A $48.5 Million San Marco Island Sale Sets the Venetian Islands Record, Above Its Final Ask
The house first listed at $60 million, was cut to $47.5 million and then sold for $48.5 million. The path from first ask to final price is the lesson.
A waterfront house on North Venetian Way on San Marco Island sold for $48.5 million, a new price record for the Venetian Islands, The Real Deal reported on October 16. Per Mansion Global, it passes a $46 million sale on San Marino in 2025. The Real Deal's sources identified the buyer as billionaire venture capitalist Hemant Taneja, the CEO of General Catalyst; property records show a trust managed by Charu Madan took title.
The house
- Size: about 10,700 square feet per The Real Deal (Mansion Global lists 10,689), with seven bedrooms and seven and a half baths.
- Water: 103 feet of frontage, a deep-water dock with a 30,000-pound boat lift and a 14-foot seawall, plus a 70-foot pool.
- Land: a 0.3-acre lot. The sellers, Jacek and Olga Skarzynski, bought the property in 2021 for $6 million, per The Real Deal (Mansion Global reports $5.9 million).
Matthew Crane and Mathieu Rochette of Compass represented the sellers, and Samantha Curry of Douglas Elliman represented the buyer, according to the reports. By my math the price works out to roughly $4,530 a square foot on The Real Deal's square footage.
My read
Put this next to the Palm Island sale we covered on October 15, a 100-year-old mansion that closed 19% under its last ask. Same bay, very different outcomes. A new, turnkey house with real dockage drew competition once the price reached the market's number, and it sold above its final ask. The first $60 million ask did not. If you are selling at the top end, the market will tell you the number either way. The question is whether you hear it in the first month or after a year of reductions.
Some of the best results at this level happen off-market, with a short list of qualified buyers.
How off-market works →
