4 weeks ago
Starwood Capital Group CEO Barry Sternlicht reportedly had to raze his formation location connected nan Nantucket coast.
The demolition of nan house, which nan billionaire has owned for complete a twelve years, occurred earlier successful nan week, according to nan Nantucket Current.
The crippled of onshore wherever nan location stood connected nan Massachusetts island has borders to some nan formation and Hummock Pond.
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Sternlicht was driven to raze nan home, which was connected alloy girders, by terrible erosion of nan beach, per nan outlet. Several twelve feet of formation adjacent it eroded successful 2020 arsenic a consequence of hurricanes successful 2020, per nan outlet, and nan business only worsened aft that.
Nantucket, MA - February 13: Old Christmas trees and eroded pavement people nan extremity of nan roadworthy astatine Cisco Beach. (Photo by Stan Grossfeld/The Boston Globe via Getty Images) (Stan Grossfeld/The Boston Globe via Getty Images / Getty Images)
Some homes elsewhere connected Nantucket have been likewise impacted by formation erosion, pinch nan rumor looming complete others too, according to reports.
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Sternlicht’s formation location sprawled 1,800 quadrate feet and featured 3 bedrooms, per nan Nantucket Current.
Its tear-down required support from nan Nantucket Historic District Commission. He reportedly received that successful March.
An early evening formation segment successful nan tallness of summertime connected Cisco Beach, Nantucket, Nantucket Island, Massachusetts, USA. Photo Tim Clayton (Photo by Tim Clayton/Corbis via Getty Images) (Tim Clayton/Corbis via Getty Images)
Sternlicht had primitively wanted to return nan location disconnected nan batch and make nan neighboring 1 that besides belongs to him its caller location, but it ended up not being possible, according to Vanity Fair. That spot reportedly costs $1.3 million.
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The billionaire declined FOX Business’ petition for remark connected nan home’s reported demolition. He has built a individual luck of $3.8 cardinal complete nan people of his career, Forbes has estimated.
His Starwood Capital Group near Connecticut and made Florida nan location of its office successful 2018.
Homes successful nan city of Nantucket, which is not acold distant from wherever Sterlicht’s formation location was, had median asking prices of $4.5 cardinal successful March, according to Realtor.com. For waste prices, nan median was $4 million.
