A sprawling oceanfront mansion in Maine has seen its asking price slashed by more than $10 million after sitting unsold for nearly four years, with its listing agent now pointing to a surprising combination of factors behind its struggle to find a buyer.

The 10-bedroom, 11-bathroom estate, built in 1988, sits in Seal Harbor on Mount Desert Island and first hit the market in August 2022 for $25 million. 

It has now been relisted for $14.5 million following a string of price cuts.

Listing agent Bill Gaynor with Sotheby's International Reality said homes at this price point inherently face steep challenges, noting there are only a few thousand $10 million-plus home sales across the entire US each year.

At the same time, he said the property is designed for a very particular buyer, someone seeking total seclusion, privacy and a dramatic coastal setting.

‘It’s for someone who really values seclusion, privacy, in a peaceful yet amazingly dramatic setting,’ Gaynor told the Daily Mail.

The property spans roughly 10,200 square feet across six wooded acres and features luxury touches including multiple fireplaces, a sauna and a wine cellar, the outlet reported.

Owned by retired venture capital executive Joseph Fogg III, the home has struggled to find a buyer despite its striking oceanfront location.

The Bangor Daily News reported that the listing initially coincided with a red-hot pandemic housing market that favored sellers, but conditions have since shifted, with rising inventory and longer listing times giving buyers more leverage.

The outlet also noted the home may have been overpriced at the start, contributing to its prolonged time on the market.

But Gaynor stopped short of calling it overpriced, instead pointing to the realities of the high-end market.

‘The history is what the history is… we’re confident that it will sell,’ he said.

He added that while broader market shifts have played a role, they may not fully explain the delay.

‘I’m not sure, at these upper-level price points, there’s been that much of an erosion. In this case, that’s obviously been the case,’ he said.

Gaynor was more direct when addressing potential buyers who question the price.

‘If someone thinks it’s overpriced, it’s not the house for you,’ he said.

He described the home’s secluded setting as one of its defining features, with a long winding driveway and ocean views that are only revealed once inside.

Gaynor likened the experience to ‘unwrapping a gift.’

According to the Bangor Daily News, the estate remains one of the most expensive homes currently for sale in Maine and sits among other luxury properties in the exclusive Cooksey Drive area.

The neighborhood is also home to summer residences owned by celebrities including Martha Stewart and Law & Order creator Dick Wolf, the outlet reported.

For now, Gaynor said interest is beginning to build following the latest relaunch.

‘I’ve had some inquiries… we’ll see where it gets us,’ he said.

Beyond its price cuts and prolonged time on the market, the home itself is designed as a grand coastal retreat rooted in classic New England architecture.

Set at the end of a secluded, winding driveway through moss-covered woodland, the estate opens onto what the listing describes as one of the most dramatic stretches of Maine coastline, with 780 feet of ocean frontage perched above the Atlantic.

Inside, a three-story fir-paneled hall is anchored by a sweeping white oak staircase, leading into a sunken living room with a fireplace and French doors that open onto a sprawling covered porch.

The home is designed to take full advantage of its setting, with panoramic ocean views that are intentionally revealed only once inside.

Upstairs, the primary suite features cathedral ceilings and a private balcony overlooking the water, while multiple ocean-facing bedrooms are designed to accommodate extended family and guests.

A country-style kitchen with a gas range connects to a bright breakfast area, while the formal dining room features a boxed-beam ceiling and its own fireplace.

Elsewhere, the home includes a library with built-ins, a mahogany-trimmed den inspired by ship captains’ quarters, an arts and crafts space, a lower-level gym and an extensive wine cellar.

The property, known as Wanakiwin, meaning ‘harmony, peace and tranquility,’ sits near Acadia National Park, with access to landmarks including Sand Beach, Jordan Pond House and Cadillac Mountain.