Land Sale Sets Record
Some 81 acres of land that was formerly part of the storied Pohogonot Farm in Edgartown was sold to a private buyer late last week for a total sale price of $15.5 million. The sale marks the largest single residential real estate transaction in dollar value in the history of the Island, topping the $12 million sale of 80 acres on the North Shore in West Tisbury last year.
The property was purchased by three realty trusts; the principal owner behind the trusts wishes to remain private.
The sellers are the trustees for the Pohogonot Trust, which includes the descendants of the late George D. Flynn, the former owner of Pohogonot Farm.
The property is located on the eastern shore of the Oyster Pond, in the rural coastal perimeters of Edgartown.
Voluntary restrictions by the buyer will limit development on the property to a total of four houses and three guest houses.
The property transaction involved three sales and four parcels of land. One parcel of 34 acres sold for $13.4 million. Another parcel of 24 acres sold for $1.4 million. A third parcel of 23 acres sold for $600,000.
Each parcel is restricted to one single-family residence and a guest house, except the 24-acre parcel, which is actually two parcels and is restricted to two single-family residences and one guest house.
The rich history of Pohogonot Farm dates back to the earliest human settlements on the Vineyard. According to legend, Pohogonot was a Wampanoag sachem who ruled a tribe in Squibnocket.
The private property sale netted just over $300,000 for the Martha's Vineyard Land Bank. The land bank collects a two per cent transfer fee on most real estate transactions. Money collected from the fees is used to buy conservation land on the Vineyard.
Land bank revenues for the fiscal year that began on July 1, 2000, stood at $5,044,324.72 at the end of last week. During the same period of the previous fiscal year, the agency had gathered $5,363,242.08.