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Connecticut’s Great Island Seeks a Record $175 Million

In the affluent suburb of Darien, the 63-acre island is shooting to become the most expensive residential property in the country

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A Connecticut island going on the market for the first time in over a century is shooting for the moon: If it sells for anywhere near its asking price of $175 million, it could set a new record for most expensive residential property in the country, real estate veterans said.

The 63-acre estate on Long Island Sound, located about 50 miles outside New York City in the affluent suburb of Darien, is one of the priciest residential properties on the market, according to listing agent David Ogilvy of David Ogilvy & Associates Realtors. The record is currently held by the 2014 sale of a $147 million home in New York’s Hamptons, according to real estate appraiser Jonathan Miller.

Known as Great Island, the property is accessed via man-made land bridges. Built in the early 1900s, the main house has six bedrooms plus wings for staff and guests. The stone structure has views of the Sound from nearly every room, though the new owner will likely want to renovate the house, Mr. Ogilvy said. There are several additional homes on the property, one of which was built around 1850 but has been restored and expanded. With a private beach and a dock, the grounds also contain a boat house and small waterfront cottages.

The property has extensive equestrian facilities, including a 20-stall granite stable built at around the same time as the main house with an arched Guastavino tile ceiling similar to the one in Grand Central Terminal, Mr. Ogilvy said. There is also a Grand Prix jumping/riding arena, an exercise track, a sand dressage ring and bridle trails.

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The estate is owned by the descendants of industrialist William Ziegler, who bought the property around 1900 and used it as a summer home after making his fortune in baking powder. His granddaughter Helen married Olympic show jumper William Steinkraus and became an equestrian herself before her death in 2012. The family decided to sell Great Island because the "next generation has moved to other places," Mr. Ogilvy said.

In 2014 Mr. Ogilvy handled the $120 million sale of Copper Beech Farm, a roughly 50-acre property about 9 miles away in the nearby town of Greenwich, which was originally listed for $190 million. "The market for $100 million and up is a very small market," Mr. Ogilvy said. "Since we have one that sold here, that gives us something very good to work from."

Christie’s International Real Estate is providing international marketing for Great Island.