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Casco Bay island and compound sells for $7 million

October 25, 2021 GMT

CASCO BAY, Maine (AP) — The 86-acre Hope Island, located in southern Maine’s Casco Bay, sold last month for $7 million for only the second time in nearly 30 years.

Ed Mylett, a California-based entrepreneur, bought the massive 11,600-square-foot mansion, which includes a six-bedroom guest house, a tavern, a chapel, a boathouse and a barn with staff apartments, The Portland Press Herald reported.

Hope Island was originally bought by a real estate developer John Cacoulidis in 1993 for $1.3 million. Cacoulidis and his wife spent the next 20 years developing the island into a family retreat.

After his wife died, Cacoulidis put Hope Island on the market for $7.95 million in 2017 because he said his family hadn’t been using the island. Following Cacoulidis’s death in July 2018, the Cacoulidis family decided to take the island off the market.

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George Cacoulidis, Cacoulidis’ son, said they wanted to keep the island in the family but struggled to maintain the private island and property. They put the island on back the market in June.

Attempts to reach Mylett were unsuccessful, but Cacoulidis said that Mylett plans to maintain the island for personal and family use, the newspaper said.