Squibnocket Pond Reservation

Everybody wins sometimes.

$118 million for Homer's Pond plus

Last August, Gerald DeBlois, the owner of Homer's Pond on West Tisbury's south shore, listed a 266-acre parcel for $92 million.

It's still on the market. But now DeBlois has sweetened the listing with another 50 acres and his home at the new record price of $118 million. Caroline Kennedy, your move.

The addition of the DeBlois home and surrounding property to the previous sale package expands the beachfront area to be sold. It also has the effect of reducing the price of what went on the market last year from $92 to $74 million. The price on the DeBlois house and surrounding acreage is $44 million. The properties may be sold separately or together, the owner and his agents said.
This marks the second time in the past three months that a significant Island property has been placed on the market with an asking price of many millions. In early May the Kennedy family listed two large, undeveloped oceanfront lots for sale at Red Gate Farm in Aquinnah; they are priced at $25 million for a 53-acre lot and $20 million for a 39-acre lot. The lots are still on the market.

Remote beachfront populated only by shorebirds. — Mark Lovewell

Mr. DeBlois told the Gazette this week that he made a strategy decision to put everything up for sale because he thought it might be more attractive to a buyer or possibly a group of buyers.
“We obviously have had the property on the market since last July and decided sometime this winter that we needed to refocus,” he said. “And we became convinced that to attract people to the property we needed to do this. I’m 72 years old and I don’t want to do this twice.”
- See more at: http://mvgazette.com/news/2013/07/11/west-tisbury-property-goes-market-record-118-million#sthash.jx9EK0wa.dpuf

The addition of the DeBlois home and surrounding property to the previous sale package expands the beachfront area to be sold. It also has the effect of reducing the price of what went on the market last year from $92 to $74 million. The price on the DeBlois house and surrounding acreage is $44 million. The properties may be sold separately or together, the owner and his agents said.
This marks the second time in the past three months that a significant Island property has been placed on the market with an asking price of many millions. In early May the Kennedy family listed two large, undeveloped oceanfront lots for sale at Red Gate Farm in Aquinnah; they are priced at $25 million for a 53-acre lot and $20 million for a 39-acre lot. The lots are still on the market.

Remote beachfront populated only by shorebirds. — Mark Lovewell

Mr. DeBlois told the Gazette this week that he made a strategy decision to put everything up for sale because he thought it might be more attractive to a buyer or possibly a group of buyers.
“We obviously have had the property on the market since last July and decided sometime this winter that we needed to refocus,” he said. “And we became convinced that to attract people to the property we needed to do this. I’m 72 years old and I don’t want to do this twice.”
- See more at: http://mvgazette.com/news/2013/07/11/west-tisbury-property-goes-market-record-118-million#sthash.jx9EK0wa.dpuf

Mr. DeBlois told the Gazette this week that he made a strategy decision to put everything up for sale because he thought it might be more attractive to a buyer or possibly a group of buyers.
“We obviously have had the property on the market since last July and decided sometime this winter that we needed to refocus,” he said. “And we became convinced that to attract people to the property we needed to do this. I’m 72 years old and I don’t want to do this twice.”
- See more at: http://mvgazette.com/news/2013/07/11/west-tisbury-property-goes-market-record-118-million#sthash.jx9EK0wa.dpuf

Mr. DeBlois told the Gazette this week that he made a strategy decision to put everything up for sale because he thought it might be more attractive to a buyer or possibly a group of buyers.
“We obviously have had the property on the market since last July and decided sometime this winter that we needed to refocus,” he said. “And we became convinced that to attract people to the property we needed to do this. I’m 72 years old and I don’t want to do this twice.”
- See more at: http://mvgazette.com/news/2013/07/11/west-tisbury-property-goes-market-record-118-million#sthash.jx9EK0wa.dpuf

Mr. DeBlois told the Gazette this week that he made a strategy decision to put everything up for sale because he thought it might be more attractive to a buyer or possibly a group of buyers.
“We obviously have had the property on the market since last July and decided sometime this winter that we needed to refocus,” he said. “And we became convinced that to attract people to the property we needed to do this. I’m 72 years old and I don’t want to do this twice.”
- See more at: http://mvgazette.com/news/2013/07/11/west-tisbury-property-goes-market-record-118-million#sthash.jx9EK0wa.dpuf

Mr. DeBlois told the Gazette this week that he made a strategy decision to put everything up for sale because he thought it might be more attractive to a buyer or possibly a group of buyers.
“We obviously have had the property on the market since last July and decided sometime this winter that we needed to refocus,” he said. “And we became convinced that to attract people to the property we needed to do this. I’m 72 years old and I don’t want to do this twice.”
- See more at: http://mvgazette.com/news/2013/07/11/west-tisbury-property-goes-market-record-118-million#sthash.jx9EK0wa.dpuf

Mr. DeBlois told the Gazette this week that he made a strategy decision to put everything up for sale because he thought it might be more attractive to a buyer or possibly a group of buyers.
“We obviously have had the property on the market since last July and decided sometime this winter that we needed to refocus,” he said. “And we became convinced that to attract people to the property we needed to do this. I’m 72 years old and I don’t want to do this twice.”
- See more at: http://mvgazette.com/news/2013/07/11/west-tisbury-property-goes-market-record-118-million#sthash.jx9EK0wa.dpuf

Mr. DeBlois told the Gazette this week that he made a strategy decision to put everything up for sale because he thought it might be more attractive to a buyer or possibly a group of buyers.
“We obviously have had the property on the market since last July and decided sometime this winter that we needed to refocus,” he said. “And we became convinced that to attract people to the property we needed to do this. I’m 72 years old and I don’t want to do this twice.”
- See more at: http://mvgazette.com/news/2013/07/11/west-tisbury-property-goes-market-record-118-million#sthash.jx9EK0wa.dpuf

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.