Billionaire’s Nantucket Mansion Wrecked by Erosion!

Billionaire's Nantucket Mansion Wrecked by Erosion!

Billionaire CEO Barry Sternlicht’s New England beach house has faced a tragic fate of demolition after struggling with erosion issues for four years. This unfortunate event marks the second house owned by Sternlicht on the same beachfront stretch in Nantucket that has succumbed to the forces of nature.

Sternlicht’s first property on Hummock Pond Road was purchased for $610,000 in a foreclosure sale back in 2010. Subsequently, he acquired an adjacent property in 2019 for $1.3 million. However, the relentless power of hurricanes Paulette and Teddy in 2020 caused significant damage to both houses, leading to about 60 feet of erosion surrounding them. As a result, the town authorities demanded that one of the properties be demolished to ensure safety.

Jeff Carlson, the director of Nantucket’s Natural Resources Department, expressed astonishment at the swift erosion, commenting, “That’s some of the more aggressive and timely erosion that at least I’ve seen in my time on Nantucket. I hate to say it, but sometimes it just comes down to a little bit of bad luck for folks to be at the wrong spot at the wrong time.”

With a net worth of $3.8 billion, as reported by Forbes, Sternlicht attempted to salvage the remaining house by moving it onto steel girders. Unfortunately, the erosion continued to threaten the property, ultimately leading to its recent demolition.

Matt MacEachern, a local architect and representative of Sternlicht, explained the dire situation to the Nantucket Historic District Commission. He detailed the unsuccessful attempts to relocate the structure due to the extensive erosion that left no viable land options. Despite exploring various solutions with different companies, the decision to demolish the house became inevitable, as confirmed by Sternlicht’s representatives to Business Insider.

The demolition of this beach house serves as a poignant reminder of the unpredictable and relentless power of nature. Despite efforts to preserve the property, environmental challenges proved insurmountable, emphasizing the importance of environmental conservation and thoughtful property investment in vulnerable coastal areas. The loss of Sternlicht’s Nantucket beach house stands as a cautionary tale echoing the delicate balance between luxury living and the forces of nature.


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