purchasing another great camp, called Camp Togus, on Forked Lake, near Deerlands.

Todd, who founded Todd Interests in 1990, is comfortable with both subdividing and building on parkland and with limiting development, he said.

He said he envisions broadening the amenities at Whitney Park and at Cady Hill, which has been on the market for $12.9 million, adding exclusive lodging, perhaps a hotel, top-notch golfing and a restaurant that could warrant a Michelin star. But he wants to retain the mystique and specialness of both places, he said.

Is he a preservationist or a developer? “I don’t think the two are mutually exclusive,” he said. “When historic, we’ve invested heavily to preserve.”

After more than $1.5 billion in housing, golf course and resort development, he is familiar with land battles involving his building plans.

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Controversy in Texas

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In 2023, Todd Interests entered into a deal to buy 5,000 acres from a power company. Much of the land had been leased by the state of Texas since the 1970s to create Fairfield Lake State Park. But the Vistra Corp. energy company put the land up for sale and never got a bid from the Lone Star State.

Todd Interests bought the land, including the state’s largest private lake, for $105 million to turn it into a luxury housing community with an exclusive golf course. The proposed sale set off a dispute when the state acted to take the land through eminent domain.

Land rights protectors and save-the-park protesters squared off but the matter was essentially settled judicially. A special commission ruled that the parkland, less than 100 miles south of Dallas, was worth $418 million and the state would have to pay that sum to seize it from Todd Interests. Instead, the state dropped the matter and Todd Interests went forward with developing its Freestone Club and Resort residential community.

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Plans for future development

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In a one-hour interview, Shawn Todd said he sees many possibilities for the Adirondack holdings, including exercising timber and mining rights. He talked about a high-end golf course, fine dining and lodging that could attract people of wealth — “like the quality of The Point (on Upper Saranac Lake) but more mass.” He said he could sell plots of about 40 acres along the existing road system or offer residences in a concentrated area.

Amenities are critical, he said, listing dining, a luxury hotel, a small ski hill and a golfing, to build a destination that is compelling enough “for people to come back to the Adirondacks.”

“There’s a lot of capable people that appreciate the outdoors and don’t have access to it,” he said.

He said employment and employees will be a big part of the plan, and the company could build or develop some worker housing, recruit from Paul Smith’s College and potentially share staff with the operation he has in mind for Cady Hill and its nearly 121 acres.

Todd Interests’ leaders including Shawn Todd’s sons. Patrick Todd is in charge of the former Texas state park project which is now a golf club and residential complex that has already reached $200 million in sales, Todd said. And Philip Todd is the chief executive officer of Todd Interests.

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‘We found the perfect buyer’

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Edward Hendrickson said his brother directed him to follow through with his wishes for Whitney Park, which was first listed for sale in 2020. “I know there … always will be people who have ideas of what John and the Whitneys should have done with their property when it comes time to sell it and I certainly understand that perspective.”

He said both seller and purchaser are happy with the results of this transaction and that Marylou and John would be very satisfied with the outcome. Shawn Todd, he said, has a vision to develop with a “light touch” so as to conserve land and protect fish. The Long Lake area should benefit from job opportunities and economic growth, he added.

He said he listed the sale price of Whitney Park substantially higher than what real estate professionals recommended but Todd was unfazed. “We found the perfect buyer,” Hendrickson said. He said he expects Todd Interests will develop 1,000 to 1,500 acres of Whitney Park, including about 280 acres for a golf course, and with low-density housing.

He thinks the Todd family will use Cady Hill, the elegant estate not far from the Saratoga Race Course, as a stop-over before heading to the Adirondacks. He said Todd entered into separate contracts on the two real estate assets and that he was surprised that Todd wanted both Whitney Park and Cady Hill.

A few months after Hendrickson died in Saratoga Springs, a coalition of nonprofit groups focused on the wellbeing of the environment, wrote to Gov. Kathy Hochul urging her to bring Whitney Park into the state’s possession.

They billed the estate as the last large swath of Adirondack wilderness remaining for potential acquisition, and noted that it has been on the state’s list of open space targets for years. They called for it to be added to the Adirondack Forest Preserve or conserved through easements.

Edward Hendrickson said the state never approached him or his brother about buying Whitney Park.

A closing will likely occur in the fall but it will be a few years before the unwinding of assets and payment of expenses and taxes will be completed in the legal process of completing John Hendrickson’s will. Also on hold are donations to several charities directed to receive proceeds, Edward Hendrickson said.

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A windfall for Long Lake

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With a budget of about $5 million and fewer than 800 residents, Long Lake could receive sums well beyond its tax levy for years. Town Supervisor Clay Arsenault said he met with Shawn Todd last Wednesday and learned about the contract for sale and proposals for development.

“A resort is a small percentage of the property,” Arsenault said. “A well-designed development has the potential to be more protective, depending on the approach. The key is to see what the proposal is and weigh it fairly when the time comes.”

He said he doesn’t know when or how much in proceeds from the sale will arrive, but the town intends to hire a legal consultant and potentially put the funds in a trust. “We want to be fantastic guardians of this.”

Environmental groups react to the news

Claudia Braymer, executive director of Protect the Adirondacks, was dismayed when hearing about the proposed transaction. Her organization was among eight groups that wrote to the governor to act on Whitney Park.

“I think that the state not even engaging in purchasing this property and it going to development is devastating to the forest preserve,” she said. Besides it being a “devastating loss,” she called the transfer of the wilderness property to private hands a “historic missed opportunity by Gov. Hochul.”