The Sharp house on Starbuck’s Neck in Edgartown was sold this week to a Connecticut family for $11,225,000.

The price is a Martha’s Vineyard benchmark of sorts, although a north shore property that included 80 acres of waterfront property sold last year for $12 million.

The summer home on Starbuck’s Neck is a single dwelling on three acres — but among the most prime three acres on the Vineyard, with a lawn down to Edgartown outer harbor facing Edgartown Lighthouse.

The buyers wish to remain private, according to Tom LeClair, the real estate agent who handled the transaction. A partner with Gerret Conover in Conover Real Estate, Mr. LeClair said that the official buying entity is Georgetown Nominee Trust.

Sandpiper Realty Inc., an affiliate of Sotheby’s International Realty, listed the Sharp property last June for an asking price of $12.5 million.

The home has a large swimming pool and a tennis court, a covered patio, an enclosed courtyard, five fireplaces and the space and appointments suitable for ambitious entertaining.

Mr. LeClair said that the buying family has been vacationing on the Vineyard for years, but always as renters, waiting for the right property to come on the market to purchase.

“It takes years to put together some of these sales,” Mr. LeClair said following the closing on the property.

“It can’t be just any property; there may be only two or three houses on the Island that work,” he said. “They may pay a major premium for what they want, but those properties have not been available for generations and now will be in their families for generations.”

Although the Island has buzzed in recent years about the escalating prices of prime properties here, Mr. LeClair said, comparable waterfront homes in other popular resort areas such as Nantucket and the Hamptons are at least as costly.

The sellers of the Starbuck’s Neck home are the sisters Caroline and Randy Sharp, who had their childhood summers at the gracious property. Their father, Peter Sharp, died in 1992, and “My sister and I have been wrestling with this decision for the past seven years,” Caroline Sharp said last year.

“We enjoyed the house for 32 years as a family before my father died,” she said. “I’m going to be enormously sad. I don’t even know if I’ll be able to walk by it.”