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Special to the OBSERVER

CHAUTAUQUA - A mansion on the shores of Chautauqua Lake built for the co-founder of the Packard Motor Car Co. has been sold for $3 million.

Richard Benedetto, Real Estate Advantage broker and co-owner, said his firm will be closing out the 2009 year with the recent high-end sale of the Packard Manor Estate, 10 Elm Lane, Chautauqua Institution, for a reported $3 million.

"While property values have plummeted in other areas across the country, the jewels of Chautauqua Lake and Chautauqua Institution have held their value," said Benedetto, who participated in the sale of the Packard Manor. "Like all market segments, the luxury housing market is experiencing its unique challenges. Although the residential real estate market in the southern tier has not been immune to the downward sluggish trend in home sales and declining prices, out-of-town buyers are still discovering that their investment in Chautauqua property has appreciated well in normal times and are maintaining value during the recession times."

The Packard Manor home was built in 1915 by William D. and Katherine B. Packard. Located on the lake in the Chautauqua Institution on more than 1.2 acres and 180 feet of lake frontage is the Packard Manor estate. All of the estate's major rooms have views of the lake and outdoor space. Originally built in 1917 and renovated in 1998, consideration was made to adhere to the original building materials and maintain the historic style, but state-of-the-art features were incorporated including air conditioning, a generator and handicap accessibility. The home has a spacious first floor plan with an enormous living room, den, office or bedroom, dining room, sunroom, gourmet kitchen with pantry and three seasons lakefront terrace along with eight bedrooms - including a third-floor apartment, nine full bathrooms, a recreation room, spa, whirlpool and sauna, eight fireplaces, an elevator and four-car garage.