Why is Caroline Kennedy selling off two Martha's Vineyard plots her mother purchased in 1978? The former first daughter and, reportedly, the future American ambassador to Japan has put two pieces of land on the market for $45 million at her Red Gate Farm estate.
The two lots are part of a subdivision plan for the Kennedy property, which was once owned by Jacqueline Kennedy Onassis and has been enjoyed by many members of the Kennedy family. The Kennedy property has always provided America's own royal clan with blessed privacy, accessible only by a single road off Moshup Trail marked by a red gate. The houses on the property are surrounded by acres of hills, dunes and coastal heaths.
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The first lot Kennedy is selling, Lot 6, is listed for $20 million and covers nearly 40 acres of extraordinary waterfront property in Aquinnah with views of Squibnocket Pond and the Atlantic Ocean.
"Plenty of privacy with varied topography and easy pond access. Yours to create a marvelous estate," the listing boasts.
Kennedy is selling a second lot for $25 million. Lot 8 consists of 50 acres of beachfront land plus another 60 acres of protected oceanfront.
"Simply magnificent is the only way to describe this pristine oceanfront parcel...a blank slate for your dream home ... in this unique and beautiful location," the listing says.
Red Gate Farm, which contains the lots Caroline Kennedy is selling, was purchased for $1.1 million in 1978 by Jackie O herself. The parcel measures 366 acres, and the house she built sits on about 106 acres. Caroline Kennedy owns that house.
Check out the incredible video below, taken at the Kennedy home in 1960, showing John F. Kennedy, Jackie O., and a young Caroline relaxing on the sunny lawn.
In 2002, the land was subdivided into six more lots: three for Caroline and her children, two for estate expenses and one to preserve as open space. The lots cannot be subdivided further, according to real estate blogger John O'Connell.
Martha's Vineyard is famous as a popular summer destination for the rich and famous. The island is located just south of Cape Cod in Massachusetts and is regularly visited by America's elite. The politicians and celebrities who regularly visit the island are known as "Hollywood East" and include such names as President Barack Obama, Bill and Hillary Clinton, David Letterman, and Bill Murray.
So why is Caroline Kennedy selling two such fine pieces of her family's esteemed land? We're certain she isn't hurting for money -- though there's no official number, Kennedy's net worth is estimated to exceed $100 million. Perhaps she's simply looking to downsize.
Caroline Kennedy has reportedly been asked to serve as the next United States ambassador to Japan. Kennedy has never held a governmental office, but her name alone is highly esteemed in the world of politics -- obviously -- and she has been active on the sidelines as a Democratic mover and shaker.
The Washington Post has noted that her appointment would delight the Japanese, who have appreciated having high profile ambassadors like Walter Mondale and Tom Foley.
Caroline Kennedy is selling her lots through Hancock Real Estate, but the listing photos are not available. However, we do have photos of other lovely properties in the area to give you a glimpse of the lifestyle enjoyed in this gorgeous part of the country. Check out the slideshow to see one of our favorite Aquinnah listings from Trulia!