A 15,000 square foot mansion on Katama Bay sold last week for $37.5 million, making it the highest single residential sale ever on Martha’s Vineyard. 

The 7-bedroom home at 48 Witchwood Lane, which the realtor described as “Gatsbyesque,” sold to the 48 Witchwood Nominee Trust on Oct. 30, and just eked out the $37 million sale of the Blue Heron Farm estate in Chilmark from earlier this year. 

“It was an exciting day,” said Gerret Conover, the listing and selling broker from LandVest. “The $37.5 million is an all-time high.” 

The buyer connected to the nominee trust is from a family that has other homes on the Vineyard and strong Island ties, according to Mr. Conover, but he declined to give the name. The trustee on the deed, Edgartown attorney Robert Moriarty, declined to comment on the sale. 

Designed by Vineyard architect Patrick Ahearn and featured on the cover of his coffee table book Timeless, the Witchwood Lane home has a swimming pool, deep-water pier and a bowling alley. A separate drive-through carriage house has two garages, two apartments and a full kitchen.

The home at 81 South Water street belonged to Goldeneye LLC.

Ray Ewing

The home at 81 South Water street belonged to Goldeneye LLC.

Ray Ewing

“Inspired by The Great Gatsby, this new homestead recalls the glamour, style, and grace of the 1920s even before one sees it,” the architect’s website reads. “That’s due to a dramatic approach down a long curving drive, through a port cochere, and into an arrival court. Only from here does the stately gambrel-roofed manor truly reveal itself.” 

Mr. Conover said that while the property doesn’t boast an enormous amount of land, clocking in at 3 acres, it makes up for it in the style and the size of the home. 

“The look and feel is like nothing else out there,” he said in an interview on Monday. “You cannot physically build a house like that today with the zoning restrictions.”

The home was owned by Summer Bay LLC, a limited liability company that took over ownership of the property in July from Jill Fisher. The Witchwood home last sold in 2015 for $22 million.

While the Witchwood property is now the highest residential sale through a single transaction, it still falls short of the most expensive property sale overall on the Island. The record remains with the 2001 sale of the 215-acre Herring Creek Farm for $64 million.

Mr. Conover had another record-setting sale last week when Edward Jepsen purchased the historic Edgartown home at 81 South Water street from Goldeneye LLC for $17.25 million. Mr. Conover said that this sale marked the highest ever recorded sales price for an Edgartown inner harbor property. The oversized lot has a large lawn that rolls down to the harbor and a private pier, and was once the site for Gov. Thomas Mayhew to construct his home in the 1640s.

Goldeneye is a limited liability company connected to David Malm, a partner in a private equity firm that has scooped up several homes on the Vineyard and Nantucket, including the Chip Chop estate in Tisbury that belonged to Diane Sawyer. 

Mr. Malm had applied to make several changes to the home on South Water street, but ran into several disagreements with neighbors and the town’s historic district commission. Mr. Jepsen is planning to also make renovations, according to Mr. Conover.

Mr. Conover expected that, with fewer vacant lots available on the Island and tighter zoning regulations, more larger properties that owners have heavily invested in would eventually hit the market and likely breach the $37.5 million residential record. 

“I think this is the place that the glass ceiling will be broken,” he said. “I think this is a new norm for the high-end properties.”