After slightly over two months of listing it for $24 million, Diane Sawyer, a seasoned news anchor, has successfully sold her Martha’s Vineyard beachfront estate. Investor David Malm acquired the property for $23.9 million, as confirmed by records and sources familiar with the transaction. Malm has built a collection of upscale residences on both Martha’s Vineyard and nearby Nantucket.
In addition to the main residence, the estate has a caretaker’s house, guest suites and beach cottages.
Neither Malm nor Sawyer provided a comment in response to a request. Known as Chip Chop, the estate covers approximately 20 acres and is among the prominent properties associated with Martha’s Vineyard, as stated by listing agent Mark Jenkins of Wallace & Co. Sotheby’s International Realty. Jenkins noted a significant level of interest in the listing, emphasizing the need for prompt action from prospective buyers.
Sawyer’s late husband, Mike Nichols, oversaw a renovation of the property.
Jenkins emphasized that the property was priced “realistically,” noting that while the luxury market has experienced a slowdown due to Covid, prices remain stable, especially for distinctive properties. According to Redfin, the average sale price on Martha’s Vineyard was $2.1 million in October, marking a 14.3% increase year-over-year.
The roughly 20-acre estate has multiple dwellings.
Sawyer and her late husband, film director Mike Nichols, acquired Chip Chop for $5.3 million in 1995. Originally built for actress Katharine Cornell in the late 1930s, the estate boasts multiple residences, a swimming pool, a tennis court, and two private beachfronts.
The grounds contain a pool overlooking the Sound.
The primary dwelling is a quintessential New England shingled house with three bedrooms and 10 chimneys, designed by architect Eric Gugler, renowned for his work on remodeling the White House’s West Wing during President Franklin D. Roosevelt’s tenure. Additionally, the estate features a two-bedroom caretaker’s house, two detached guest bedroom suites, and two beachside cottages known as the Shacks.
The estate is located between a lake and Vineyard Sound.
Sawyer and Nichols undertook extensive renovations, including the addition of dormers and the creation of replica antique windows and doors, some requiring intricate hand carving. Nichols passed away in 2014, and Sawyer disclosed to The Wall Street Journal earlier this summer that she decided to sell the property due to the demands of her expanding family, leaving less time for extended visits.
The property is known as ‘Chip Chop.’
Sawyer, known for her work on ABC World News Tonight, Good Morning America, and 20/20, and Nichols, celebrated for directing films such as “The Graduate” and “Who’s Afraid of Virginia Woolf,” left a significant mark on the property’s history.
The grounds contain a pool overlooking the Sound.
Malm, the managing partner of Webster Equity Partners specializing in healthcare investments, has invested over $100 million in properties on Martha’s Vineyard and Nantucket, including Chip Chop, in recent years. Earlier in the year, Malm acquired a historic residence on Edgartown’s inner harbor for $15 million. Tom Wallace of Wallace & Co. Sotheby’s International Realty represented Malm in the transaction.
The estate was designed for actress Katharine Cornell, left. Diane Sawyer and the late Mike Nichols bought it in 1995.
The property has two stretches of private beach.