PROPERTY TRANSFERS
July 9, 2007 - July 13, 2007
1. A house on .95 of an acre at 22 North Pasture Lane sold to James Doughan and Susan M. Doughan, Trustees of Susan M. Doughan Living Trust of Scottsdale, Ariz. from Taget Development, LLC, of Venice, Fla. for $4,600,000. The property is assessed at $2,708,800. The land bank fee is $92,000. 2. A vacant lot on 2.1 acres at 9 Vesper Lane sold to the Nantucket Islands Land Bank of Nantucket, Mass. from Nancy Sevrens of Nantucket, Mass. for $2,500,000. The property is assessed at $679,000. The land bank exemption is A. 3. A vacant lot, Lot 29, on .66 of an acre on Old Westmoor Farm Road sold to Terri S. Eichler, Trustee of ACK Lucky Realty Trust of New Vernon, N.J. from Nantucket Westmoor Farms, LLC, of Cabin John, Md., for $2,200,000. The property's assessed value is unavailable. The land bank fee is $44,000.

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4. A house on .10 of an acre at 85 North Liberty St. sold to James G. Ross and Janet W. Ross of Harwood, Md. from Kelly M. Williams and Andrew J. Forsyth of New York City, N.Y. for $1,700,000. The property is assessed at $1,377,700. The land bank fee is $34,000. 5. A house on 1.5 acres at 35 Chuck Hollow Road sold to Mark J. Cutone and Lynda A. Cutone of Nantucket, Mass. from Sabena M. Burgo of New Bedford, Mass. for $1,250,000. The property is assessed at $1,328,900. The land bank fee is $25,000. 6. A house on .04 of an acre at 10 Still Dock sold to Richard A. Franco and Kim D. Franco of Vero Beach, Fla. from George W. Penny, III, of Washington, D.C. for $1,222,500. The property is assessed at $1,748,000. The land bank fee is $22,450. 7. A house on 1.2 acres at 28 Chuck Hollow Road sold to Alan F. Richardson and Susan E. Richardson of Chappaqua, N.Y. from Carl Yankowski and Patricia Petraglia of Dover, Mass. for $1,200,000. The property is assessed at $1,316,000. The land bank fee is $24,000.

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8. A vacant lot on 4.5 acres at 236 Milestone Road sold to Mitchell Coffin and Eleanor D. Coffin of Nantucket, Mass. from Henry Coffin, III, Robert L. Coffin and Stephanie C. Andrew of Nantucket, Mass. for $1. The property is assessed at $944,200. The land bank exemption is C.

9. A vacant lot on 2.8 acres at 246 Milestone Road sold to Robert L. Coffin of Siasconset, Mass. from Henry Coffin, III, Stephanie C. Andrew and Mitchell Coffin of Nantucket, Mass. for $1. The property is assessed at $1,234,600. The land bank exemption is C.

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10. A vacant lot on 3.3 acres at 240 Milestone Road sold to Stephanie Coffin Andrew of New Milford, Conn. from Henry Coffin, III, Robert L. Coffin and Mitchell Coffin of Nantucket, Mass. for $1. The property is assessed at $1,332,600. The land bank exemption is C. 11. Ahouse on .33 of an acre at 30 Easton St. sold to Anthony B. Cahill, Jr., Richard Cahill and James Cahill, as tenants in common, of Ridgefield, Conn. from Cahill Enterprises, L.P. of Ridgefield, Conn. for $0. The property is assessed at $9,860,600. The land bank exemption is J.

12. A business at 8A Washington St. sold to Robert I. Gease, Trustee of The Robert I. Gease Revocable Trust dtd 05-21-2004, as amended, of Palm Beach, Fla. from Robert I. Gease, Successor Trustee of The Robert C. Echele Revocable Trust dtd 10/06/1988, as amended, of Palm Beach, Fla. for $0. The property's assessed value is unavailable. The land bank exemption is D.

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13. A house on .25 of an acre at 3 Appleton Road sold to Earle T. Craig and James E. Craig of Annapolis, Md. from The Craig Family Realty Trust of Annapolis, Md. for $40. The property's assessed value is unavailable. The land bank exemption is C.

14. A house on .23 of an acre at 56 Sankaty Road sold to Earl C. Eldridge and Amy Eldridge of Siasconset, Mass. from Nelson K. Eldridge, as Trustee of Myrtle B. Eldridge Nominee Trust of Siasconset, Mass. for $0. The property is assessed at $1,811,700. The land bank exemption is E.

15. A house on .08 of an acre at 15 Pine St. sold to Richard I Gilchrist and Nina N. Gilchrist, Trustees of the Gilchrist Family Trust of Newport Coast, Calif. from Richard I. Gilchrist and Nina N. Gilchrist of Newport Coast, Calif. for $0. The property is assessed at $2,622,700. The land bank exemption is C. 16. Ahouse on 1.5 acres at 12 South Valley Road sold to James Shepherd Ord and Letitia Cresap Ord of Nantucket, Mass. from James Shepherd Ord and Letitia Cresap Ord, as Trustees, of Nantucket, Mass. for $0. The property is assessed at $3,012,900. The land bank exemption is D.

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The Nantucket Islands Land Bank gained $241,450 in transfer tax fees for the week ending July 14. For 2007, the Land Bank gained an estimated total of $6,971,281.91 in transfer fees. Land bank income is derived mostly from the collection of a twopercent transfer tax on real estate transactions, subject to certain exemptions. The land bank acquires, holds, and manages land for open space and recreation on Nantucket. Other revenue sources include investments, private contributions, leasing of the Lily Pond Cottage at 15 North Liberty St., and properties at 2 Massasoit Bridge Road, 159 Hummock Pond Road, and 22 Broad St.

NOTES ON EXEMPTIONS Many of the property transfers recorded with the Land Bank are exempt from the 2-percent transfer fee using one of 13 exemptions allowed by the Land Bank Act as follows: A: transfer to government entity. B: transfer which, without additional consideration, confirms, corrects, modifies, or supplements a previously made transfer. C: transfer made as a gift without consideration. D: certain transfers to and from a trust. E: transfer via death or bankruptcy. F: transfer made in partition of land and improvements. G: transfer to charitable organizations. H: transfer to a mortgagee in foreclosure of the mortgage. I: certain transfers made to or within a corporation or partnership. J: certain transfers out of a corporation or partnership. K: transfer due to divorce. L: transfer of property that is partially personal property and partially real property. M: certain first-time property buyers (applies to the first $400,000).

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The above explanations are abbreviated because the language explaining these exemptions is too lengthy to print in this section every week. If you're curious about a certain exemption, go to the Nantucket Islands Land Bank Web site for complete information on the exemptions and the land bank's governing bylaws: http://www.nantucketlandbank.org. Or visit

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the office at 22 Broad St. I