MissyUSA.com

Price: $10,000,000 Location: Saugatuck, MI Type of Home: Waterfront

Aubrey McClendon, the co-founder and former CEO of Chesapeake Energy Corp., began amassing a large swath of waterfront property on the shores of Lake Michigan and the Kalamazoo River in Saugatuck, Mich., around 2005-'06, according to Stephen M. Neumer, the project manager for the surrounding development. He bought 405 acres for just under $40 million, according Mr. Neumer and the township zoning administrator. This lakeside property, an 8,365-square-foot shingle-roofed home, was built by a previous owner. It is the first home in what is expected to be a residential development.

'I'd always enjoyed exploring Lake Michigan by jet ski,' said Mr. McClendon, 53 years old. He chose this area for his planned development, Singapore Dunes, because of its natural beauty as well as its investment potential. 'As a gas man, I'd put together complicated land deals, and I thought a difficult ownership situation would scare off most people—but it actually interested me,' he said. After selling some of the land for conservation purposes and other smaller deals, the total size of the planned development is about 320 acres, Mr. Neumer said. This home, which sits on about 6.2 acres, is listed for $10 million.

'I thought [this] was the prettiest home I'd ever seen on the Michigan coast,' Mr. McClendon recalls thinking when he saw this home over 10 years ago. The home was built in 1990, according to the listing agents. Mr. McClendon is selling because he and his wife have a summer home in nearby St. Joseph, Mich. Mr. McClendon co-founded natural gas company Chesapeake Energy Corp. in 1989. As the Journal has reported, he stepped down as CEO in April after coming under pressure from board members installed by the company's largest shareholders. In stepping down, Mr. McClendon cited 'philosophical differences' with the board.

The home has about 430 feet of frontage on Lake Michigan and more than 600 feet on the Kalamazoo River. 'It's just beach and woods—the meeting of land and water for miles,' said Mr. Neumer about the views from the property. The proposed development is expected to be built in phases, with the first stage involving 19 lots for single-family residences. Construction hasn't yet begun on any new homes, and adjacent lots are also available for sale.

Inside, the home features walls of windows that overlook the shoreline. The two-story great room is shown.

The Singapore Dunes development will be divided into three planning phases, says Mr. Neumer. The first will involve new single-family residences, the second and third are expected to introduce community amenities, including a marina, luxury condos, and retail and other commercial space. A sitting room on the second floor of the home is shown.

The home has six bedroom and five baths, including an attached guesthouse, according to the listing agents. There are four fireplaces.

Mr. McClendon's Singapore Dunes development has hit some obstacles. There is continuing litigation initiated by members of the community who are questioning the development's impact on the natural landscape. David Swan, president of the Saugatuck Dunes Coastal Alliance, says there are concerns the project might harm local endangered species and protected dunes. Mr. Neumer says the development will not compromise the natural environs. But the dispute will have no impact on the sale of this property, according to Al Ellingsen, zoning administrator and building inspector for the Township of Saugatuck. A dining area is shown.

The home was listed at the end of April for $10 million with Dick Waskin of Re/Max Saugatuck-Douglas and Andrea Crossman of Coldwell Banker Woodland Schmidt. They are also handling the sale of other vacant parcels of land in the development, ranging from $1 million to $3.5 million.