Another Nantucket Mega Sale: Hulbert Avenue Compound Sells For $33 Million
Jason Graziadei •
The shock and awe in the Nantucket real estate market continued this week, when a waterfront compound on Hulbert Avenue sold for a whopping $33 million, one of the largest home sales in island history.
The adjacent properties at 63 & 63.5 Hulbert Avenue closed together on Monday, and were sold by Bruce Failing Jr., a managing partner with the investment firm Alerion Partners, and his wife Leigh Failing. The Failings had owned the property since 1985, when they purchased it for $1.6 million, according to land records.
The buyer is listed as an LLC registered to California attorney Stephen Ricks, but the true identity of the new owner is not yet known.
The listing agent was Jeanne Hicks, of Lee Real Estate, and Great Point Properties' Bill Liddle and Laura Belair represented the buyer. The property includes a newly renovated five-bedroom home with two separate master suites, along with a two-bedroom guest house, a one-car garage, and a separate studio.
The $33 million deal is close to the record for the largest home sale in island history, which was just set in June when Red Sox owner John Henry completed the acquisition of two adjoining properties in Shimmo for $37 million.
And it was only the latest in a slew of jaw-dropping real estate deals on Nantucket that have topped $30 million over the past two years.
In April, there was the $36 million sale of 21 Lincoln Avenue - which was briefly the record before JohnHenry's real estate purchases two months later. The Lincoln Avenue property is believed to have sold to Texas businessman Robert Bass. That was preceded by the $32.5 million sale of 42 Easton Street on Brant Point last October to Stephen A. Schwarzman.
Also in 2021, there were two other sales over $30 million on Nantucket, including the commercial properties of the Beachside Hotel for $38 million, and the Nantucket Inn for $30 million.