Jackie O’s Red Gate Farm offered for $65 million

9

Updated 2:50 pm

Jacqueline Kennedy Onassis’ 340-acre Red Gate Farm in Aquinnah has been listed on the international real estate market for $65 million.

According to a press release from Christie’s International Real Estate, Onassis’ daughter Caroline Kennedy seeks a new steward for the property.

The property is assessed at $15.1 million, according to town assessors’ records. County records show an attorney representing Onassis purchased the property from a Cape Cod Co., a trust for the previous owner Henry Hornblower II, on Jan. 16, 1978, for $1.1 million.

This isn’t the first time the property has been listed. 

In 2013, one 54-acre lot was put on the market for $25 million, and another 40-acre lot was listed for $20 million. 

In 2017, one 40.56-acre parcel with “multiple approved building areas” was offered at $12 million, along with a second 75.64-acre parcel boasting a private beach for $15 million.

Aquinnah selectman and longtime resident Juli Vanderhoop said she hopes the next owners of the property can act as responsibly and environmentally consciously as the Onassis family.

She said the area where the property is located is unique, beautiful, and fragile.

“It is bittersweet to hear that property is going to be passed on,” Vanderhoop said. “The Onassises were incredibly respectful of nature; they really cherished the land around them.” She said the many estuaries and marshland areas surrounding the property are “essential” to the well-being of our Island ecosystem, and must be preserved. 

In collaboration with Martha’s Vineyard luxury real estate firm LandVest, Christie’s International Real Estate describes the beachfront residence as serene and immersed in the natural world.

Caroline Kennedy is quoted in the release saying her mother immediately fell in love with Red Gate Farm 40 years ago, and that it was “a perfect expression of her romantic and adventurous spirit.”

“We hope that a new family will treasure this place as we have for three generations. We are excited about the next chapter for Red Gate Farm.”

The 6,456-square-foot main residence was designed in the traditional Cape Cod style by world-renowned architect Hugh Newell Jacobsen, and the landscapes were designed by Bunny Mellon, the horticulturist who designed the White House Rose Garden when Onassis was First Lady of the U.S., according to the release.

Josephine Brennan contributed to this report. Updated with more details. 

 

9 COMMENTS

  1. Seems like a large tax loss of over $14 million from this sale? I’m surprised they don’t keep the property for their children? Let’s all hope the property does not turn into mega home development?

    • I find not everyone gets an emotional attachment to places or things. My Dad loves boating but when it was time to sell a boat, that’s it. And no apparent attachment to past homes. The only thing I know of is the cemetery where his grandparents are buried.

      Caroline feels it’s time to let go.

  2. Publictrust help me understand why a tax loss of 14 million. There will be a huge capital gain on the sale at that price.

    • 28% capital gain, state and federal,on a sales gain of $50 million is about $14 million in taxes.

      • Public trust. You are correct. I misunderstood the comment “” tax loss””. I always call it a tax bill to the IRS of 14 million.

  3. it’s assessed at 15 million and on the market for 65 million.
    Here is an example of the rich not paying their fair share of taxes– in this case property taxes. Yes, assessments are usually lower than market value, but not that much lower. I would love it if my house were assessed at 20 % of market value– even 50 %
    On the plus side, if it sells , the land bank will get a tidy sum.

    • Sales price determines market price, not offer price. But it is typical for assessors to be years behind.

  4. So will the next owner have to pay taxes on 15 million or 65 million? Thats a very important consideration when buying it.

Comments are closed.