Just more than two months after gracing the real estate market with a listing price of $24 million, longtime news anchor Diane Sawyer has successfully closed the deal for her prestigious beachfront estate on Martha’s Vineyard.
Investor David Malm is the buyer, acquiring this property for a sum of $23.9 million, according to the Wall Street Journal.
Malm’s acquisition further cements his burgeoning luxury real estate empire on the idyllic Massachusetts island and its neighboring counterpart, Nantucket.
Neither Malm nor Sawyer would comment on this significant transaction.
Known affectionately as “Chip Chop,” this estate encompasses a sprawling 20 acres of Martha’s Vineyard, standing proudly among the ranks of other iconic properties synonymous with this renowned island.
Mark Jenkins of Wallace & Co. Sotheby’s International Realty, the listing agent tasked with marketing the property, previously told the Journal that Chip Chop elicited an overwhelming surge of interest among prospective buyers, and its sale was a matter of urgency for those captivated by its allure.
Jenkins went on to emphasize that the estate was meticulously priced within the bounds of reality, highlighting that even in a post-pandemic world where the luxury real estate market experienced some deceleration, unique properties such as this managed to maintain their value.
The statistics concur, as data from Redfin reveals that the average sale price on Martha’s Vineyard surged to $2.1 million in October, marking a robust 14.3% year-over-year increase.
Sawyer, a celebrated news personality, and her late husband, the renowned film director Mike Nichols, initially acquired Chip Chop for $5.3 million back in 1995.
Originally designed for the legendary actress Katharine Cornell during the late 1930s, this sprawling estate boasts multiple residences, a shimmering swimming pool, an immaculate tennis court and the privilege of two private beachfront expanses.
Among the estate’s remarkable structures, the main residence, a picturesque New England-style dwelling, boasts three opulent bedrooms and 10 chimneys.
This architectural masterpiece was the brainchild of Eric Gugler, the famed designer known for the transformation of the White House’s West Wing during President Franklin D. Roosevelt’s tenure.
In addition to the primary residence, the estate includes a two-bedroom caretaker’s residence, two detached bedroom suites and a duo of charming beachfront cottages affectionately known as “The Shacks.”
Throughout their ownership, Sawyer and Nichols invested considerable effort into restoring and enhancing the property.
Renovations included the addition of dormer windows and the meticulous recreation of antique-style windows and doors, some of which demanded intricate hand-carving.
In 2014, Nichols passed away, and Sawyer explained this summer that her decision to part with this cherished estate stemmed from the evolving dynamics of her family, where a growing brood left less room for lengthy visits.
Sawyer’s illustrious career includes anchoring prominent news programs such as “ABC World News Tonight,” “Good Morning America,” and “20/20.” Meanwhile, Nichols left an indelible mark on the world of cinema with memorable directorial works like “The Graduate” and “Who’s Afraid of Virginia Woolf.”
On the other end of this prominent transaction stands Malm, the managing partner of Webster Equity Partners, an investment firm specializing in the healthcare sector.
Over the past few years, Malm has invested judiciously on Martha’s Vineyard and Nantucket, collectively spending more than $100 million on elite properties, Chip Chop being the crowning jewel among them.
Earlier this year, Malm acquired a historic residence nestled along Edgartown’s inner harbor for a princely sum of $15 million.
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