A small town in Connecticut is buying a private island for $100 million. Great Island was developed in 1905 and has a mile of coastline. The property includes a villa, stables, and a beach cottage. The small town of Darien, Connecticut, is in the process of buying Great Island, a local island 50 miles outside of New York City, for $100 million. The Wall Street Journal reported on May 24 that officials in Connecticut signed a contract to purchase Great Island for more than $100 million. According to the publication, Monica McNally, the town's First Selectman, said in an email that there will be several other layers of approval needed from other town officials. At a meeting of the Board of Selectmen in April, McNally said that there would never be another chance for the town to control this property or add an asset to benefit all of us. She said that people will look favorably on this transaction 200 years from now. The property was previously listed for $175 million, but the price has been reduced to $100 million. On February 2, Great Island was listed for the first time with a reduced asking price of $100 million. According to The Wall Street Journal, the island was listed for $175 million in 2016 The island was put up for sale for the first time in more than a century, according to the real-estate agent presenting the island. The asking price for the island was lowered to $120 million by the beginning of the year, and it was taken off the market by the end of the year. The island is now owned by the Steinkraus family and the new lower price is due to that. Some of the land that was included with Great Island has now been excluded, and what is left is owned by one family. The island is 50 miles from Manhattan and can only be accessed by a causeway. The island has a one mile coastline and a view of the lighthouse in Connecticut. She said that Great Island is the largest contiguous parcel island on the East Coast because most of the others have been developed into residential areas with multiple waterfront houses. You can get groceries on the island within minutes. This is not like an island where you have to catch a ferry to get back to the mainland. She told Insider that Great Island has an appealing sense of seclusion but amenities are only 10 minutes away. The island listing states that it comes with a few properties, and that the villa that was built in 1905 is the center of the property. One of the homes that come with the island has 10 bedrooms, eight full and two half-baths, according to its listing. The house has a Mediterranean vibe, like an Italian villa, but it needs to be renovated. A 19th-century colonial farmhouse has been renovated and expanded. The farmhouse has a pool and wine cellar. There are beautiful animals around and it is calming to me. She said that the island has a sense of magic around it. It is dreamy. She said to cue the birds, geese, and horses. A stone house, a beach bungalow, and a pink guest cottage can be found on the Great Island grounds. In addition to these properties, the island has a polo field, a marina with a deep-water dock, and an impressive equestrian facility that will appeal to avid horse riders. The equestrian facility was designed by Guastavino. It looks like Grand Central when you walk in, according to Leahy. She said that the next buyer can practice showjumping at the indoor and outdoor arenas. Having stables and practice space was a priority for William Steinkraus, an athlete with four Olympic medals to his name. William Steinkraus was an amazing gold medal winner in the equestrian world. Steinkraus set a record in show jumping at the Mexico City Olympics in 1968, according to The New York Times obituary. He won silver medals in Rome and Munich. His bronze medal was awarded in 1952. There are stables for several horses at the equestrian facility. The stables are made from granite and have an arched ceiling. It's difficult to find a property with its own riding trails, and Great Island is appealing to prospective buyers. The island has a private beach with a bungalow that has a fireplace. There is a magic white sandy beach with a cove on the island. The Hay Island is a green area and the beach is a unique aspect of the private islands. Billionaires, both local and international, famous sportspeople, and hedge fund owners were interested in the island. When asked which type of individual buyer would have suited the property, Leahy said that a private person who appreciates equestrianism or requires a lot of space would feel at home on Great Island. She said that people want amenities for themselves, they want privacy, and they want security. If the next buyer has the financial means to maintain the island, it would be in good hands. 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