The coastland times. [volume] (Mnateo [i.e. Manteo], N.C.) 1947-1959, 1952-05-09

Until this week, Fred N. Ma
loot of Washington and Manteo
was the largest landowner in
North Carolina. This week he bar
gained to sell the stock in the cor
poration he owns, which holds title
to 10000 acres on the mainland of
Dare County, to the West Virginia
Pulp and Paper Co. Rumor has
it the consideration was in excess
of one and a half million dollars.
This would make the second time
in 35 years that the million dollar
consideration has been invoked in
the transfer of this property. No
official announcement as to price
has been made, but well informed
persons say he has declined more
than one offer of a million and a
half. Actual sale price is expected
to be closer to two million dollars.
Unofficial reports are that the
West Virginia Pulp and Paper Co.
has replacement worth of more
than 100 million dollars, that its
gross income last year was 100
million dollars, and its taxes more
than Is million dollars.
This vast territory, 80 miles long
originally known as the John Gray
Blount patent has had colorful
history before it was acquired by
Fred Maloof back in 1912. Since
Mr.. Maloof acquired the property
several logging operations have
been carried on. Prior to World
War II, it was a huge business
when operated by what was known
as the Dare Lumber Company.
Many companies have operated
/ the property. The old Buffalo Lum-
lber Co. comprised of interests from
Buffalo, N. Y, founded what was
called Buffalo City huge logging
settlement, with store and hotel,
and homes for 100 families. Saw
mills were operated at intervals,
and many of the people Of the
East Lake Community comprising
about 400 were employed by the
lumber company.
The most recent company own.
ing the property was the Dare
Lumber Company, which built a
huge mill in Elizabeth City, where
logs were taken on barges. In the
early 20's through a deal consum-
mated by officials of the Pittsburg
Life and Trust Co., and the Dare
Lumber Company, the property
was sold to the Pittsburg Company
for a million dollars. The action
broke the Trust Company and to
protect its policy holders and the
well-being of the insurance world,
the Metropolitan Life Insurance
Company took over the 10000
acres, its equipment, it's Elizabeth
City mill, and the town of Buffalo
City.
The Metropolitan Life Insurance
Company began some small devel-
opment on the property, expert
mented with blueberries, built
! little hotel at Stumpy Point, sold
timber to the Duvall Bros. Mill at
Buffalo City, and paid taxes to
Dare County of about $4,000 a
year. It's officials played large
part in promoting the building Of
the highway between Stumpy
Point and Engelhard, which was
completed in 1928, and paid for by
the counties of Hyde and Dare.
During the late SOS group of
Wall street promoters conceived
the idea of buying the property
Eof the Metropolitan and were
able to get the former widow of
wealthy Arkansas Timber man to
back the venture. Mrs. Anna F.
Gilchrist Wells of New York put
up $4,000 to form the Dare Cor
poration, the property was bought
for 100000, the Metropolitan re-
tanned a $26O,000 first mortgage
on it. Nothing came of the Wall
Street promoters scheme, and Mrs.
Wells did nothing with the pro-
perty except pay taxes.
Early in World War ii, Mrs.
Wells, passed on in Florida. She
disposed of her money and
jewels, newspapers said, before her
death, and her estate seemed to
have a lot of property and no cash.
There were many claims against
her estate.
! Through court action in which
he was one of the plaintiff -credi-
tors against the estate of Mrs.
Wells, Fred Maloof was awarded
the stock and assets Of the Dare
Corporations in settlement Of his
claim for services rendered Mrs.
Wells over long period in con-
nection with her property in the
west. Mr.. Maloof also acquired the
\ deed Of trust for more than a
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