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CNN Saturday Morning News

Nantucket Home Hits Market at $54 Million

Aired July 14, 2001 - 07:26   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BRIAN NELSON, CNN ANCHOR: If you're in the market for a new home, or a village, or maybe, in this case, an entire city, you may want to check out a Nantucket place that's up for sale. And it could be yours for just a mere $54 million.

Reporter Kelly Tuthill (ph) of CNN affiliate WCVB has a look at it.

(BEGIN VIDEOTAPE)

KELLY TUTHILL, WCVB REPORTER: Nice and peaceful spot here.

CLARENCE DOUCETTE, REAL ESTATE BROKER: It is.

TUTHILL (voice-over): But peace comes at a steep price these days on Nantucket. Welcome to Westmore Farm, a nearly 30-acre playground located in the Cliff section of the island.

(on camera): Does it still shock you that you've got a listing for $54 million?

DOUCETTE: Well, it's a rather large price tag.

TUTHILL (voice-over): But real estate broker Clarence "Frenchie" Doucette points out, this is a rather large estate.

DOUCETTE: This property, which is now the Westmore Inn, is a property that was built and given to one of the Vanderbilts' daughter as a wedding gift.

TUTHILL: It's now owned by Michael Egan, the former chairman of Alamo Rent-a-Car. He used it as a meeting center while creating a fantasy land for his two sons. Egan and his wife stay in a relatively modest home, but entertain in grand style in the Red Barn.

(on camera): I wouldn't know what to do in a kitchen like this.

(voice-over): Plenty of room to prepare food while guests enjoy wine-tasting in a medieval-style cellar. Or they can simply relax in two large parlors.

But even business types need to loosen up a little. For that, we head over to the Green Barn. DOUCETTE: A full movie screen pulls down. They have all the requisite lights and lighting for stage plays, only with footlights, surround-sound. It's really...

TUTHILL (on camera): And a disco ball?

DOUCETTE: And a disco ball.

TUTHILL (voice-over): And, of course, plenty of room for dancing or hanging out. And if all this exhausts you, you can head downstairs to the barn's basement pub.

(on camera): Corn growing here in Nantucket? Well, it makes sense, of course, when it's next to this estate's Field of Dreams, complete with clay in the infield brought in specially from Fenway Park.

(voice-over): Frank Holdgate isn't just the property manager, he's the former owner.

(on camera): How much did you sell it to them for?

FRANK HOLDGATE, PROPERTY MANAGER: That's -- you know, that's an evil word. Eight hundred thousand dollars.

TUTHILL (voice-over): But in the past decade, Egan added a lot to that original property. It now includes a 14-room inn, two owners' homes, plus 12 guest houses and swimming pond. The Egans want the property to stay as-is and have turned away developers.

(on camera): How does a broker celebrate a $54 million sale?

DOUCETTE: We have yet to determine that. But I'm sure we'll find a way.

TUTHILL: Are we going to be invited to the party?

DOUCETTE: Absolutely, without a doubt.

TUTHILL (voice-over): In Nantucket, Kelly Tuthill, News Center Five.

(END VIDEOTAPE)

NELSON: Small and cozy, but it'll do.

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