Billionaire forced to demolish Nantucket beach home

Starwood Capital Group CEO Barry Sternlicht reportedly had to raze his beach home on the Nantucket coast.

The demolition of the home, which the billionaire has owned for over a dozen years, occurred earlier within the week, according to the Nantucket Current.

The plot of land the place the home stood on the Massachusetts island has borders to each the beach and Hummock Pond.

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Sternlicht was pushed to raze the home, which was on metal girders, by extreme erosion of the beach, per the outlet. Several dozen ft of beach close to it eroded in 2020 on account of hurricanes in 2020, per the outlet, and the scenario solely worsened after that. 

Nantucket, MA – February 13: Old Christmas timber and eroded pavement mark the top of the highway at Cisco Beach. (Photo by Stan Grossfeld/The Boston Globe by way of Getty Images) (Stan Grossfeld/The Boston Globe by way of Getty Images / Getty Images)

Some properties elsewhere on Nantucket have been equally impacted by beach erosion, with the problem looming over others too, in accordance to experiences.

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Sternlicht’s beach home sprawled 1,800 sq. ft and featured three bedrooms, per the Nantucket Current.

Its tear-down required permission from the Nantucket Historic District Commission. He reportedly acquired that in March.

An early night beach scene within the top of summer time on Cisco Beach, Nantucket, Nantucket Island, Massachusetts, USA. Photo Tim Clayton (Photo by Tim Clayton/Corbis by way of Getty Images) (Tim Clayton/Corbis by way of Getty Images)

Sternlicht had initially wished to take the home off the lot and make the neighboring one which additionally belongs to him its new location, but it surely ended up not being attainable, according to Vanity Fair. That property reportedly price $1.3 million.

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The billionaire declined FOX Business’ request for touch upon the home’s reported demolition. He has constructed a private fortune of $3.8 billion over the course of his profession, Forbes has estimated.

His Starwood Capital Group left Connecticut and made Florida the home of its headquarters in 2018.

Homes within the city of Nantucket, which isn’t far-off from the place Sterlicht’s beach home was, had median asking costs of $4.5 million in March, in accordance to Realtor.com. For sale costs, the median was $4 million.