The Real Deal New York

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

The home is the most expensive in Nantucket

May 31, 2014 05:00PM
By Business Insider

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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

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

  • showyisforhamptons

    The house not that well located on Island and the Island frowns on showy people so there is not a large market of real buyers interested in Nantucket at the price level. The Boston people just don’t have the cash and don’t like those who do.

  • Eyebrow Guy

    Thank God Nantucket is nothing like the Hamptons!

    • JohannaHolkhamred321

      upto I saw the receipt four $8937 , I accept
      …that…my mom in-law had been truley bringing in money part time from their
      laptop. . there brothers friend haz done this for only eight months and
      resantly cleard the morgage on their place and bought a top of the range Lancia
      . look at here F­i­s­c­a­l­p­o­s­t­.­C­O­M­

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