Mansion Global

Island That Was Longtime Home to J.P. Morgan Heir Hits Market for $125M

The Long Island, New York, property comes with six residences, a 28-acre pond, Frederick Law Olmsted-designed landscaping and more

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A sprawling 85-acre compound on the North Shore of Long Island, New York, is hitting the market for $125 million Wednesday, Mansion Global has learned.

The compound offers an impressive range of properties, including an entire 48-acre island with six distinctive residences, a 10-acre adjacent strip with underwater rights, a 28-acre pond, a 250-foot dock and two helicopter spots, according to Bonnie Devendorf, listing agent at Daniel Gale Sotheby’s International Realty.

The estate, located near Glen Cove, also has a remarkable history. Originally granted by King George I to a private person in 1721 for 200 pounds, according to Ms. Devendorf, it was purchased in 1919 by Junius Spencer Morgan, whose grandfather J. P. Morgan Sr. founded the eponymous bank and dominated American corporate finance in the late 19th and early 20th centuries.

Junius Spencer Morgan’s father J.P. Morgan II, an influential financier himself, had an estate in the area, which was nicknamed the Gold Coast for its show of opulence at the turn of the 20th century. By estimates, there were about 150 lavish estates built during that time, the majority of which have been turned into hotels and residential compounds.

Junius Spencer Morgan’s manor, named Salutation, is one of the few remaining estates still privately owned.

"To acquire an entire island of this magnitude and beauty is a once-in-a-lifetime opportunity," Ms. Devendorf said, adding that it lies within an hour’s drive from New York City (the island has a private causeway connecting to the mainland) and is less than 30 minutes by air or sea to the city.

The 27,000-square-feet stone manor has grand-scale living and entertaining spaces with views of the Long Island Sound, Manhattan and Connecticut. The outdoor landscaping was overseen by Frederick Law Olmsted, the celebrated landscape architect responsible for Central Park, according to Ms. Devendorf.

Junius Spencer Morgan and his family lived on the island for decades. In the mid-20th century, he started to allow his friends and family to build houses on there, each with five or six acres of land.

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The current owner, Margo Walker, a socialite and real estate broker, gradually bought up all the houses over the years, according to Bloomberg, which first reported that the compound would be put up for sale. Under her ownership, the main manor was used as the setting for the remake of movie "Sabrina," a romantic comedy starring Harrison Ford and Julia Ormond.

Ms. Walker couldn’t immediately be reached for comment.

Ms. Devendorf declined to confirm Ms. Walker as the owner of the property.

The compound is being offered as a whole, meaning no individual houses are available for sale separately. The yearly tax for the property is about $570,000.

The estate will join a handful of nine-figure properties across the U.S., including two in the Hamptons on Long Island: the former Ford family estate listed for $175 million and another oceanfront estate asking $150 million. The most expensive listing in the U.S. is a West Coast home asking $350 million.

"It takes a very special buyer for this trophy property," Ms. Devendorf said, "But it’s a once-in-a-lifetime opportunity."