This 48-acre private island on Long Island’s gold coast just listed for $125M

The historic mansion, built by the son of J.P. Morgan, is remarkably well preserved

For only the third time in its history, a 48-acre private island on the gold coast of Long Island is hitting the market. And the sellers want a very Gatsbyesque sum — $125 million.

In 1919, Junius Morgan, grandson of J.P. Morgan, commissioned a 27,000-square-foot mansion on the North Shore island, which he called “Salutation.” The island, now called “Dosoris Island,” overlooks the Long Island Sound and comes with six houses, 46 acres of land, 10 acres of underwater rights and a 28-acre pond, according to Bloomberg.

The main house hasn’t changed much since it was built, meaning that historic detail abound, listing broker Bonnie Devendorf of Daniel Gale Sotheby’s International Realty told Bloomberg. The main house features a dining room that can seat 100, a mahogany-paneled ladies parlor, and 11 bedrooms – not including servants’ quarters.

Outside the laundry list of luxurious add-ons continues with formal gardens designed by Frederick Law Olmstead, a large pool and a historic 250-foot-long dock.

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The most recent buyer of the property was Margo Walker, a socialite and real estate broker who scooped up the island in 1993. Walker reportedly was in a relationship with Michael David-Weill, former chairman of investment bank Lazard Freres, who helped her acquire several of the island’s homes.

Devendorf insisted the $125 million price tag for the private island was reasonable.

“There are comparables,” she told Bloomberg. “There’s an island off Greenwich that’s being offered for $175 million, and houses in East Hampton have traded for more than $100 million.”  [Bloomberg]Christopher Cameron