01/18/2002 12:00AM

Mellon property put up for sale

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LEXINGTON, Ky. - A portion of the famed Paul Mellon estate near Upperville, Va., is up for sale.

The Washington Post has reported that Mellon's widow, Rachel "Bunny" Mellon, has put about 2,000 acres, roughly half the property, on the market with a real estate firm in Middleburg, Va. The acreage, which includes several barns, will be sold in five parcels that vary in size from 230 to 560 acres. The asking price is about $15,000 per acre.

Sale terms include provisions that require that the land be open to the Piedmont Hunt fox-hunters, of which Mellon was a master. The property's remaining 2,000 acres will remain in Mrs. Mellon's hands, including the house where she resides.

* In central Kentucky, Woodburn Farm on Old Frankfort Pike is for sale. The 500-acre farm, founded by the Alexander family in 1790, had its heyday in the late 1800's, when A. J. Alexander's breeding program produced Kentucky Derby winners Baden-Baden (1877), Fonso (1880), Joe Cotton (1885), and Chant (1894).