Island Grown Initiative paid $2.6 million for Thimble Farm, registry of deeds documents show.
The purchase of the 40-acre farm was accomplished in separate sales: IGI paid Eric Grubman $2.255 million for the farmland at 104 Stoney Hill Road and $345,000 for the buildings and building envelope at 80 Stoney Hill Road.
The closing took place on June 15. On June 11 IGI announced plans to take ownership of the farm; the sale was made possible by donations from the owner of the property and two seasonal Vineyard residents. The donors were owner Eric Grubman, a seasonal resident of Katama, and Allan and Shelley Holt, seasonal residents of Chilmark. The actual amount of the donations is not known.
Registry documents show that Mr. Grubman now holds a $750,000 mortgage on the property for IGI. Mr. Grubman also has a right of refusal on the property for 30 years. Mr. Grubman told the Gazette this week that the mortgage is not the complete extent of his contribution to the sale, but that he has made a separate pledge to IGI although he did not disclose the amount. “That pledge is very simple; they have to operate consistent with their mission,” he said.
Because IGI is a nonprofit, the purchase was exempt from Martha’s Vineyard Land Bank fees.
The property was listed by Tea Lane Associates.
IGI president Sarah McKay said this week that Mr. Holt and Tea Lane Associates made additional donations to IGI to go toward immediate upkeep of the property; the amount was not disclosed.