Private Island Near Portland, Maine, Asking Nearly $8 Million

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A private island in Maine that owners once tried to make an independent town—population two—has hit the market for nearly $8 million.

The 86-acre Hope Island is about a 25-minute boat ride from Portland, Maine, and sits off of the southeastern tip of neighboring Chebeague Island, a small town of which it is technically a part of. Over a decade ago, Hope Island’s owners, John Cacoulidis and his late wife Phyllis, tried and failed to secede from the municipality in protest of ballooning property taxes—an annual bill now over $75,000.

“The owners were trying to show their fierce Maine independence,” said listing agent John Saint-Amour of LandVest, Inc.

The next owner may not be the official mayor of Hope Island, but he or she will be master over a pretty impressive slice of New England coast.

The island, which went on the market last month, has a three-bedroom, six-bathroom mansion spanning more than 11,500 square feet. The red-roofed and white-brick residence was built in 2000 for year-round living and accompanies a village-worth of additional buildings, ranging from guest houses to barns and storage buildings.

The island even has its own steepled chapel and private tavern for entertainment, according to the listing with LandVest, Inc., an affiliate of Christie’s International Real Estate.

Inside the main house is a 1,165-square-foot great hall meant for entertaining with a floating staircase, central bar and french doors out to a terrace.

Along some 11,000 feet of rocky water frontage is a deep-water pier, sand beaches and boathouse. The infrastructure is also extensive, with a submarine cable that brings electricity in from the mainland, 15 drilled freshwater wells and nine septic systems.

Mr. Cacoulidis, a New York-based developer, bought the private island through a private corporation in 1993, according to property records. He spent $1.3 million and the next 24 years building up the island into a what the listing calls a “magical island kingdom.”

Mr. Saint-Amour said the amount the owners have invested in the island far exceeds the asking price today.

The island’s horse stables and chicken coops can accommodate a variety of feathered and hooved island dwellers. There are also goose and duck houses, landscaped gardens and eight ponds for wildlife.

Perhaps key of all is a private freshwater well—so buyers won’t have to schlep tankers of drinking water to their island paradise.

The owner, now in his 80s, is looking to hand over the reigns on Hope Island as he’s not using the property as much as before. He could not immediately be reached for comment.

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