A rare, unspoiled property fronting an expansive and remote stretch of the south shore in West Tisbury was placed on the market Thursday with an asking price of $92 million.

The 266-acre property, one of the largest contiguous landholdings on the Vineyard, is owned by Gerald DeBlois, a longtime resident of West Tisbury. The property that has been placed on the market does not include Mr. DeBlois’s residence which sits on a separate parcel of about 50 acres and is not for sale.

On a clear night on the Vineyard at this time of year, look skyward and you can see the Milky Way. The Island is one of the few places left on the East Coast where the galaxy can still be seen with clarity. But even here, where the dark night sky is considered a precious resource, like the clear ocean water and unpolluted landscape, there is growing concern about the strains being put on that resource from residential development.

At a crowded public hearing Wednesday, the Chilmark zoning board of appeals heard the first public arguments in a heated dispute between neighbors over a large-house compound that is nearing completion on Nashaquitsa Pond.

It’s a question that vexes local planning agencies and inflames passions from homeowners builders, and residents on both sides of the issue.

When it comes to houses, how big is too big?

This issue has special resonance on the Vineyard, where land is limited and residents have a history of fiercely protecting — and debating — the Island’s character.