For residents of Owenoke Park, the week starts off with a bang.
This morning, the gracious home at #17 will be bulldozed into oblivion.
For nearly 100 years it’s been a fixture on the private road that juts between the Compo Beach marina, Gray’s Creek and Longshore. It’s an important part of the Compo Owenoke Historic District, which is listed on the National Register of Historic Places because of its early 20th century resort and beachfront architecture.
Neighbors love the understated elegance of #17. Boaters on the water, and everyone enjoying Compo’s South Beach, have also appreciated its handsome Georgian Revival lines.
17 Owenoke Park. (Photo/Ian Warburg)
According to local legend, a woman knocked on the door in 2010. She said she loved the house, and had to have it. It was not for sale. But she offered $12 million — double the home’s market value — and that was that.
The woman — who reportedly worked for Enron until its demise — later joined a former colleague in setting up Centaurus Advisors. The energy-focused, Texas-based hedge fund allegedly provided a loan of $8 million, which the woman used to purchase the house.
In 2014 or ’15 Centaurus apparently foreclosed on the loan, and took possession of the property. It’s been on the market at decreasing prices.
Some buyers were interested in preserving the magnificent structure, and restore it to its past glory. Others wanted it to build their own dream house. None, however, would pay more than $5 million.
Given the declining condition of the property, and the expense of bringing it to FEMA compliance, the owners — listed as Centaurus Energy Market, which seems to be a subsidiary or related company of Centaurus Advisors, LLC — decided that the real remaining value is in the land.
Demolition begins at 8 a.m. today.
