Real estate developer Zach Vella, whom fans of Bravo’s Million Dollar Listing shows may remember, has listed his home in Shelter Island Heights. Asking $25 million, if the waterfront estate sells for anywhere near that price, it will become the most expensive sale on the small island, nestled between the North and South Forks.
“It’s extraordinary. It’s unique — there’s nothing else like it in the Heights, in the historic district,” says Seth Madore of The Corcoran Group, who has the listing. “The sightlines are remarkably private for being right in the heart of everything.
Set on 1.5 acres along Dering Harbor, the classic shingle-style house at 12 Clinton Avenue, on the north side of the island.
The grand main home was originally built in 1925 and there was also a garage/guest house on the property when Vella purchased it in 2016 for $6.3 million, according to property records. The founder of the Vella Group, which owns and operates a diverse portfolio of commercial, residential, retail and hospitality assets, Vella then crafted a 10,000-square-foot home.
“Zach substantially renovated the original two houses and built a connecting addition, which is the 33-foot-high great room of the now-combined house,” Madore says. In addition to the soaring ceilings, there is a massive stone fireplace and floor-to-ceiling bookcases, which means the room can double as a library.
The kitchen features a vast prep area, top-of-the-line appliances, and is connected to an elegant formal dining room. A screened-in porch, protected with storm shutters for storms, provides breathtaking views of the harbor. There is also a waterside gym.
The estate includes a private dock and a pool with an automatic cover, set amongst the lush, irrigated gardens.
A block paver driveway leads up to a two-car garage.
Given its location, the property enjoys access to community tennis courts and a beach club. It’s also walking distance into the Shelter Island Heights business area with restaurants, shops and the Post Office.
“While it has the potential to be a record for Shelter Island, there are many things that you can’t replace,” Madore says, citing the replacement prices of what it costs to build today.
“Trying to price a unique home can be difficult. As zoning and environmental codes have become more restrictive, existing or grandfathered homes have become uniquely more valuable. How does one ascribe value to a property whose house size, location, and features cannot be had due to current zoning restrictions?
The most expensive residential sale to date on the island has been $12.95 million, but that could soon be broken. We also hear the modernist estate at 1 Pandion Road, listed with Terry Cohen at Compass and Josh Greenwald of High Line Properties, has gone under contract at its full asking price of $14.95 million.
The waterfront mid-century modernist house that currently holds the record sold in August 2023, setting a record for a single-family home on the island, at $12.95 million. The Snyder House at 2 Charlie’s Lane, which boasts panoramic views of West Neck Harbor, bested the previous record by more than half a million.
In 2008, the 8,500-square-foot house at 1 Shorewood Court, on a 7.8-acre peninsula, on a bluff overlooking Ward’s Point, traded for $12.4 million.
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