Nantucket, Massachusetts – The coastal erosion along the Nantucket coast has led to the difficult decision by Starwood Capital Group CEO Barry Sternlicht to demolish his beach house. The billionaire, who has owned the property for over a dozen years, made the choice amid the significant loss of beachfront due to severe erosion caused by hurricanes in 2020 and subsequent worsening conditions.
According to reports, Sternlicht’s 1,800 square feet beach house with three bedrooms had to be razed as it stood on steel girders, a measure prompted by the eroded shoreline. The property, situated on the Massachusetts island, bordered both the beach and Hummock Pond, highlighting the vulnerability of coastal residences to natural forces.
The demolition of Sternlicht’s beach house underscores the pervasive issue of beach erosion on Nantucket, impacting several other homes as well. This environmental challenge has forced property owners to grapple with the threat posed by diminishing shorelines and the future viability of beachfront real estate in the area.
Despite initial plans to relocate the home to an adjacent property owned by Sternlicht, logistical constraints rendered the move unfeasible, according to reports. The billionaire, whose personal fortune is estimated at $3.8 billion by Forbes, received permission from the Nantucket Historic District Commission for the tear-down in March, allowing for the necessary steps to be taken to address the eroding coastline.
The decision to demolish the beach house reflects the broader trend of rising concerns around coastal property investments in Nantucket, as homeowners confront the challenges posed by climate change and its impact on the island’s delicate ecosystem. Sternlicht’s case serves as a cautionary tale of the potential risks faced by affluent property owners in coastal regions grappling with environmental uncertainty.
As Nantucket grapples with the ongoing effects of beach erosion and the implications for its real estate market, homeowners and investors alike are forced to reassess the long-term sustainability of beachfront properties in the face of environmental challenges. The fate of Sternlicht’s beach house serves as a poignant reminder of the fragility of coastal landscapes and the need for strategic planning to mitigate risks associated with climate change.