Martha’s Vineyard has listed a 266 acre compound located on the south shore in West Tisbury for an asking price of $92 million. This is one of the largest contiguous landholdings on the Vineyard and Wallace and Co. Sotheby’s International Realty has an exclusive listing for the luxury property. 2012 is proving to be a good year for luxury property. New record has been created in New York with a $90 million deal for a penthouse. In Aspen the Hala Ranch changed hands for $49 million. Indian Creek Island has seen mega deals worth $40 million and above. And the mother of all deals was the Hawaiian island of Lanai purchased by Oracle billionaire Larry Ellison. These record breaking activities have encouraged the trophy properties to come to the market at record prices. The trend has been reaffirmed by the listing of a 266 acre compound on Martha’s Vineyard.
Most Expensive Listing North of New York City
This is the highest ever price asked in the Vineyard and the most expensive listing north of New York City. But it is the largest in size also to be put up for sale. The listed property is owned by Gerald DeBlois, a longtime resident of West Tisbury. He himself lives on an adjacent parcel of about 50 acres which is not for sale. Tom Wallace, a partner in Wallace and Co. pointed out that the property on sale is rather rare and unusual. On the South shores of Martha’s Vineyard there is no compound of a matching size and one that provides this level of privacy. And that’s what makes the property unique. The highlights of the massive compound are Big Homer’s Pond that lies along the Atlantic-facing shoreline. Over1,000 feet of beachfront and the adjacent Long Point Wildlife Reservation. It is a 500-acre property owned by The Trustees of Reservations. The compound technically comprises of five separate parcels of waterfront land and is generally undeveloped except one family home.
The Luxury Property will be Marketed Internationally
Martha’s Vineyard is located off the coast of Cape Cod and has been a popular summer destination for America’s elite. President Obama, the Clintons and the Kennedy family are frequent visitors. However the price tag of $92 is unprecedented. The highest property sale price ever recorded on the Vineyard is $64 million when the 215 acres Herring Creek Farm, in the Great Plains section of Edgartown was sold in 2001. Wallace and Co., the agents handling the listing have assessed the value of the property to be around $80 million. This implies that the agents will have to employ great marketing effort in order to fetch the asking price of $92 million. They have planned to market it both domestically and internationally. The focus would be on the Chinese billionaires who are increasingly becoming interested in trophy properties around the world. Wallace and Co. Sotheby’s have handled other properties on the Martha’s Vineyard. Blue Heron Farm, the 28.5-acre Chilmark farm was sold last year for $22.4 million and it still stands as the largest price for a single property on the Vineyard. Mr. DeBlois, the owner of the compound, when asked about the development and the listing declined to comment.