The 86-acre Hope Island, located in Casco Bay in southern Maine, sold last month for $ 7 million for just the second time in nearly 30 years.
Ed Mylett, a California entrepreneur, purchased the sprawling 11,600 square foot mansion, which includes a six-bedroom guesthouse, tavern, chapel, boathouse and barn with staff quarters, reported the Portland Press Herald.
Hope Island was originally purchased by real estate developer John Cacoulidis in 1993 for $ 1.3 million. Cacoulidis and his wife spent the next 20 years making the island a family retreat.
After his wife’s death, Cacoulidis put Hope Island on the market for $ 7.95 million in 2017 because he said his family did not use the island. Following the death of Cacoulidis in July 2018, the Cacoulidis family decided to withdraw the island from the market.
George Cacoulidis, Cacoulidis’ son, said they wanted to keep the island in the family but struggled to keep the island private and property. They put the island back on the market in June.
Attempts to reach Mylett were unsuccessful, but Cacoulidis said Mylett planned to maintain the island for personal and family use, the newspaper said.