Perched along a dramatic stretch of craggy coastline in Cape Elizabeth, a Cape Elizabeth oceanfront estate for sale owned by media executive David D. Smith has entered the market at $16.5 million, setting a new benchmark for luxury real estate in the state. Overlooking the Atlantic and framed by some of New England’s most iconic lighthouses, the property combines architectural elegance with a setting that is both cinematic and deeply rooted in regional history.
A Cape Elizabeth Oceanfront Estate for Sale With Unmatched Coastal Views
Positioned within the coveted Two Lights area, this Cape Elizabeth oceanfront estate for sale spans approximately 2.4 acres and offers more than 300 feet of direct frontage along the rugged shoreline. From nearly every vantage point, the property captures sweeping ocean views that include several historic beacons, most notably Portland Head Light and the nearby Two Lights lighthouse, both of which have long served as symbols of Maine’s maritime heritage.
The visual experience is not merely scenic but culturally resonant. The Two Lights lighthouse, for instance, was immortalized by Edward Hopper, whose depiction of the site remains one of the most recognizable coastal images in American art. This connection between landscape and legacy adds a layer of depth rarely found in a Cape Elizabeth oceanfront estate for sale at this level.
Ownership History Behind This Cape Elizabeth Oceanfront Estate for Sale
The property’s current owner, David D. Smith, is best known as the executive chairman of Sinclair Broadcast Group, one of the largest owners of local television stations in the United States. Smith originally acquired a larger parcel of land along Cunner Lane in the 1990s, later subdividing the property in 2010 before constructing the current residence in 2016.
According to public records, the estate has primarily served as a seasonal retreat, which has helped preserve its condition over time. Listing agent Sam Michaud of Legacy Properties Sotheby’s International Realty described the offering as one of the most significant to hit the Maine market in recent years.
“This is truly the pinnacle of what a Cape Elizabeth oceanfront estate for sale can offer,” Michaud said in a statement shared with californialuxuryhouses. “The combination of land, architecture, and uninterrupted views is something we rarely see, even at this price point.”
Classic New England Architecture Meets Modern Coastal Living
The residence itself spans approximately 7,371 square feet and was designed in a classic shingle-style aesthetic that reflects traditional New England coastal architecture. A central gambrel roof anchors the structure, while symmetrical wings extend outward, each featuring pitched rooflines, dormer windows, and carefully integrated stone elements.
Inside, the home balances warmth and openness. Whitewashed walls and natural wood floors create a light-filled interior environment, while expansive multi-pane windows frame the surrounding seascape. The main level follows an open-concept layout, seamlessly connecting the living, dining, and kitchen areas to maximize both flow and views.
Upstairs, the home’s layout becomes more intimate, with bedrooms shaped by the varied rooflines. A third-floor retreat includes a wood-paneled sauna with direct views of the water—an amenity that underscores the property’s emphasis on wellness and relaxation.
A Rare Waterfront Setting With Private Beach Access
Beyond the residence, the grounds of this Cape Elizabeth oceanfront estate for sale further elevate its appeal. The gated property includes access to a sandy beach along Staples Cove, offering a rare combination of rocky coastline and swimmable shoreline. This duality is particularly prized in Maine, where many oceanfront properties lack direct beach access.
The positioning of the estate ensures both privacy and exposure, with unobstructed sightlines toward multiple lighthouses and the open Atlantic. According to sources familiar with the listing, this type of setting is increasingly difficult to secure, especially for newly built or recently constructed homes.
Californialuxuryhouses attempted to contact representatives for David D. Smith to gain further insight into the decision to list the property, though no response was received at the time of publication.
Why Cape Elizabeth Continues to Attract Luxury Buyers
The growing appeal of any Cape Elizabeth oceanfront estate for sale is closely tied to the town’s unique balance of natural beauty and accessibility. Located just minutes from Portland, Maine’s largest city, the area offers a mix of fine dining, boutique shopping, and cultural attractions, while maintaining a distinctly coastal character.
For buyers from markets such as Florida and New York, Cape Elizabeth has become an increasingly attractive seasonal destination. Michaud noted to californialuxuryhouses that there is a strong migration pattern between these regions, driven by buyers seeking cooler summer climates without sacrificing luxury amenities.
The proximity to Portland also provides convenient transportation options, including regional flights and access to major highways, making the estate viable for both extended stays and shorter retreats.
Pricing, Market Context, and Record-Breaking Potential
With an asking price of $16.5 million, this Cape Elizabeth oceanfront estate for sale currently stands as the most expensive residential listing on the open market in Maine. Should it achieve its full asking price, it would surpass the existing state record of $13.4 million, set by another Cape Elizabeth property once owned by actress Bette Davis.
Market analysts suggest that while the Maine luxury segment remains relatively niche compared to larger coastal markets, properties of this caliber tend to attract highly qualified buyers seeking exclusivity and long-term value. The combination of waterfront land, architectural integrity, and cultural significance positions this estate as a standout offering within the region.
As Michaud concluded in a follow-up conversation with californialuxuryhouses, properties like this are defined as much by their irreplaceability as by their price. “You can build a house,” he noted, “but you can’t recreate this kind of location, history, and view. That’s what makes a Cape Elizabeth oceanfront estate for sale like this truly exceptional.”