At the very tip of Absecon Island, in Longport, New Jersey, lies an exclusive stretch known simply as “The Point.” With sweeping 280-degree views of the Atlantic Ocean and the back bay, homes here are rare, luxurious, and tightly held. But in an unprecedented move, two neighboring properties—6 and 7 Point Drive—were sold for a combined $19 million, then swiftly demolished to make way for one singular, ultra-custom waterfront estate.
The new owner, entrepreneur Jim Brennan Jr., acquired the properties through limited liability companies. The first purchase, in 2021, was the estate of Marvin Ashner, a legendary Atlantic City hotelier. Known for its unique design, 6 Point Drive boasted 7,500 square feet of living space, an indoor heated lap pool, and iconic balcony statues of the Blues Brothers. Brennan paid $6.2 million for the six-bedroom home.
In September 2024, Brennan expanded his footprint by purchasing 7 Point Drive for $12.8 million from hedge fund manager Andrew Barroway. The 4,000-square-foot home had recently undergone a full renovation, featuring a heated outdoor pool, summer kitchen, and expansive decks. Yet both properties were razed, signaling a shift from luxury renovation to total transformation.
Plans filed with the state show a newly combined estate featuring an elevated infinity pool, an attached garage, and grand-scale living spaces—all within the strict regulations of New Jersey's Coastal Zone Management Rules. The DEP approved the project in March 2025.
Privacy is paramount in this echelon of real estate. Agents, attorneys, and even local officials remain tight-lipped, and the Brennan family has declined public comment. But the impact is visible—and deeply felt. Longport native and pro surfer Ben Gravy, who made his name surfing the break in front of The Point, expressed his nostalgia and disappointment in a YouTube vlog, calling the area, known locally as “El Slammo,” a defining part of his surfing career.
While emotions run high, experts like Emily Marchese, a Margate-based luxury agent, note that land in this location is what truly commands the price. “A property is worth what someone will pay for it,” she says. And in this case, the buyer wasn’t just purchasing homes—they were acquiring legacy-level land, the canvas for a once-in-a-lifetime build.
In high-end markets like the Jersey Shore, Philadelphia, and the Main Line, we’re seeing this pattern more often: buyers investing in location above all else, creating personalized estates designed from the ground up. These properties aren’t just homes—they’re statements of lifestyle, vision, and permanence.
Ready to explore what’s possible for your next chapter? Whether you're buying, selling, or building your dream estate, contact Sean Elstone today for expert guidance and access from the Main Line to the Jersey Shore's most exclusive listings.
