Ultra-rich pay $650,000 for Martha’s Vineyard 'beach keys'

For half a million dollars, Martha’s Vineyard residents are purchasing what they call a 'beach key'. This isn't for the land itself or a home to inhabit, but for access to a secluded, private beach. On this picturesque island, this commodity isn't square footage or ocean views, but access to a private stretch of sand. These keys are bought and sold, with prices soaring due to the high demand for privacy on the popular vacation destination.

These beach keys, often passed down through families, are seen as an heirloom. Owning one is more about exclusivity than enjoying the beach itself. In fact, a key to Quansoo Beach, which was once worth $200,000, sold for $475,000 last year. Similarly, a key to Hancock Beach, which now costs $650,000, is bought not for the beach, but for the luxury of exclusivity.

Tyler Smith, a retired architect, has a 46-acre property with a beach key. He bought the key for between $450,000 and $475,000. Now 84, Smith enjoys quality time with his children at the beach. However, his brother keeps his own key, highlighting the value these keys hold.

While beach keys are seen as a status symbol, they have also bred resentment among locals. The increase in prices has made them out of reach for residents, who cannot afford to own a piece of the island's precious resource. Some feel that wealthy keyholders are keeping the best beaches to themselves, which is not a vision locals share. Despite this, beach keys remain a lucrative investment for the ultra-rich, who see them as a way to enjoy privacy on the island's popular beaches.