CHEBEAGUE ISLAND — Hope Island, the 86-acre private domain of millionaire John Cacoulidis, is for sale for just shy of $8 million.
Cacoulidis, a well-known New York developer with several holdings in Maine, bought the island in 1993 for $1.3 million. Since then, according to an online real estate listing, he has “spared no expense in creating this magical island kingdom,” turning the island into a year-round residence that went on the market this week for $7.95 million.
Cacoulidis and his wife, Phyllis Cacoulidis, lived at the estate part time until her death in May 2016.
“The (Cacoulidis) family is no longer using the land the way they once did,” real estate broker John Saint-Amour of Christie’s International Real Estate said Wednesday.
The estate includes a three-bedroom, six-bathroom home; 11,050 feet of waterfront; a protected anchorage and sand beaches. The property also includes guest and staff dwellings, a boat house with a deep-water pier, barns, storage buildings, a chapel, and a tavern – all accessible by lighted concrete roadways.
According to Saint-Amour, early interest in the property has been strong. He said he has received inquiries from “out-of-state folks.”
“My sense is that a family or extended family that wants the privacy of an entire island will buy it as sort of an island retreat,” Saint-Amour said.
Neither the island, nor Cacoulidis, has flown under the radar.
The Cacoulidises attempted, but failed, to secede from Cumberland, which had domain of the island at the time, in 2001.
In 2004, Cumberland residents argued that a large Bush/Cheney campaign sign displayed on the island boathouse violated Cumberland ordinances.
A year later, Cacoulidis proposed developments in Portland and South Portland that would be connected by an aerial tram across Portland Harbor. The project never gained traction or approval.
In July 2013, Cacoulidis reached a settlement with Chebeague Island after a year-long dispute over construction on Hope that had not been approved or granted permits by the town and violated shoreline protections.
Chebeague Island Town Administrator Marjorie Stratton on Wednesday said all disputes between the town and Cacoulidis were resolved before she became town administrator in the spring of 2015.
“All I know is that it’s for sale,” Stratton said. “I haven’t heard much of a public reaction so far.”
Hope Island on Casco Bay is for sale for $7.95 million. The island was acquired by John and Phyllis Cacoulidis in 1993.