A coastal vacation home severely threatened by beach erosion recently got scooped up for only six-figures in Nantucket, Massachusetts, according to the Nantucket Current.
The house is changing ownership in a $200,000 deal that took place last week, the outlet reported. It identified the sellers of the home as married couple Jane Carlin and Ben Gifford and the buyer as the owner of a neighboring property, Ticketnetwork Inc co-founder Don Vaccaro.
That reported price was approximately $1.77 million lower than Nantucket’s assessed value of $1.97 million, according to property records.
NANTUCKET BEACHFRONT HOME SELLS FOR AN ABSURDLY LOW PRICE, BUT THERE'S A CATCH
The sale of the 1,700-square-foot home came after the couple unsuccessfully tried to figure out if housing non-profits "would consider taking the house and moving it" with financial assistance from them so that it wouldn’t fall victim to erosion, Carlin told the outlet. It had reportedly belonged to them since 1988.
The distance between the sea and the home had been becoming smaller and smaller, particularly over the winter, the Nantucket Current reported. The overall area where the property is located has been severely impacted by coastal erosion over the years.
The two-story home, built in 1979, contains three bedrooms and two bathrooms, per property records.
"I have no illusions that the house will remain in place for more than a year, and bought it on the assumptions that it will be in the water by spring of 2025," Vacarro told FOX Business in a statement, adding that his ownership of a neighboring home will afford him some "ways to use the house for a little longer than someone who doesn’t have an adjoining property."
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Vaccaro also said "there is the possibility" to make use of "some simple yet costly mitigation techniques that will slow the erosion." He previously mentioned tactics such as "sea grass planting" and "silt fencing" to the Nantucket Current.
"In the off season the property is targeted to be donated to Ukrainian Refugees, if the town has no objections," he also told FOX Business.
Prior to the "miracle" offer that Vaccaro made to Carlin and Gifford, they had not listed it because they didn’t "want to sell to someone when you know a storm could take it out next week," Carlin explained to the Nantucket Current.
NANTUCKET BEACHFRONT HOMES STILL COVETED BY BUYERS DESPITE HIGH RISK OF BEING SWALLOWED BY THE SEA
Nantucket’s southern coastline experiences annual beach erosion "in the middle" of 0.56 feet and 12.63 feet, the local government said on its website. Other areas on the island also deal with erosion.
Homes in the city of Nantucket had median asking prices of $4.7 million in May, according to Realtor.com. For sale prices, the median was $3 million.
