The 69-acre Swain's Neck Estate located on Nantucket Island, Massachusetts, has returned to the listing market with a lower selling price of $47.5 million.
The Swain's Neck property was purchased by an electronics manufacturing tycoon, Russell Dale Phelon, for $7.15 million in 1997. It was listed for $59 million in May 2012 after Phelon passed away in March that year.
However, failing to sell then, the property was taken off the market, only to return with the new asking price.
The Swain's Neck property was the most expensive listing of the New England region when it was first listed in May. But, in July 2012, another estate on Martha's Vineyard, priced at a whopping $92 million, took away the title. However, Swain's Neck still remains the most expensive single-family estate for sale.
The Swain's Neck estate's location and its exquisite features make up for its lofty price tag. The huge property sits on the Polpis Harbor with three waterfront sides. The entrance to the estate is marked by a wooden bridge over a salt marsh. The bridge leads to an electronic gate opening into a driveway.
The property has a two-bedroom cottage, an octagon shaped office, a boat house and a main unit. The main unit has nine bedrooms and ten bathrooms, spreading across an area of 7856 square feet. According to Forbes, the main unit was razed and rebuilt after Phelon purchased it in 1997. The main home is the epitome of luxury living with exquisite living space including a gourmet kitchen, a parlor, a media room, a wet bar, fireplaces and private decks.
Check out the photos of the magnificent property here.
Currently, the Swain's Neck estate listing lies with Great Point Properties, a major real estate firm of Nantucket Island. If the property sells for the listed price, it will be the largest sale in the island.
"Great Point Properties is honored to offer Nantucket Island's most prominent estate for sale. The privacy, exclusivity and views are unparalleled. So, too, is the Nantucket way of life with quaint cobbled streets, maritime traditions, gorgeous white-sand beaches, world-class restaurants and hundreds of acres of Conservation land. The buyer for this property is someone who will fully enjoy all that Nantucket has to offer," Samantha Parsons, an agent with Great Point Properties representing the sale, said to Christie's International Real Estate.
