A Kennebunkport oceanfront home sells for $12M — in 90 minutes

An exterior view shows a house with a lawn and rocks.

Photo / Courtesy Legacy Properties Sotheby's International Realty Legacy Properties Sotheby's International Realty reached a milestone by closing a record-breaking $12 million sale at 267 Ocean Ave. earlier this year.

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By Laurie Schreiber

Legacy Properties Sotheby's International Realty reported that it accomplished a milestone by closing a record-breaking $12 million sale at 267 Ocean Ave. in Kennebunkport.

It was the Portland-based firm's highest-ever transaction and also the second-highest sale statewide in Maine over the past five years.

Legacy broker Bill Gaynor represented the seller. The property listed at $12 million.

The house has five bedrooms, four bathrooms, 1.1 acres and 275 feet of waterfront. Built in 1969 , it was in the same ownership for nearly 40 years. The structure was totally restored in 2016, with the design provided by Falmouth architect Carol Wilson.

The buyer hailed from Chicago. The property was on the market for only 90 minutes. There were 10 to 12 inquiries into the listing.

It's less than a half mile from Walkers Point, the Bush family compound.

Other top sales

Legacy had other top waterfront home sales: 56 Deans Way in Cumberland sold for $8 million, 188 Aldrich Road in Islesboro for $7.5 million and 24 McKenney Point Road in Cape Elizabeth for $7 million.

The company attributed the sales to its listing strategies and marketing resources provided through its affiliation with Sotheby’s International Realty.

Historically, Maine's luxury real estate market is most active during the second half of the year, the company said.

Given strong momentum so far, the company said it anticipates a dynamic market going forward.

“The robust demand for luxury homes in Maine continues unabated,” the company said. “In the first half of the year, 532 homes priced above $1 million were sold. Nearly 80% of these were within the rapidly expanding $1 to $2 million range, with approximately 93% selling for less than $3 million.”

The ultra-luxury market, priced above $4 million, has recorded 10 sales to date.

To read the full report, click here.