Schillings put Medfield home back on market for $3.4m
Four months after his video game company, 38 Studios LLC, collapsed, former Red Sox pitcher Curt Schilling has put his 26-acre Medfield estate — complete with batting cage, dog grooming area, and beach volleyball court — on the market for $3.45 million.
Schilling and his wife, Shonda, bought the 20-room, 8,000-square-foot home from former New England Patriots quarterback Drew Bledsoe for $4.5 million in 2004. The couple previously put the house on the market in 2008.
Schilling did not respond to a request for comment, but his lawyer, Edward J. Hayes of Fox Rothschild in Philadelphia, said that despite appearances, the sale is unrelated to 38 Studios’ financial troubles.
“This is a continuation of what the Schillings started several years ago when they first put the house up for sale,” Hayes said. “They are looking to downsize from this property and find a smaller property in Medfield that more suits their needs.”
The Schillings took the house off the market in 2009 when it failed to attract a buyer and are trying again now that home sales are picking up, Hayes said. The Schillings own a second, smaller home nearby in Medfield where Shonda Schilling’s parents live, Hayes said.
He was once a highly paid athlete, but Schilling’s fortunes have taken a dramatic turn since he invested much of his wealth in 38 Studios, which received $75 million in loan guarantees from the state of Rhode Island to relocate to Providence. Though its first video game was well-received, 38 Studios struggled to develop its opus, a massive online fantasy game that required tremendous investment to design.
The company abruptly closed its office in late May, laid off about 400 employees, and is now in bankruptcy court. The former pitcher said he sank as much as $50 million of his own money into the company.
In September, Schilling pledged an interest in the Medfield property to Bank Rhode Island, as security for promissory notes he gave the bank, according to county land records. Separately, Citizens Bank last week dropped a lawsuit against Schilling meant to recover $2.4 million in 38 Studios loans. The bank did not explain why it dropped the suit.
Schilling’s seven-bedroom home, described in the real estate listing as having “every amenity for formal entertaining, relaxed family gatherings and sports enthusiasts,” will be not be easy to sell, said Nancy Schiff, a real estate agent for the online brokerage Redfin.
It’s expensive for the area, she said, and Medfield is a long commute from Boston. The median single-home value, or midpoint home price, there was at $610,000 this year, according to Warren Group, which tracks local real estate.
Another five-bedroom house on 10 acres on the same street is going for $3.5 million and has been on and off the market since April 2008.
“It’s a great community, but it is a tough sell at that price point,’’ Schiff said. “It is going to be a particular person that wants that size of a home that far out from Boston.’’