It just doesn’t get any better than oceanfront in the Georgica Asssociation. The private 100-acre enclave on Georgica Pond’s west side was founded in the late 1800s and rarely has anything available. There’s only one road in and one out of the neighborhood, which is gated and guarded. The community offers tennis, sailing, baseball and a clubhouse, plus of course, priceless bragging rights.

Well, maybe not so priceless, as this stunning property is available for $37 million. Represented as a co-exclusive by Bespoke RE and Ed Petrie at Compass, the two-acre property boasts 161 feet of oceanfront. Unlike many of the grand old estates in the Association, this is a relatively new build. The property is the site of the former guesthouse of iconic Kilkare.

The previous owners of Kilkare sold two acres in 2001 for $6 million to the current owner of 38 Association. The guest cottage was razed, and in 2005, the new house, designed by Shope Reno Wharton, and built by Ben Krupinski Builder, began to rise above the dunes. In a very appealing, timeless Shingle Style design, the house is open concept, with a living space filled with rustic beams. In all, there is 6,537 square feet of space with five bedrooms and five full and two half baths. Of course most rooms have a beautiful ocean view, or views of open space or Georgica Pond.

Now comes the $37 million question. Is it worth it? Hard to say. The nearest comp is of course next door, but it’s not really easy to draw conclusions. Kilkare, with 5,000 square feet, is smaller than this house, although it boasts slightly more land with 2.81 acres. Kilkare closed in January for $24.3 million, $13 million give or take less than this, but that house really needs work. (We’ve had it whispered to us that it won’t survive the next hurricane and needs to be moved back.) Is a recently built house with modern amenities worth $13 million more? We’re not entirely sure, but our feeling is yes. What say you? Let us know in the comments.

• An iconic beachfront setting [Bespoke]
• 38 Association Road [Compass]