Barstools Dave Portnoy Buys Nantucket Home for Record $42M

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Hill Gallery is a trove where oil paintings and Nantucket’s signature lightship baskets, made by the island's artisans, can be found. Find out what to prepare for and pick up the tools you’ll need at Virtual Inman Connect on Nov. 1-2, 2023. And don’t miss Inman Connect New York on Jan. 23-25, 2024, where AI, capital and more will be center stage. Barstool fans, after seeing what $2 million gets you in Nantucket, were pretty shocked. Nantucket, and other similar locations like Martha's Vineyard and Block Island, are known to have high costs of living.

Sick of your blue state? These real estate agents have just the place for you.

The properties at 72 and 68 Monomoy Road were sold in March 2016 by the Anathan family to two blind trusts for a combined $13.3 million. The existing dwellings were then torn down and the properties were completely redeveloped. Both the buyer and the seller were represented in the deal by the Nantucket firm Lee Real Estate. Broker Shellie Dunlap represented the seller, while agents Peter Engen and Bruce Beni represented Portnoy.

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In August, the Massachusetts-native paid $1 to repurchase it, having previously sold it to PENN Entertainment for some $500 million, FOX Business reported. Two grantors appeared on Sept. 29 property records, while Ferry Views LLC did so as the grantee. The Wall Street Journal reported Portnoy’s eye-popping $42 million purchase on Sept. 29. The home, built on a pair of land parcels totalling 1.2 acres, sits near the sea shore in Monomoy, part of Massachusetts’ island of Nantucket, according to the outlet. The home sits on nearly a full acre of land, and the property includes a pool and a view of the ocean. Dave Portnoy, the polarizing founder of Barstool Sports and pizza maven, recently bought a luxe Nantucket compound for a record-breaking $42 million, the Wall Street Journal reported.

Dave Portnoy's Nantucket House in Photos - Yahoo Life

Dave Portnoy's Nantucket House in Photos.

Posted: Tue, 03 Oct 2023 07:00:00 GMT [source]

Barstool’s Dave Portnoy purchases most expensive home in Massachusetts history

An additional $2 million worth of furniture and other items were also included in the sale, The WSJ reported. The deal was conducted off-market and Shellie Dunlap of Lee Real Estate represented the sellers, a pair of trusts known as MAK Daddy Trust and MAK Shack Trust, according to records. Lee Real Estate called the sale “a new benchmark for residential real estate on Nantucket,” The Boston Globe reported. “I went from being able to afford renting for a day to a weekend to a week to a month to renting for the entire summer to buying a house to now buying a house beyond even my wildest imaginations.

Wauwinet guests are often couples or families, content to be in a quiet area. Life House (from $239 per night), which opened last summer, has all the appeal of a bed-and-breakfast, but with modern digs, a daily complimentary happy hour, and a beautifully designed patio where locals and hotel guests mingle. On Friday, the Boston Herald reported the sale of a Nantucket home to Portnoy, though he bought the house in November 2015. According to land records, he coughed up $2 million for the grey-shingled four bedroom.

Barstool Sports' Dave Portnoy Buys Home on Nantucket for a Record $42 Million - Newport Buzz

Barstool Sports' Dave Portnoy Buys Home on Nantucket for a Record $42 Million.

Posted: Fri, 29 Sep 2023 07:00:00 GMT [source]

The prior record of $38.1 million, set in June, now seems like chump change in comparison. For something more casual, Nantucket is also home to killer sandwiches. The Straight Wharf Fish Store, where locals pick up fresh catches to cook at home, also serves prepared foods like lobster rolls, chowder, and a fried swordfish sandwich. The BLT, on home-baked Portuguese bread is beach fare at its best; while the avocado, chutney, and cheddar is salty-sweet perfection. The famous Terry Terrific, which comes with turkey, herb bread stuffing, and cranberry sauce, is another hit. Book far ahead and order some Champagne to pair with their oysters on the waterfront.

The sale marks the priciest deal to have ever been conducted on the island and in the state of Massachusetts, besting the previous record of $38.1 million, which was set in June. When reached for comment, both Dunlap and Engen confirmed they were involved in the sale. However, they declined to comment on whom the parties they represented were, with Dunlap saying the real estate company does not disclose details about clients. Compass’ Matt Breitenbach and Greg Gould represented both the buyer and seller in the off-market deal.

The secret tunnel, reminiscent of something out of a James Bond movie, adds an element of intrigue. 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 compound that now graces the island. 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 show. Nantucket home prices climbed steeply during the pandemic as demand in vacation markets surged while supply remained limited. Since then, price growth has calmed down a bit, however, and the median sale price of a home in Nantucket County was down 40.6 percent year over year in August to $3.24 million, according to Redfin. Portnoy sold his media company to Penn Entertainment for about $550 million in February 2023, and was able to purchase it back for $1 in August when Penn hit red tape with Barstool after signing a deal with ESPN.

Dave Portnoy’s Nantucket House in Photos

Portnoy recently bought back his sports media site from Penn Entertainment, exiting the sportsbook industry. The Massachusetts Gaming Commission last year approved a license for a Barstool-themed betting book at Plainridge Park Casino in Plainville, but not before raising questions about past comments made by Portnoy. NANTUCKET - Dave Portnoy, the founder of Barstool Sports who grew up in Swampscott, has reportedly bought a Nantucket home at a record-setting price. A person with knowledge of the sale confirmed to the Boston Globe that Portnoy was the buyer, and Portnoy appeared to provide confirmation on social media. Portnoy, who did not respond to messages seeking comment about the sale, previously owned real estate on Nantucket located on High Brush Path off Hummock Pond Road and has been a frequent visitor to the island for many years.

The transaction, which Lee Real Estate confirmed in a statement to Forbes, includes another $2 million in furniture, the Current reported. Nantucket, often seen as an enclave of the elite, has seen its property prices soar since the onset of the pandemic. 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. Shellie Dunlap, representing the sellers and hailing from Lee Real Estate, declined to comment.

PENN sold Barstool back to Portnoy last month as part of a $1.5 billion agreement the Pennsylvania-based company landed with ESPN for a new sportsbook called ESPN Bet. Portnoy filed a defamation lawsuit against Insider in February 2022, claiming the outlet “knowingly disregard[ed] the truth.” The suit was dismissed in November. The 1.2-acre pair of waterfront properties at 68 and 72 Monomoy Road feature a 5,200-square-foot main estate with a two-bedroom guest house and pool in Nantucket’s Monomoy neighborhood, giving the homeowner a sunset view over Nantucket Harbor and the island’s historic downtown. The mansion and guest quarters have six bedrooms, nine full baths and two half baths among them, according to Lee Real Estate’s listing. In the main house, it features "multiple sets of accordion glass walls evoking the feeling of being one with the harbor when open," the listing said.

The property now has a main residence designed by Andrew Kotchen of Workshop/APD, with  four bedrooms and a primary suite with an indoor-outdoor shower and spectacular harbor views. The compound also includes a pool area and guest quarters, accessible via an underground tunnel. The founder of sports media company Barstool Sports, Dave Portnoy, has purchased a waterfront Nantucket estate for a record $42 million, The Wall Street Journal reported on Friday.

The buyer on the deed is listed as Ferry Views LLC, registered to local attorney John Brescher. The seller was listed as Steven Cohen as trustee of the Mak Daddy Trust and trustee of the MAK Shack Trust, according to property records. Nestled in the coveted Monomoy area, this prime piece of real estate sprawls across approximately 1.2 acres, showcasing views of Nantucket Harbor. Portnoy is best known for Barstool Sports, the company he started about two decades ago.