habitat for native brook trout. In Maine, LAND HO
the New England Forestry Foundation Like any fast-growing industry, these
helped preserve over 700,000 acres of for- green investments sometimes verge upon
est. In the Chesapeake Bay region, trusts a Wild West atmosphere. In some cases,
have saved more than 35,000 acres of habi- buyers who vowed to maintain ease-
tat supporting migratory birds. ments reportedly took the tax deductions
As this conservation model has blos- and later disregarded the limitations to
somed, it has demonstrated how it makes develop the land. In other cases, buyers
financial sense. Indeed, many people can claimed far-too-large tax breaks, while
make money from this type of conserva- in others investment advisers who knew
tion. In recent years, the federal govern- little about conservation went into the
ment has increased tax incentives for easements business.
taking an easement. Beyond the tax ben- Responding to articles in The Wash-
efits, Smith says, putting on easements can ington Post examining how the Nature
raise the value of a prop- Conservancy ran its
erty, if a landowner can conservation buyer
find a wealthy buyer— programs, Congress
often a rich vacationer investigated these
taking a second home initiatives in 2004 and
who appreciates know- 2005. While criticiz-
ing the land will never be ing some of the pro-
developed. “The conser- grams for not doing
vation easements don’t enough to protect
reduce the value at all, be- land, Congress es-
cause that kind of user isn’t put off by that sentially decided to continue to support
type of restriction,” she says. “They want them by still offering tax breaks for ease-
to be alone, and they’re coming to some- ments. The investigation, Wyerman says,
where like Vermont for the isolation.” had positive results—it prompted the alli-
Smith notes that one of the biggest land ance to focus on upgrading public-private
sales in recent Vermont history was a stun- conservation programs and helped reduce
ning, sprawling property called Grosse abuses. The Land Trust Alliance has since
Pointe on Lake Champlain that came with revamped its ethical standards and devel-
conservation restrictions. oped an accreditation program to offer
Wealthy buyers particularly flock to guidelines for preservation programs and
Western states. In Montana, Utah and to provide uniform credentials for firms
Colorado, rich executives like Ted Turner getting into land conservation.
and David Leuschen, head of New York “The whole model has to be profes-
private equity firm Riverstone Holdings, sionalized,” says Patrick O’Connell,
have been drawn to vast ranches, which president of Evergreen Capital Advisors,
they then place easements on. “So many a consulting company that blends financial
people in the East want a house in a place expertise and open space preservation.
like Montana, and this makes sense for For people like the Ungers to be tak-
them,” Clark says. Leuschen owns some ing an easement already has proven one
200,000 acres of ranchland near Yellow- of the best decisions they ever made.
stone National Park. “The financial benefits were not the only
Studies by groups like the Heritage reason we did this, but they definitely
Conservancy have shown that land con- helped make our house affordable,”
servation can even help raise the value of Jeanne says. She stares out her front win-
land adjoining protected areas. The Na- dow at her horses and rolling pastureland.
ture Conservancy found that preservation “And we know we’ll always be looking
does not prevent nearby development, at a scene like this.”
since many new homeowners like living
near woods, large farms or other beautiful
natural areas. “If you buy land with con-
served land around it, it can be very good
value,” Levitt says.

According to the Land

Trust Alliance, the U.S.
loses some 2 million
acres of open space
every year.

Interested in
creating an easement
on your land? Visit
arrivemagazine.com
to learn how.

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