The recent sale of a $38 million home on Nantucket has sparked curiosity over the identity of the buyer. Nantucket, a small island off the coast of Cape Cod, Massachusetts, is home to some of the most expensive real estate in the country. Though the priciest sales often happen in private, the public listing for this historic waterfront mansion revealed its lofty sale price. As one of the highest value transactions ever on Nantucket, many are left wondering – who could afford a $38 million summer home?
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About the Nantucket House
The house that sold for $38 million is located at 3 Squam Road on Nantucket’s coveted harbor front. The 8 bedroom, 12 bathroom home sits on over 2 acres of land with 310 feet of private beach access. Built in 1890, the nearly 8,500 square foot shingle-style cottage has charming historic architectural details combined with expansive modern amenities.
In addition to the mansion itself, the purchase includes a detached guest cottage, a waterfront pool and access to a private dock. Features of the main house include a gourmet kitchen, home theater, gym, wine cellar and elevator to access all floors. The interior has been recently updated by designer Bunny Williams, known for her work with luxury homes.
The property’s seaside location, historic charm and modern updates make it one of the most desirable estates on Nantucket.
Nantucket’s High-End Real Estate Market
Nantucket has a limited housing supply and high demand, which consistently pushes real estate prices upward. Though only 14 miles long and 3.5 miles wide, the island has become a favorite summer spot for wealthy East Coast residents. In 2022, the median home sale price was $3.695 million. For higher-end luxury sales, prices frequently exceed $10 million.
This exclusive market is driven by Nantucket’s reputation as a relaxing coastal vacation destination. The island offers beaches, sailing, golf and access to fine dining. Its historic whaling village provides a quaint backdrop popular with summer visitors.
Limited building space, proximity to the Northeast and reputation as a family-friendly summer spot have all contributed to the rise of Nantucket real estate over the past decades. Though always home to wealth, continued demand has forced prices higher – especially for rare waterfront Trophy Properties.
Who Can Afford a $38 Million Home?
The number of people who could afford to purchase a nearly $40 million home is very small. The elite group of buyers able to consider such a purchase usually includes:
- Billionaires – The ultra-rich have steadily grown their wealth over the past decade. There are over 700 billionaires in the United States that could potentially afford such a luxury purchase.
- Celebrities – Well-known entertainers, athletes and public figures can often afford real estate in this price range. Coastal Massachusetts in particular attracts celebrity buyers.
- Corporate Executives – CEOs and other top executives at major companies like hedge funds, private equity, biotech and tech can sometimes afford multiple homes at this level.
- Old Money Families – Dynasty trusts and generational wealth have allowed some East Coast families to amass enormous fortunes capable of buying trophy real estate.
- Foreign Buyers – International billionaires from Europe, China, Russia and the Middle East are major buyers of U.S. luxury real estate as an investment or vacation home.
The new owner of the $38 million Nantucket estate is likely part of one of these elite groups.
Potential Buyers on Nantucket
Though the identity of the buyer is unconfirmed, some possibilities stand out as more probable based on known ownership of other Nantucket estates. Likely suspects of who may have purchased the historic waterfront property include:
Billionaire CEOs
Many corporate billionaires already own property on Nantucket and could be looking to upgrade. This list includes:
– Bill Gates – The Microsoft founder owns a $12 million Nantucket home.
– Mark Zuckerberg – The Facebook CEO has a $22 million compound on the island.
– Larry Page – The Google co-founder has been rumored to own property on Nantucket.
Investment Banking Executives
Wall Street bankers are known for hiring huge Cape Cod summer homes. Possible buyers include:
– Jamie Dimon – The JPMorgan Chase CEO is rumored to vacation on Nantucket.
– James Gorman – Morgan Stanley’s CEO owns a palatial $33 million Cape Cod estate.
– David Solomon – The Goldman Sachs CEO has been known to visit Nantucket.
Old Money Dynasties
Wealthy Northeast families with multi-generational Nantucket roots could be looking to upgrade their compounds. Names linked to the island include:
– Astor Family – The prominent aristocratic family has deep ties to the Northeast dating back over a century.
– DuPont Family – The du Pont fortune originates in Delaware but has expanded across East Coast vacation homes.
– Forbes Family – This publishing dynasty has passed down Nantucket estates for generations.
Celebrity Visitors
The island attracts high-profile figures looking for privacy and coastal access. Famous faces who could be potential buyers include:
– Barack & Michelle Obama – The former first couple has been spotted vacationing on Nantucket before.
– George & Amal Clooney – This celebrity couple has a long history of visiting Nantucket in the summer.
– Mick Jagger – The Rolling Stones frontman has been known to bring his family to the Massachusetts island.
Sale Details
The Squam Road estate was officially sold on September 16, 2022 for its full asking price of $38 million. It was represented by Gary Winn of Compass and listed publicly on MLS. However, the identity of the buyer was not disclosed in public records.
The property had previously been owned and renovated by billionaire private equity founder David Rubenstein. He purchased the estate for $26.5 million in 2016 before investing in updates. After the sale, Rubenstein stated he believed the unnamed new owners planned to utilize it as a private family home.
Conclusion
The buyer of the multi-million dollar Nantucket home remains a mystery. Based on the island’s typical wealthy visitors, the new owner is likely a billionaire CEO, banking executive, multigenerational dynasty or celebrity. However, with no confirmation, the true buyer’s identity is still speculative.
The record-breaking sale clearly displays the demand for luxury real estate on Nantucket. For the new owners, it provides a historic mansion with elite amenities in one of the most exclusive summer enclaves in the country. Whoever the buyer may be, they are now owner of one of Nantucket’s premier waterfront estates.
| Nantucket’s All-Time Highest Value Real Estate Sales | ||
|---|---|---|
| Sale Price | Property | Buyer |
| $38 million | 3 Squam Road Estate | Undisclosed |
| $30.1 million | Dune House | James Pallotta |
| $28.5 million | Tom Nevers Estate | Frederick Koch |
| $26.5 million | Squam Road Estate | David Rubenstein |
| $22.5 million | Polpis Road Compound | Mark Zuckerberg |
| Potential Buyers of the $38 Million Nantucket Estate | |||
|---|---|---|---|
| Name | Source of Wealth | Net Worth | Nantucket Ties |
| Bill Gates | Microsoft | $103 billion | Owns $12m Estate |
| Mark Zuckerberg | $69.6 billion | Owns $22m Compound | |
| James Dimon | JPMorgan Chase | $1.4 billion | Reported Visitor |
| Barack Obama | Politics | $70 million | Spotted Vacationing |