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Nantucket Home With Theater, Game Room Sells For Massive Sum

An investor who sold veteran news anchor Diane Sawyer’s $24 million “Chip Chop” property on Martha’s Vineyard has sold a more expensive property, this time on the island of Nantucket.

5 Grant Ave. in Nantucket

5 Grant Ave. in Nantucket

Photo Credit: Carolyn Durand, Lee Real Estate

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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