Oprah Winfrey capitalized on an investment on Orcas Island this week by selling a 40-acre seaside estate for $ 14 million.
Winfrey and her business partner bought the property in 2018 when her broker described the property as “Passive” investments… Benefiting from the hot real estate market in the region, Winfrey LLC sold more than one and a half times the property, compared to the roughly $ 8.3 million they paid in 2018.
The estate, known as Madronigle, overlooks the East Sound and includes a four-bedroom, five-bathroom home, an enclosed entrance, a wine cellar and two fireplaces, and half a mile from the west-facing shore, according to online listings.
First, Puget Sound Magazine reported sale.
The buyer remains private for now.
Jen Cameron, an agent for Coldwell Banker Bain of Bellevue, who represented the buyer, declined to say who bought the property and whether they plan to live on the estate. County records show LLCs registered in Delaware.
The sale was out of the market, that is, the property was not put up for sale.
“The pandemic has pushed buyers to buy properties on the islands and the waterfront like never before. They are given a much deeper appreciation, ”Cameron said. “I also think they are extremely difficult to find right now.”
As with the rest of Western Washington, house prices are on the rise in San Juan County.
According to the Northwest Multiple Listing Service, the median home in San Juan County sold last month was worth $ 875,000, up nearly 41% from the same period in 2020. (The sample size is small, with 44 home sales closed in June and 28 in June.)
Wally Gadgell, an Orcas Island Windermere agent who represented Winfrey and Bob Green in the deal, said: “They were in the process of modernizing and they just realized that in the process they could never use it properly and they weren’t.” it doesn’t make any sense. ”
The couple plans to keep several commercial properties on the island, Gadgell said.