Another Price Cut for Montana’s 22-Acre Shelter Island

A 22-acre private island estate on Montana’s Flathead Lake has had its price cut to $22.75 million, a whopping discount of more than $50 million from when its former owner first listed it.

Shelter Island, roughly an eight-minute boat ride from the mainland, was formerly owned by real estate mogul Donald Abbey, who spent years building the property, said listing broker Dawn Maddux of Engel & Völkers Western Frontier.

Mr. Abbey first listed the island in 2012 for $78 million. The latest cut on the listing was made in September.

However the house is now being sold by Second Step Asset Management Co., a Bank of America subsidiary, who took ownership of the property in June 2016.

The property was a litigation nightmare for Mr. Abbey, who long contested his property tax bill, according to reports.

Ms. Maddux told Mansion Global that she was limited in what she could say about the handover of the property, but noted that the future owner would be getting a completely clear title, adding that Second Step has maintained the property well. "It looks better now than when they took the listing," she said.

Spanning 22,000 square feet, the main house has five bedrooms, eight bathrooms, a commercial grade elevator, a great room with 45-foot-high ceilings and a fireplace so large 15 contractors once fit inside it, Ms. Maddux said. There’s a copper observatory, a commercial grade gourmet kitchen, a wine cellar, an indoor shooting range and a heated boat stall.

The island is also home to a two-bedroom guest residence that simultaneously serves as a boathouse.

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"It's almost a property you can't even describe," Ms. Maddux said. "Every time I'm there I discover something new."

Ms. Maddux began representing the property when Second Step took control in 2016 and she first priced it at $39 million.

"There’s not much like it in the whole region," she said. The buyer’s "going to be someone that really appreciates the private seclusion."

Realtor contributed to this story.