Your trusted source

The Martha's Vineyard estate that once belonged to Jacqueline Kennedy Onassis is now on the market for a cool $65 million, CBS News reported.

The late First Lady of the United States bought the oceanfront property, known as "Red Gate Farm," in 1979 for roughly $1 million, according to the Vineyard Gazette.

Forty years later, her daughter, Caroline Kennedy, is selling the 340-acre sanctuary with a listing price of $65 million.

"Now that our children are grown, it is time for them to spread their wings, and for us to explore new places," Kennedy said of the family's decision to sell the property in a letter published in the Gazette.

When Onassis purchased the land, it had only a hunting cabin. It now includes a 6,400-square-foot main residence with five bedrooms and five bathrooms, a two-story, four-bedroom guest house, two garages, a pool, tennis court and boathouse, among other amenities.

The sprawling home was designed in 1980 by renowned architect Hugh Newell Jacobson and was renovated in 2000 by Deborah Berke, dean of the Yale School of Architecture.

Kennedy, in her letter to the Gazette, described some of the features that drew her mother to the retreat. "She loved the old stone walls, the blue heron that lived in the pond behind the dunes, the hunting cabin that was the only thing on the property when she acquired it, the clay cliffs, the Wampanoag legends, and building a fairy tree-house for her grandchildren."

Christie's International Real Estate is handling the sale of the historic Aquinnah property. Tom LeClair and Gery Conover are the local agents.