$12.85 million house sold on Shelter Island

Ever wonder what $12.85 million can buy? One thing is a single house — 1 Pandion — purchased recently in the development overlooking Coecles Harbor.

The site was once part of the St. Gabriel’s Retreat House that the Town had an opportunity to purchase years ago. Instead, it was bought by Richard Hogan, who developed the area and sold lots with 1 Pandion being the first of several houses to be built.

Compass Real Estate handled the sale to Pandion H. Trust & Pandion W. Trust, describing the more than 6,000-square-foot modernist house with six bedrooms, six bathrooms and many upscale features. Owners share use of a boathouse with a pavilion for entertaining and boat storage; the development also has tennis courts.

Compass describes the 1 Pandion house as “a truly exceptional and rare offering.”

“I am pleased that the new owners recognize the value and beauty of owning a home on Coecles Harbor,” Mr. Hogan said.

He noted that three more parcels in Pandion are completed or properties nearing completion. Two of those, lots A and B, are currently being marketed by Compass. Together, they occupy six acres.

Peter McCracken, a licensed assistant real estate broker at the Corcoran Group, said the 1 Pandion property is the last large one to transfer and his listings show there are $25.5 million worth of properties on the Island, based on their asking prices, currently in contract.

As a result of the 1 Pandion sale, the transfer tax paid by most buyers of properties on Shelter Island will see a large boost in money going to the Community Preservation Fund, the Water Quality Improvement Fund and the Community Housing Fund.

That money is likely to be reflected in a few months, lagging the actual sales data. In the past year, the transfer tax has been somewhat sluggish.