WESTPORT — Virtually every piece of coastal real estate from Stonington to Greenwich was gobbled up decades ago as people recognized its financial value and invaluable beauty. There are many beaches with public access along Long Island Sound but opportunities to create a custom residential compound that enjoys unobstructed panoramic views are few and far between.

A Harvard business professor once encouraged people to invest in Connecticut’s available coastal real estate because “God’s not making any more of that.”

The distinctive 1.48-acre level peninsular property at 261 Hillspoint Road provides that rare opportunity for redevelopment and customization of a waterfront estate, and in a rare private setting no less. The listing agents of this property said “It was designed to offer the kind of seaside lifestyle that dreams are made of,” adding that the possibilities are “virtually unlimited to personalize it to one’s own needs or dreams ... that will be treasured by generations to come.” The current owners have enjoyed indoor-outdoor living here for nearly three decades.

On this unique waterfront estate, called Compo Point, it’s not just about buying a house and its surrounding property with water on three sides; it’s about buying into a particular lifestyle. In addition to the 10-room, 5,206-square-foot gray contemporary colonial house, the long list of living, recreational and entertaining amenities on this estate includes private beaches, a heated in-ground swimming pool at the water’s edge, a pool house/guest house, waterside decks, covered deck and balconies, a fully equipped outdoor kitchen, and a promenade. The pool house has a loft bedroom, full bath, and kitchenette.

This house is in the Compo Beach neighborhood, putting it within walking distance of Compo Beach, Longshore Club Park, and Elvira Mae’s convenience store. It is sheltered behind tall stone walls and decorative wrought iron gates that afford its residents rare privacy in an active waterfront community. Striking cobalt blue French doors open into the two-story foyer and reveal an open floor plan that allows this house, which was built in 1978, to live like a modern day residence.

As attractive and desirable as the house is, it pales in comparison to the stunning water views that are visible from virtually every room through its many walls of windows, and all but two of this home’s 10 rooms open to vast waterside decks and balconies to extend the living and entertaining spaces to the outdoors. They give this house a front row seat for sunrises, sunsets, and Fourth of July fireworks.

One of those decks contains the outdoor kitchen, which features a large two-tiered center island/bar, Ogee-edged granite counters, three stainless sinks, open dish rack, Lynx professional outdoor range, and warming and refrigerated drawers. It is supported by all the amenities of the indoor gourmet kitchen. The two together are ideal when entertaining, where on a grand scale or for casual gatherings.

Three of the home’s four interior fireplaces have mosaic tile surrounds in shades of blue that seem to represent the sky and water just feet away. In one the tiles are arranged to replicate ocean waves. There is a fifth outdoor fireplace on one of the decks.

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On the second floor there is a family room that gives the sense of being on a boat with its dark paneling and numerous French doors to a large balcony. This cavernous room also has a vaulted ceiling with trestle beams, a marble fireplace, a wealth of built-ins, and a ship’s helm.

For more information or to set up an appointment to see the house, contact Bross Chingas Bross of The Riverside Realty Group at 203-454-8000 or info@BrossChingas.com.

ABOUT THIS HOUSE

TYPE: Colonial, Contemporary

ADDRESS: 261 Hillspoint Road

PRICE: $14,900,000

NUMBER OF ROOMS: 10

FEATURES: waterfront community, direct water frontage, water views, walk to water, private beaches line the property, heated swimming pool at the water’s edge, pool house/guest house, fully equipped outdoor kitchen; waterside decks, covered deck and balconies; promenade, exterior lighting, underground sprinkler, 1.48-acre level and gated property, audio system, pre-wired for cable, instant hot water tap, central vacuum, open floor plan, skylights, four interior fireplaces, one outdoor fireplace, whale weathervane, walk to Compo Beach and Longshore Club Park, convenient to Saugatuck train station, semi-circular driveway with main and service gates, attached three-car garage, stone wall, central air conditioning, natural gas heat, first time offered to the market in nearly three decades, public water and sewer connections plus septic system, four bedrooms, four full and three half baths

SCHOOLS: Greens Farms Elementary, Bedford Middle, Staples High

ASSESSMENT: $5,768,600

TAX RATE: 16.86 mills

TAXES: $97,259