Residents of Shelter Island are questioning the scale and purpose of property acquisitions tied to George Soros and members of his family after purchases reportedly made them the community’s largest private landowner.
By yourNEWS Media Newsroom
George Soros and members of his family have accumulated nearly 120 acres across Shelter Island, an exclusive ferry-access community on the eastern end of Long Island, according to a report that has prompted concern among some local residents over property values, land use and the future character of the island.
The acquisitions, reported by the New York Post, include 18 properties bought through multiple shell companies, according to public records reviewed by the outlet. The reported purchases involve George Soros, 95, and his sons Alex Soros, 40, and Gregory Soros, 38.
The holdings have made the Soros family the largest private landowner in the community, according to the report. Shelter Island, located between the North and South forks of Long Island, is accessible only by ferry and is known for its secluded setting and high-end real estate.
Some residents and former residents told the Post they have been unsettled by the size and pace of the purchases, saying they are unsure what the family intends to do with so much land in a small island community.
“We never really figured out what their purpose in buying so much land could be,” a former resident who sold property to the family a few years ago told the Post. “But because you can only get here by ferry, we thought they might be building a bunker, away from everyone.”
The report said the Soros family’s property activity became more visible over the past year after the purchase of a 63.6-acre horse farm on Smith Street. A deer fence was later erected around the property without the required authorization from the island’s zoning board, according to the Post.
Residents have also expressed concern that the family’s growing footprint could affect nearby property values and reshape the community. The report said some locals worry that a dormitory built for employees connected to the Soros properties could have a negative effect on surrounding homes.
The concerns have not been limited to the Soros family’s land purchases. According to the report, real estate developer Stefan Soloviev also acquired several key island businesses, including the historic Chequit Hotel and the Shelter Island Heights Pharmacy. The pharmacy had provided the island’s only prescription service, and its closure angered residents who relied on it.
The Post reported that the prescription service was shut down after Soloviev’s purchase, adding to broader frustration among residents over changes involving major properties and businesses on the island.
The property purchases, business acquisitions and zoning questions have contributed to a wider debate among locals about whether Shelter Island’s character is being altered by wealthy buyers consolidating land and control over important community assets.
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