• Darien, a small town in Connecticut is in contract to buy a local private island for $100 million.
• Great Island was developed in 1905, is accessed by a causeway, and has a mile of coastline.
• Realtor Jennifer Leahy told Insider the property includes a villa, stables, and a beach cottage.

The small town of Darien, Connecticut, is in contract to buy Great Island, a local island 50 miles outside of New York City, for $100 million.

Officials of Darien, Connecticut, signed a contract as the "first step" in a process to purchase Great Island, located around 50 miles outside of New York City, for more than $100 million, The Wall Street Journal reported on May 24.

The publication added that Monica McNally, the town's First Selectman, said in an email that there will be several other layers of approval needed from other town officials. 

According to the site, McNally addressed the possible transaction at a meeting of the Darien Board of Selectmen in April, saying: "There will never be another opportunity for the town to control this property's destiny, or to add an asset to benefit all of us like this."

She added: "I believe 200 years from now, when people look at this property, they will look favorably on this transaction."

The $100 million price tag is greatly reduced from when the property was previously listed in 2016 for $175 million.

Great Island was listed on Realtor.com with a reduced asking price of $100 million for the first time on February 2. In 2016, the island was listed for $175 million, according to The Wall Street Journal. 

The 2016 listing was the first time the island was put up for sale since it was purchased in 1902 by William Ziegler, a baking powder entrepreneur. According to Jennifer Leahy, the real-estate agent presenting the island, it had been listed by the descendants of Ziegler and William Steinkraus — a horse rider who married into the Ziegler family. 

The island's listing history on Realtor.com shows that in 2018, the asking price was lowered to $120 million, and by 2019 it had been taken off the market.

Leahy told Insider the new lower price is because the island's lot lines have changed and it's now only owned by the Steinkraus family. Small parcels of land that were included with Great Island have now been excluded, and what remains is owned by one family.

The 60-acre island is approximately 50 miles from Manhattan by car and can only be accessed by a causeway.

Leahy told Insider the island has one mile of coastline and a view of Sheffield Island Lighthouse in nearby Norwalk, Connecticut.

She added that Great Island is the largest, contiguous parcel island offered on the East Coast because most of the others have been developed into residential areas with multiple waterfront houses. 

Leahy told Insider the island feels private but you can access groceries within minutes.

"This is not like an island that you have to catch a ferry to in order to get back to the mainland. It's so close to everything," she told Insider, adding that Great Island has an appealing sense of seclusion but amenities are only 10 minutes away. 

The island listing notes that it comes with a handful of properties, and describes its 13,000-square-foot villa that was built in 1905 as "the centerpiece of the property."

The villa, which is one of the homes that come with the island, has 10 bedrooms, eight full bathrooms, and two half-baths, according to its listing.

"It's very much got a Mediterranean vibe, like an Italian villa," said Leahy. "It needs to be totally renovated, but the bones of the house are spectacular and the views from the house are just unparalleled."

The listing also includes a 19th-century colonial farmhouse that has been renovated and expanded.

Leahy said the farmhouse also has its own wine cellar and pool. 

"There are beautiful animals around and it's calming to me. It's got a sense of magic around it," she said of her visits to the island.

"It is dreamy. Cue the birds, and cue the geese, and cue the horses," she added.

There are several other houses on the Great Island grounds, including a three-bedroom stone house, a beach bungalow, and a pink guest cottage.

Leahy said in addition to these properties, most of which were built for the Steinkraus family in the early 1900s, the island has a polo field, a marina with a deep-water dock, and an impressive equestrian facility that will appeal to avid horse riders.

The island's equestrian facility was designed by Rafael Guastavino, a renowned Spanish building engineer.

"You walk in and you're like, 'Oh my gosh, it looks like Grand Central,' It is stunning," Leahy said of the equestrian facility. 

She said there is both an indoor and outdoor riding arena where the next buyer can practice showjumping. 

Leahy said that for William Steinkraus – an equestrian athlete with four Olympic medals to his name – having stables and practice space was a priority.

"The equestrian facility is world-renowned because William Steinkraus was this amazing gold medalist in the equestrian world," Leahy told Insider. 

According to The New York Times' obituary for Steinkraus, who died on November 29, 2017, he set a record in show jumping at the Mexico City Olympics in 1968. He also won silver medals in Rome in 1960, and Munich in 1972. His bronze medal was awarded in 1952 in Helsinki. 

The equestrian facility includes stables for several horses and plenty of horse-riding equipment.

According to the property listing, the 18-stall stables are made from granite and have an arched ceiling. 

Leahy told Insider that it is difficult to find a property with such a facility with its own riding trails. She said this, paired with the high level of privacy, makes Great Island appealing to prospective buyers.

Leahy says the island has its own private beach with a bungalow that has a fireplace.

Leahy said the island's private beach is special because "as you go down to where the beach cottages are, there's this magic white sandy beach with a cove."

The beach is a unique aspect of the private islands in Darien as the nearby Hay Island mostly offers green outdoor space, as seen on a previous Realtor.com listing. 

According to Leahy, the "spectacular" island previously had a lot of interest from "billionaires, both local and international, famous sportspeople, and hedge fund owners."

When asked which type of individual buyer would have suited the property, Leahy said that a private person who appreciates equestrianism or requires a lot of space would feel at home on Great Island. 

"People want amenities for themselves, they want privacy and they want security," she said.

She concluded that Great Island would be in good hands if the next buyer has the financial means to maintain the island. Other than the privacy and security of the island, Leahy said the appeal of the island is its proximity to nature. 

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