A former manager for some of the world’s biggest banks is selling his home in a wealthy Maine enclave for just under $13 million, five years after buying it for a fraction of that price.
Jon Pratt, a banking executive who has worked for Barclays, Credit Suisse, Merrill Lynch and UBS, and his wife Amanda Pratt, who owns an interior design firm, bought their home at 33 Massacre Lane in the Scarborough village of Prouts Neck for just over $2 million in 2018, according to online property records.
The couple splits their time between New York City and Maine, but have previously lived in Boston and in Hong Kong, where Jon Pratt oversaw debt capital markets at large investment banks. He made news for suing Barclays to the tune of $2.4 million in 2016, claiming he was owed it when terminated by the firm that year.
Only five years after purchasing their Scarborough home, the Pratts are selling it for more than five times what they paid for it. Their home is the second-most expensive for sale right now in Maine behind one on Mount Desert Island.
“They’re spending more time in New York,” said associate broker Will Fuller with Portland-based listing agency RE/MAX By The Bay.
The property is worth so much more than it was in 2018 because it recently got extensive renovations and because “the market has changed,” Fuller said.
The home is nearly 7,000 square feet and sits on just over 4 acres overlooking Saco Bay. It has six bedrooms and seven bathrooms, but there is room to build a second residence or accessory unit on the property.
When the Pratts bought the home, it was an unwinterized fixer-upper, though it remained expensive because of its prime location. Since then, the couple has totally remodeled it into a year-round beachside retreat with “meticulously designed” interiors from Amanda Pratt herself, the broker said. That renovation was profiled by the Globe Magazine in 2018.
Built in 1965, the Scarborough home is “incomparable to any residence to come to the market in recent years,” according to its online listing. Stand-out features include a marble fireplace, a beachside veranda, an in-ground pool and a pool house.
Its location in the private Prouts Neck neighborhood is its main attraction, Fuller said. The wealthy, mostly gated peninsula has 200 homes and is populated by a mix of seasonal and year-round residents, including members of the Rockefeller and Carnegie families. Painter Winslow Homer lived and worked there. NFL Commissioner Roger Goodell also has a Prouts Neck home.
Homes in Prouts Neck are valued in the millions and historically do not change hands often. When they do, they don’t usually hit the market and are sold privately among family, friends and neighbors, though the hot real estate market has led some families to sell out.
Another place on Jocelyn Road went for more than $11 million last month. The Pratts’ home is not yet under contract. Fuller declined to comment on how long he expected it to be on the market.
“There are very few gated communities along the coast of Maine, and Prouts Neck is one of the most exclusive,” he said.
