WEST TISBURY — It is listed at $92 million, and it could become a dream compound for one of the world’s wealthiest people — once a buyer builds it.
A 266-acre property for sale on Martha’s Vineyard comes virtually undeveloped, save for a single cottage. In an uncertain time for the real estate market, the West Tisbury offering represents far more than a bit of a gamble.
But with exclusive beach access and the chance to build from scratch at up to six sites, the property is one that someone with deep enough pockets may find difficult to pass up, real estate professionals said.
“If I had $184 million, I’d give up half of it for that land,” said Kevin Spellman, an independent appraiser familiar with the property.
The price tag, which the Vineyard Gazette reported is $28 million more than the island’s record sale, does not seem to be scaring off all interest. Thomas Wallace, the property’s listing agent, said he has heard from potential buyers inside and outside the country.
“It’s an unusual enough offering that this certainly caught some attention,” said Wallace, of Wallace & Co. Sotheby’s International Realty.
Zoning restrictions limit construction to residential use, so hotel construction is off limits. But for someone seeking a private multihome compound fronting on the water, the property offers a package tough to match, Wallace said.
In addition to private access to a beach, the listing includes rights to all developable waterfront on Big Homer’s Pond. It borders a 632-acre nature preserve and is located near the island’s airport.
To put the property’s size in perspective, it is more than five times the acreage of Boston Common.
The owner of the property, Gerald DeBlois, confirmed that the property is for sale and declined to comment further.
He is the founder of Vineyard Youth Tennis, a not-for-profit that offers court time and instruction to children and teenagers.
According to Spellman, much of the property’s value rests in its beach access.
“If you can create a private beach out there, $92 million doesn’t seem unreasonable,” he said. “It’s all in the beach.”
Future visitors hoping for a glimpse of the place will be disappointed. Access to the property is via a private lane with a large “No Trespassing” sign displayed prominently.