Shipping Heiress’s 1918 Island Retreat Listed for $6,500,000 in Maine
Perched on the rocky edge of Islesboro, Maine, where granite shoreline meets the quiet expanse of Penobscot Bay, the Grace Cottage is on the market for $6,500,000, listed with John Oldham of Island Property.
The Grace Cottage is a rare surviving example of early 20th-century American summer estates—designed with intention, restraint, and longevity in mind. Built in 1918 for Louise Grace, daughter of shipping magnate and two-time NYC mayor William Russell Grace, the property was conceived not as a showpiece, but as a livable, timeless retreat.
Set on 8.8 acres of Keller Point with over 3,500 feet of shoreline, the estate was designed by Philadelphia architect Wilson Eyre, a quiet revolutionary of his time known for his informal, site-sensitive approach to domestic architecture. The result is a Renaissance Revival “cottage” with stuccoed walls, arched windows, and low-slung porches that feel more Italian coast than American Northeast—but somehow right at home in the wilds of coastal Maine.
The house orients itself naturally to the landscape, with long views south down the bay and west to the Camden Hills. Nearly every room frames water or horizon, anchored by original details: carved balustrades, custom mantels, and plaster ceiling medallions. With eight bedrooms, seven fireplaces, and a range of casual and formal spaces, the interior balances grandeur with simplicity—a hallmark of Eyre’s best work.
The estate has been thoughtfully updated across the decades, with major renovations in the 1980s and 1990s that preserved its character while adding modern functionality. Outside, a saltwater pool, paddle tennis court, and deep-water dock add to its seasonal utility. There’s even a separate stone lodge on the property—part hunting cabin, part writer’s retreat.
While the scale and privacy of the estate speak to generational wealth, its true appeal lies in the quiet luxury of design decisions made over a century ago and still holding up today. It’s not just a place to vacation—it’s a masterclass in coastal restraint.
All photos belong to the listing agency.
