A major landowner in the Katahdin region is planning to sell more than 700 lots, or nearly all of its 1,200 acres in the region. Most of the lots have lakefront camps and are valued between $75,000 and $400,000.
Katahdin Timberlands LLC is selling the lots at the direction of its parent company, Brookfield Asset Management, so it can invest the money elsewhere, according to the Bangor Daily News. The company will sell as many as 300 lots later this year in unincorporated areas of Penobscot and Piscataquis counties. The lots are currently leased, and per state regulations they will first be offered to the leaseholder at fair market value. Some of the lots, which hold both seasonal and year-round residences, have been leased for more than 100 years.
Real estate brokers in the area said the sale will generate a significant economic impact and lead to construction of higher-end properties. It could, however, mean some longtime leaseholders who are unable to buy will be displaced.
Brookfield is also looking to sell its 51% stake in Twin Rivers Paper Co., which operates a paper mill in Madawaska, as part of its transition away from paper.