Waterfront Properties On Sheep Pond Road Head To Foreclosure Auction

A pair of waterfront properties on Sheep Pond Road that sold just two years ago for $3.9 million are headed to a foreclosure auction later this month.

Owned by Slacktide, a Boston-based real estate development firm with offices on Nantucket and Kiawah Island, the properties at 14 and 16 Sheep Pond Road totaling more than four acres will be auctioned off by the Paul E. Saperstein Co. on Monday, Dec. 16th at noon.

Slacktide, which owns and is developing numerous properties on Nantucket, appears to be walking away from its multi-million-dollar investment. It's unclear if the threat of erosion - which has claimed other homes on Sheep Pond Road and prompted a few to sell at bargain-basement prices - was a factor in the two properties going into foreclosure.

Slacktide's main office number is "temporarily unavailable," and company president Brett Fodiman did not return a message seeking comment. Slacktide bills itself as "a thoughtfully assembled team of private equity, property development, construction management, and design experts."

Property records show the two properties sold in November 2020 for $1.3 million amid the COVID-19 pandemic. Less than two years later, a limited liability company registered to Fodiman purchased 14 and 16 Sheep Pond Road for $3.9 million in April 2022.

Each lot includes a three-bedroom, two-and-a-half-bathroom home with first and second decks. Both were being rented for $16,000 per week during the summer.

The foreclosure is being pursued by Clinton Savings Bank, a central Massachusetts lender, which granted a $2.9 million mortgage to Slacktide's LLC for the property shortly before the sale.

Sheep Pond Road has seen a number of remarkable real estate deals, demolitions, and homes lost to the waves in recent years as a result of significant erosion along the dirt road.

In October 2023, the house at 21 Sheep Pond Road was demolished after a storm undercut the southeast corner of the home, causing a deck to collapse and a condemnation order by the town.

In March 2024, the home at 4 and 6 Sheep Pond Road was sold for just $600,000 after a combination of severe erosion and a motivated seller led to the original asking price of $2.2 million being slashed down to six figures.

Just months later, in June 2024, a $2 million house at 28 Sheep Pond Road was sold for just $200,000 as the owners raced to strike a deal before it was claimed by the waves.

Fourteen years ago, the late Gene Ratner lost his long battle with erosion when his home at 19 Sheep Pond Road collapsed into the ocean. Today, the entirety of Ratner’s property is now submerged.