Wednesday, September 30, 2020
ADVT 
Wealth & Finance

Jackie O's island getaway sold to land preservation groups

Darpan News Desk The Canadian Press, 03 Sep, 2020
  • Jackie O's island getaway sold to land preservation groups

The Martha’s Vineyard estate of former first lady Jacqueline Kennedy Onassis is being sold to a pair of nonprofits that plan on turning the property into conservation land open to the public, officials said Thursday.

The Martha’s Vineyard Land Bank Commission and the Sheriff’s Meadow Foundation have agreed to pay $27 million for Red Gate Farm in Aquinnah on the Massachusetts island, Land Bank Executive Director James Lengyel and Sheriff’s Meadow Executive Director Adam Moore said in a joint statement.

The below-market transaction is expected to be completed by Dec. 15. The purchase price will be paid over a four-year period.

The property was put on the market last year for $65 million.

“The 304-acre Aquinnah property, among the largest and most spectacular undeveloped parcels on the island, will be known as the Squibnocket Pond Reservation," the statement said. “Upon completion of a standard biological species inventory and final management plan, the majestic dunes, windswept beach, kettlehole pond, wooded trails and open meadows will be open to the public."

The Kennedy family is keeping 95 acres at the property, including their homes.

Red Gate Farm was a sheep farm and hunting cabin when Kennedy Onassis bought it in 1979. She died in 1994.

It has been maintained by Caroline Kennedy, the daughter of Kennedy Onassis and President John F. Kennedy.

“Our family has endeavoured to be worthy stewards of this magnificent and fragile natural habitat, and its sites of cultural significance,” Caroline Kennedy said in a written statement. “We are excited to partner with two outstanding island organizations, and for the entire island community and the general public to experience its beauty."

MORE Wealth & Finance ARTICLES

Millennial Money: When debt relief does more harm than good

Millennial Money: When debt relief does more harm than good

As the pandemic and its economic fallout continues, more cash-strapped consumers could fall into this trap if the Great Recession is any indicator.

Millennial Money: When debt relief does more harm than good

Borgata: Ocean Casino is poaching our execs, trade secrets

Borgata: Ocean Casino is poaching our execs, trade secrets

Atlantic City's top casino is accusing a rival of poaching a half-dozen of its top marketing executives in an attempt to “cripple” it by using secret details about its best and most profitable customers.

Borgata: Ocean Casino is poaching our execs, trade secrets

Distance learning can fit into your back-to-school budget

Distance learning can fit into your back-to-school budget

For many students, “going back to school” this fall could be just a figure of speech.

Distance learning can fit into your back-to-school budget

Liz Weston: The 2 costs that can make or break your nest egg

Liz Weston: The 2 costs that can make or break your nest egg

If you earn a decent income but have trouble saving, the culprits could be the roof over your head and the car in your driveway.

Liz Weston: The 2 costs that can make or break your nest egg

Tourism-reliant Kingston hit hard by lockdown

Tourism-reliant Kingston hit hard by lockdown

Two weeks after much of Ontario reopened, Aba Mortley was optimistic that her business would recover despite the financial strain caused by the global pandemic.

Tourism-reliant Kingston hit hard by lockdown

Liz Weston: Why taking Social Security early costs too much

Liz Weston: Why taking Social Security early costs too much

Starting Social Security early typically means getting a smaller benefit for the rest of your life. The penalty is steep: Someone who applies this year at age 62 would see their monthly benefit check reduced by nearly 30%.

Liz Weston: Why taking Social Security early costs too much

PrevNext