Why Aging Wealthy Families Are Selling Their Iconic Private Islands

In November, the Ziegler family sold Hay Island, a private 18-acre island off Connecticut, for $26.5 million—ending more than a century of family ownership. The family had used the island as a summer retreat before making it their home, and generations grew up there with access to the Long Island Sound, two private beaches, a guest house and a large New England-style house. By the time of the sale, relatives had moved elsewhere and the property was less central to them. The Zieglers had also sold Great Island to Darien, Connecticut for $85 million two years earlier. Similar island sales are underway in Venice (€24 million), Brazil ($100 million), and England, reflecting shifting priorities among younger wealthy heirs. The article links demand to Coldwell Banker’s estimates that Gen X and Millennials will inherit $4.6 trillion in global real estate wealth over the next decade.