Private equity investor David Malm purchased 5 Grant Avenue in Nov. 2022 for $19.9 million. On Thursday, just over a year later, he sold it for $26 million to Seahorse Lane LLC.
The property overlooking Jetties Beach and Nantucket Harbor was part of Malm's nearly $100 million real estate portfolio on Nantucket and Martha's Vineyard that he assembled over 5 years.
Lee Real Estate broker Carolyn Durand and agent Maya Kearns represented the buyers, whose identify has not been revealed. Durand also represented Malm in the deal. Island attorney Steven Cohen served as trustee for the buyer, and attorney Sarah Alger for the seller.
Malm told the Wall Street Journal on Thursday that even though he had planned to renovate the Grant Avenue home and use it as a high-end vacation rental, "there is a price for every asset."
The 5,200-square-foot, five-bedroom home and 800-square-foot guest cottage are situated on a .42-acre lot.
It was the first real estate sale over $20 million in 2024, but the deal was still less than half of the record-setting $42 million sale of a Monomoy compound last September to Barstool Sports founder Dave Portnoy.
Photos below by Ron Lynch, via Compass Real Estate: