Red Gate Farm - Lots for Sale

Peter Simon

Two lots on the Kennedy family's Red Gate Farm on Martha's Vineyard have been put on the market.

According to the Vineyard Gazette:

"Two undeveloped lots totaling 93 acres from the 377-acre Red Gate Farm were listed for sale this week. One lot is about 53.5 acres, fronting the Atlantic Ocean, with an asking price of $25 million. The second lot is 39.5 acres with more than 1,000 feet of frontage on Squibnocket Pond, deeded beach access off Moshup Trail and an asking price of $20 million.

Red Gate Farm is owned by Caroline B. Kennedy and Edwin Schlossberg. Ms. Kennedy’s mother, the late Jacqueline Kennedy Onassis, purchased the property in 1978 from the Hornblower family for $1.1 million."

That means the property was purchased 35 years ago at a rate of  $3,264 per acre. Today the 53.5-acre parcel is priced at $467,289 per acre, while the smaller 39.5-acre lot is being marketed at $506,329 per acre. Assuming the Kennedy's sell at their asking price, they'll realize a pre-tax profit of $44,900,000, while still retaining 284 acres, or 75 percent of the original parcel. Public records show the land and building tax assessment for the Kennedy's 106-acre 3 Red Gate Farm estate is $16,528,200.

Go figure.

September 30 postscript:

Online real estate listings this past weekend revealed 10 percent and 17.5 percent price reductions on the 50- and 40-acre Red Gate Farm lots.