The Real Deal New York

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

The home is the most expensive in Nantucket
By Business Insider | May 31, 2014 05:00PM

 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.

It’s totally secluded on a private peninsula.

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

The living room has very high ceilings.