Beloved Martha’s Vineyard Beachfront Cottage, Swindle, Changes Hands for First Time in 4 Decades for $7 Million.
Advertising executive Bob Schmetterer and the wife Stacy They didn’t want to sell their house in Martha’s Vineyard when they were offered an offer they couldn’t refuse.
“We had been hiring sellers for many years when someone contacted me saying I would buy it, it was a good opportunity for them,” he said. Jill Hobby Napior of Tea Lane Associates, affiliated with Forbes Global Properties, represented the buyer.
Originally built in the 1950s, the property was purchased by the Schmetterers in 1984 and closed in Jan. 5, 2026, in an off-market deal for $7,000,000.
The two bedroom cottage is uniquely situated, overlooking Vineyard Sound on a private stretch of beach just outside of Vineyard Haven. It offers spectacular views from the Elizabeth Islands to Woods Hole.
Tea Lane Associates originally listed the property back in 2015 for $5,750,000.
Napior says the area is known as Swindle after the fisherman, who bought the waterfront property for $2,500 and took out $6,000 in cash to build the cottage in 1950, went bankrupt in 1953 and sold it to neighboring property owners “at a huge price.”
Neighborhood owners, actor Katharine Cornell and heir to Standard Oil Helen Pratt Philbinhe refused. Also, when they returned the following summer they found the shack in the middle of their property was painted a very bright blue.
“It was out of place and they both wanted to bring back the beauty of the house that was there before it was painted blue,” Napior said.
Cornell, who owns the “Chip Chop” restaurant next door. Mike Nichols again Diane Sawyer it was finally bought and later sold in 2023 for $23,000,000, finally doing just that and finally giving this shack its name: The Swindle.
Since its blue-collar days, the place has been renovated and expanded over the years, thanks in large part to the Schmetterers who took on a major renovation project in 2001.
“It’s in a very special location, and having direct access to Vineyard Sound and Beach Plum Pond connecting to Lake Tashmoo is rare,” he adds.
“It seems to stand out as a Vineyard beach residence. Each room in the home has a different view because of the way the land lies on that spit. You really feel like you’re at the beach.”
The waterfront property now features a 2,000-square-foot, whitewashed cottage with a vaulted ceiling that offers two bedrooms, a home office/study, a living room with a fireplace, and an updated kitchen. The primary suite has a walk-in closet and French doors that open to the deck.
There is also a self-contained studio, aptly named Swindlette, which offers separate guest accommodation and a kitchen. The property also has a boat dock.
“It’s close to town but remote, private, and perfect,” Napior said. “It’s a real beach house. In terms of interest, buildings in this area are not often matched. Families have lived here for generations, so it’s a rare opportunity in that regard.”
