Nantucket mansion slashes price from $59M to $35M

The home is the most expensive in Nantucket

Nantucket's most expensive home
Nantucket's most expensive home

WEEKENDEDITION The owners of the most expensive estate on Nantucket are having a tough time selling. After several price-cuts, the property is now being offered for $35 million, down significantly from its initial asking price of $59 million.

The estate, called Swain’s Neck, is now being sold as a 56-acre lot. It had included 70 acres when it first hit the market back in May 2012.

Swain’s Neck is being sold by the estate of the late Russell Dale Phelon, who made his fortune in the engine electronics business. It is listed with Great Point Properties.

In addition to a 7,800-square-foot mansion, the estate has two moorings and two gated horse pastures.

Welcome to the most expensive estate on Nantucket.

welcome-to-the-most-expensive-estate-on-nantucket

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It’s totally secluded on a private peninsula.

its-totally-secluded-on-a-private-peninsula

The late owner purchased the home in 1997 for $7.15 million.

the-late-owner-purchased-the-home-in-1997-for-715-million

The living room has very high ceilings.

the-living-room-has-very-high-ceilings