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Barstool Sports founder Dave Portnoy just snatched up a luxurious Nantucket compound for a staggering $42 million, a sum that has left even the island’s well-heeled residents in awe.
This off-market deal has not only set a new record for Nantucket, but has also smashed records across Portnoy’s native Massachusetts, as property records proudly proclaim.
The prior record of $38.1 million, set in June, now seems like chump change in comparison.
Sources told the Wall Street Journal, which was the first to report on the transaction, that the seller of this property is a pair of trusts with intriguing names — the MAK Daddy Trust and MAK Shack Trust.
Shellie Dunlap, representing the sellers and hailing from Lee Real Estate, declined to comment.
Nestled in the coveted Monomoy area, this prime piece of real estate sprawls across approximately 1.2 acres, showcasing breathtaking views of Nantucket Harbor.
But the deal didn’t stop at the jaw-dropping purchase price; it also included an additional $2 million worth of lavish furnishings and other opulent items, the outlet reported.
The sellers acquired adjacent parcels for a combined $13.3 million back in 2016, only to raze two existing homes and replace them with the magnificent compound that now graces the island.
The compound boasts a main residence, a lavish pool area and separate guest quarters, all elegantly designed by renowned architecture and design firm Workshop/APD.
Dunlap spilled the details, revealing that the main house features four bedrooms, complete with a primary suite offering an indoor/outdoor shower and foldaway glass doors that open up to the captivating harbor views.
Hidden behind the main residence is a treasure trove that includes a two-bedroom guesthouse and a separate studio, all connected by an underground tunnel. The secret tunnel, reminiscent of something out of a James Bond movie, adds an element of intrigue to this already remarkable property.
Peter Engen, also from Lee Real Estate, acted as Portnoy’s representative in this monumental transaction, but remained tight-lipped about any details.
This isn’t Portnoy’s first foray into Nantucket’s real estate market.
Records indicate he previously snagged a Nantucket abode for a mere $2 million. However, this latest acquisition is undoubtedly a testament to his continued success and thriving business ventures.
Portnoy’s journey from founding Barstool as a humble gambling newspaper in Boston in 2003 to becoming a media mogul is nothing short of remarkable.
Today, Barstool Sports is known for producing online content, podcasts and videos, with Portnoy himself hosting the popular online show “One Bite Pizza Reviews,” where he traverses the globe in pursuit of the perfect slice.
Remarkably, Portnoy sold Barstool to Penn Entertainment for a whopping $550 million before reclaiming it in August, further underlining his keen business acumen.
Nantucket, often seen as an enclave of the elite, has seen its property prices soar since the onset of the pandemic.
High demand combined with limited availability have driven prices to astronomical heights. This year, venture capitalist Evan Jones and his wife, Cindy Jones, managed to fetch $38.1 million for their Nantucket waterfront compound, despite initially listing it for a cool $56 million.
Not too long before that, another property exchanged hands for a princely sum of $36 million in 2022, as confirmed by real-estate data firm the Warren Group.
Dunlap shed some light on why her clients decided to make this sale. She cited the robust state of the real estate market and the current demand for move-in ready homes on Nantucket as key factors.
In her words to the Journal, “When there’s quality construction and a buyer can literally walk right in … they’re willing to pay a premium.”