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The luxury estate at 5 Grant Ave. in Nantucket was sold on Jan. 18 under the asking price of $26 million by private-equity investor David Malm after buying it for just under $20 million, according to the Wall Street Journal.
Malm told the newspaper that the property was to be turned into a luxury rental spot, but “there is a price for every asset.”
“Perched high on the Cliff, this Botticelli & Pohl built home impresses with striking views of the Harbor, Nantucket Sound, and Town,” a listing on Zillow said.
The property’s main house was built in 2001 on nearly half an acre of land and offers five bedrooms, a theater, and a game room in 5,200 square feet of space.
Guests may also stay at a separate 800-square-foot cottage.
The name of the buyer was not revealed.
A request for determination of applicability was filed in May 2022 for Louis L. Ceruzzi, Jr., the son of the late founder and president of Ceruzzi Properties, a real estate development company. The application looks into whether or not a property violates the Wetlands Protection Act.
David Portnoy, founder of Barstool Spots, also bought a waterfront compound nearby at 72 and 68 Monomoy Rd. in September for $42 million, posting on social media that there's no place on the planet quite like Nantucket.
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