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In addition to the Soros family, real estate developer Stefan Sovoliev recently purchased some of the key businesses on the island, including the historic Chequit Hotel and the Shelter Island Heights Pharmacy, then angering locals by promptly shutting down its prescription service — the only one on the island.
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"I've seen Montauk turn on a dime, I've seen Sag Harbor turn on a dime," longtime resident Mike Gaynor told this week's Shelter Island Town Board meeting, referring to Hamptons enclaves that have become unaffordable for locals once the ultra-rich moved in and begin buying up properties. "And in a short period of time, no one is going to afford to live here anymore."
Shelter Island is approximately 8,000 acres in total. However, a quarter of the land on the island comprises a 2,064-acre Nature Conservancy. With 120 acres, the Soroses control only two percent of the available land, but it is integral real estate. The next largest private landowner Westmoreland Farm, which owns 65.4 acres, public records show.
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One local said they built "dormitory housing" for staff on Bowditch Road. "Now, all the homes around this ugly staff housing dormitory monstrosity cannot sell," the local said. "They do whatever they want."
The family began accumulating property after Susan Weber, Soros' second wife, who he divorced in 2005, bought her sprawling five-bedroom water-front property in the island's exclusive Dering Harbor neighborhood in 2013 for nearly $6 million. The home was the site of a lavish wedding rehearsal dinner for Alex Soros' marriage to former Hillary Clinton aide Huma Abedin last year.
"They crippled the island with their son's wedding to Huma," said longtime island resident who lives nearby. "Roads blocked off, helicopters flying the Clintons in. Absurd security and disruption here."
The actual wedding took place a short distance away in Watermill, another Hamptons enclave where Alex Soros owns a home.
Comment: Israel's war with Iran has taken attention away from illegal settler developments...conditions to its advantage.