||| FROM BUSINESS JOURNAL |||
Oprah Winfrey has sold her 43-acre waterfront estate known as Madroneagle on Orcas Island’s Catspaw Lane for $14 million, the Business Journal has learned.
Sources familiar with the deal say it is the highest price ever paid for an Orcas Island property.
Winfrey, who bought the property in 2018 without personally visiting it, paid $8.3 million at the time. The property first went on the market two years earlier at $12 million but failed to sell at that price.
The Catspaw Lane property is a gated island sanctuary that includes a 10,251-square-foot main mansion, essentially gutted by Winfrey in a remodel. The property includes several other houses, a half-mile of waterfront and beach, a greenhouse, a huge shop and a mother-in-law apartment.
Coldwell Banker Bain broker and Vice President of Global Luxury Jen Cameron represented the buyer, listed as Lophodytes LLC. She says the property was not formally listed, but the buyer heard rumors that Winfrey might be interested in selling Madroneagle, so they approached Bob Greene, Winfrey’s fitness guru and property manager who originally scouted this property. And Winfrey was amenable to selling.
Windermere broker Wally Gudgell, from Orcas Island, represented Winfrey in the sale. Gudgell, who has been a broker for 44 years on Orcas Island, had the original listing of the property when Winfrey bought it, dealing directly through Greene.
While Gudgell is tight-lipped about the sale, he said, “They just figured she’s too busy and never going to really use it, and that’s why they were willing to sell it.”
But Winfrey and Greene will remain as major landlords on Orcas Island.
Greene will keep his own house there, and Gudgell says Winfrey and Greene will keep other many commercial properties they own together on Orcas Island. That includes the Brown Bear building, which contains Brown Bear Baking; the Darvill building, which houses Crow Valley Pottery and Darvill’s Bookstore; the Porter Station building, which has a gift shop and The Madrona Bar and Grill; and Eastsound Square, which is filled with lots of small adjoining shops.
“They were very helpful landlords during the Covid thing,” Gudgell said, “And they are great landlords here for Orcas. They‘re improving all the properties,” he said.
READ FULL ARTICLE: www.bizjournals.com/seattle/news/2021/07/27/oprah-sells-orcas-island-estate.html
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Oprah, Inc. bought Madronaeagle in June 2018 for $8.3 million. That’s a $5.7 million increase in three years, or 69 percent. Not bad.
Capitalism at its worst. Thank you Oprah, and thank you Wally for ensuring that our cost of living continues to rise while our social well-being continues to go downhill.
Hey, what a surprise! The rich people gut the house and still somehow get to win. Again.
This story is nauseating.