Luxist

Buy For $10 Million, Sell For $33 Million?

Filed under: Estates

How’s this for an investment? Newsday reports that investor Chris Knight bought Shorewood Manor a 7.5 acre waterfront property in Shelter Island, New York for $10 million in March and has now re-listed the property at $33 million. Apparently the reason for this ultimate act of real estate optimism is an appraisal that Knight received for securing the loan on the estate that gave the value as being estimated at between $1.25 million to $4 million per acre.

The estate seems to be a tear down waiting to happen, the Victorian manor on the property, though charming, is not exactly modern. In fact, the previous owner, a former governor of New York had been given permission to raze the home. The grounds are the perfect for a mogul’s dream home however offering absolutely beautiful views. According to Albert Hammond, chairman of the Shelter Island assessor’s office Knight’s $10-million purchase is to date the highest anyone has paid for Shelter Island property making $33 million seem like true pie-in-the-sky dreaming. The listing is here with a few more exterior pics and one interior shot.

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