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This exceptional 47± acre waterfront farm just outside Historic St. Michaels offers a rare opportunity to own a highly versatile Eastern Shore property with productive farmland, extensive agricultural improvements, quality residences and scenic frontage along Leadenham Creek. Comprised of approximately 42± tillable acres, the farm has a long history of agricultural use and was previously operated as a beef farm, making it well suited for continued farming, livestock, equestrian pursuits or a private recreational retreat. Supporting the operation are multiple outbuildings, including a 40' x 60' enclosed equipment barn with electric, plumbing and a 12' x 30' lean-to, a 50' x 120' open equipment building and a 24' x 40' barn with an attached 12' x 24' lean-to. Currently leased and farmed by a local farmer, the tillable acreage provides the benefits of agricultural tax advantages and beautiful open farmland without the day-to-day responsibilities of farm management. For outdoor enthusiasts, the property offers hunting opportunities for deer, turkey and geese, while the waterfront setting provides easy access to boating, fishing and other recreational activities on tributaries of the Chesapeake Bay. A tree-lined drive leads to the renovated 3,500± square foot 4-bedroom, 3-bath main residence overlooking the creek and surrounding fields. Updated in 2017, the home features an open floor plan designed to capture water views throughout, highlighted by a spacious kitchen, waterside family room with a fireplace, cathedral ceilings, floor-to-ceiling windows, skylights and a private primary suite. Outdoor amenities include a waterside pool, expansive patio and private dock with boat lift. A separate 2,700± square foot guest house offers additional flexibility for extended family, guests, farm staff or rental income. Combining productive farmland, extensive improvements, waterfront amenities, and outstanding recreational opportunities, this is a truly unique Eastern Shore offering.