Goldman Sachs chief tests island homebuyers

Amid widespread economic uncertainty, turmoil in the markets, and government investment in the nation's largest financial companies, you can still find a waterfront estate on Nantucket for $55 million.

The offer comes from Goldman Sachs co-president Jon Winkelried, whom Fortune magazine ranked the eighth-highest-paid man in the nation in 2006.

The listing price, if captured, would more than double Nantucket's record sale of $26.5 million set last year.

"We've never seen a sale or a listing of this magnitude in terms of price," said Jeff Lee, owner of Lee Real Estate, who was one of a handful of brokers invited to tour the property last week.

Despite the vagaries of the economy - and the property's assessed value of just $25.4 million - Lee does not dismiss the possibility that the 5.75-acre plot will collect its asking price. In fact, he has two clients who are interested.

"I think anything is possible, and there's always somebody who breaks the ribbon, moves ahead," said Jane Miller, a broker for more than 20 years who works with Lee. "It would certainly be our highest sale."

The $55 million offer from Winkelried includes two parcels on the Monomoy shore, overlooking Nantucket harbor, with a mansion, a guest house, and two garages with guest quarters and offices overhead. Broker Linda Bellevue of Congdon & Coleman Real Estate Inc. is listing the property but declined to talk about it, citing a confidentiality agree ment.

The exclusive listing sheet obtained by the Globe boasts the main house has a craft room, wine room, and maid's room on the lower level and a billiard room on the first floor.

The house has four bedrooms with private baths, in addition to the master bedroom suite. His dressing room has custom built-ins, and hers has suede-lined drawers

The amenities abound: The house has four fireplaces, a Viking stove, a sub-zero refrigerator, two Miele dishwashers, four ice makers, a warming drawer, a swimming pool and pool changing room, golf cart, and snow plow.

The taxes alone are nearly $68,000.

Though sales have slowed on Nantucket - and some properties have lingered on the market for 10 months or more - sellers are still getting about 83 percent of their asking price, down from 90 percent at the height of the market, Lee said.

And though the gross dollar value of sales is down 30 percent from last year through September, the average home price is up 16 percent - at $2.6 million - driven by spectacular homes or lots that continue to command top dollar, Lee said. Last year, one of his clients was able to get $16 million for a lot with an old house the buyers intended to use only as a guest house on their compound.

Winkelried bought the two parcels in 1999 for just under $7 million, but built the main house afterward. The parcels could be sold separately, but are currently being sold as a compound.

Winkelried took over as co-president of Goldman Sachs in 2006 when his predecessor ascended to become chairman, replacing outgoing chief Henry Paulson - now the Secretary of the US Treasury.

Goldman Sachs executives, including Paulson, have set records for executive compensation. Winkelried owned $345 million worth of common stock when he took the job as co-president. His compensation last year was $67.5 million.

While Goldman Sachs has been rocked by the Wall Street downturn, it is one of the two investment banks that has survived - albeit in an altered form, as a holding bank.

Although he put the property on the market recently, there is no indication that Winkelried is selling it as a result of the financial crisis.

"I highly doubt that the co-president of Goldman Sachs had the pressing need to liquidate his property - and if he did, the price wouldn't be $55 million," said Lee.

But as firms like Goldman Sachs gets an infusion of investment from the government aimed at restoring confidence in the economy, executives like Winkelried will see pushback on their bonuses.

The Treasury announced Tuesday its guidelines for limiting compensation to top executives at firms receiving government investment and banned golden parachutes and multimillion dollar severance packages for executives.

Stephanie Ebbert can be reached at ebbert@globe.com.