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Broker Reveals the Life of Shelter Island's $20 Million Listing

During our conversation with BHS broker Chris Burnside about the Most Important Deals of the Decade, our discussion turned to Burnside's latest big deal, Shelter Island's Saint Gabriel's Spiritual Center. The $19.9 million property on Coecles Harbor - a first-time listing - was one of the more noticeable additions to the summer 2009 market when the current owners, the Passionist order of priests, decided to give up their 25 waterfront acres. Burnside revealed that he's seen 'a couple of offers' since the listing hit in late July, and believes the sale is 'a sign of the times', with massive estates becoming too much for their (sometimes blessed) owners to handle.

Both 'families and developers' have expressed interest, and Burnside's currently working on possible subdivision plans (into 'ten, seven or five lots') to make the land more desirable. He's also exploring requirements for a 'change in use'. One prospective buyer was interested in a five parcel configuration, planning a three-two split to develop part of the land and keep the rest for himself.
· Listing: 24.81-Acre Compound On Coecles Harbor [BHS]