Largest Home Sale In Nantucket History: $36 Million

David Creed and Jason Graziadei •

21 Lincoln Avenue

The largest residential home sale ever completed on Nantucket occurred on Friday, when 21 Lincoln Avenue closed for $36 million.

The high-end sale of the property in the Cliff neighborhood that overlooks Nantucket Sound along the north shore of the island was just the latest exclamation point in Nantucket's super-charged real estate market.

Here's what we know about the sale so far:

The seller was a blind trust that had purchased the property back in 2012 for just over $14 million.

The buyer was listed as Nantucket RE Investors LLC, a company registered to a Texas-based corporation controlled by Jay Hebert and Bryan Barrett, according to property and corporate records. Hebert and Barrett are both employed by the Keystone Group LP, a Forth Worth-based private equity firm led by billionaire Robert Bass.

Great Point Properties co-founder Greg McKechnie was the selling agent, but declined to comment on the sale. The buyer's agent was Lee Real Estate.

The $36 million sale was the highest in island history by a fairly wide margin, eclipsing the $32.5 million sale of 42 Easton Street on Brant Point last October, along with previous high-end sales of $27.5 million for 11 & 15 Cathcart Road in 2010, and the $27.1 million sale of 9 Kimball Avenue in 2014.

"Mega-high-end sales, or sales above $20 million, typically represent a tiny sliver of annual sales on the island," said Fisher Real Estate Principal Broker Jen Shalley Allen. "Over the last 20 years, there have been just 17 residential transactions in this price point, seven of which occurred in the last two years. It's rare to see these types of trophy properties change hands as they are often held for several generations but that mentality seems to be shifting with the rise in values and shift in motivation on the part of both buyers and sellers."

The Nantucket Land Bank will receive a cool $720,000 from this one sale alone thanks to the island's 2 percent transfer fee on real estate transactions.

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It also marks the most recent real estate transaction over $30 million on Nantucket, with the aforementioned Easton Street sale, as well as the recent closings of the commercial properties of the Beachside Hotel for $38 million, and the Nantucket Inn for $30 million, both in 2021.

The 1.07 acre lot at 21 Lincoln Avenue has beach frontage near the popular Steps Beach along the north shore of the island. The primary dwelling is 4,903 square feet and the secondary dwelling is 1,752 square feet. The main house and cottage are connected by a "nautically inspired" tunnel. Between the two, there are a total of 20 rooms, including 11 bedrooms. There are nine full bathrooms and three half baths.

21 Lincoln Ave
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