Wealthy individual linked to Jeffrey Epstein purchases $37 million property on Martha's Vineyard, former vacation spot of President Obama.
In a recent property transaction, Les Wexner, the founder of L Brands Inc., has purchased Blue Heron Farm on Martha's Vineyard for $37 million. The sale was managed by a trust overseen by Matthew Zieger, Wexner's attorney.
The home, which boasts a separate guesthouse with five bedrooms, a large barn, a boat house, amenities for an active lifestyle such as a basketball court, a tennis court, and riding rings, and a pool and nearby pool house, had been owned by Norman Foster and his wife, Elena Ochoa Foster, since 2011. The property went under contract just weeks after being listed for $39 million this spring.
Blue Heron Farm has a rich history. It was previously owned by Blue Heron Farm Trust, and before that, it was rented by the Obama family during the summers of 2009, 2010, and 2011. The Wall Street Journal reported on the extensive renovations made to the property.
Industry experts predict that the U.S. real estate market will face challenges in the coming months. Home sales are expected to decline to around 4 million transactions, marking a near 30-year low similar to levels last seen in the mid-1990s. Elevated mortgage rates, averaging about 6.7% for the year and ending near 6.4%, are dampening buyer affordability and contributing to sluggish sales. While prices are still rising, growth is expected to slow to about 2.5%. Inventory is increasing with homes staying longer on the market, indicating softer demand. Some smaller metro areas are emerging with stronger growth prospects, but the national market remains subdued overall.
Despite the market conditions, the sale of Blue Heron Farm closed on July 10, and no further information about the transaction was provided. Neither Matthew Zieger, Brian Dougherty, Maggie Gold Seelig, nor Fox Business provided comments regarding the sale.
Meanwhile, L Brands Inc., which was founded by Wexner and once housed Victoria's Secret, spun off Victoria's Secret into an independent company in 2021 and changed its name to Bath & Body Works, Inc.
Les Wexner, the founder of L Brands Inc., expanded his real-estate portfolio by purchasing Blue Heron Farm, known for its luxurious amenities, despite the challenging market conditions in real estate trading. The closing of the sale was kept discreet, without comments from Matthew Zieger, Brian Dougherty, Maggie Gold Seelig, nor Fox Business. Interestingly, the legendary retail company, L Brands Inc., has recently rebranded as Bath & Body Works, Inc., signifying a shift in its finance and investing focus.
