2/3/2021
Why didn’t Cumberland get earlier chance at well property?
This lot at 500 Nate Whipple Highway was acquired by the town of Cumberland for $600,000 last year after its previous owner purchased it for $275,000 a few months earlier. (Breeze photo by Ethan Shorey)
Parties shed light on $600,000 land purchase
CUMBERLAND – Since news last November that the town would acquire a Nate Whipple Highway property for a future municipal well expansion, some residents have voiced questions about the profit its previous owner was able to walk away with.
That owner, Cumberland’s Stephen Instasi III, ended up securing a profit of $325,000 when he sold the property at 500 Nate Whipple Highway to the town of Cumberland for $600,000 shortly after its former owner, John Boucher, had sold it to him for $275,000 last June.