George Soros and his family have acquired a significant amount of property on Shelter Island, becoming its largest private landowner and causing unease among some local residents. The family's holdings now encompass nearly 120 acres, purchased through various shell companies, according to public records. This accumulation of land has led to concerns that rising property values could price out long-term inhabitants and alter the island's tight-knit community.
Residents have voiced their worries at town board meetings, expressing a sense of helplessness against the financial power of billionaires. "We can’t keep up with the lawyers that these millionaires have and they seem to build whatever they want," stated Steve Lenox, a longtime resident, at a June 29 meeting. "That’s what’s ruining the island."
One notable acquisition was a 22-acre property purchased by Gregory Soros six years ago. A former resident familiar with the property recounted a steady influx of construction workers and water tankers, and noted the installation of cameras on the street. This resident also claimed that local workers were required to sign non-disclosure agreements to work at the property, which is rumored to contain the island's largest swimming pool. The family reportedly petitioned the Shelter Island Town Board to install a security fence on the road, a plan that was blocked due to a town-owned landing at the road's end.
In addition to residential and undeveloped land, the family also owns smaller parcels and homes adjacent to the Shelter Island landfill. Locals suggest these properties are being used to house staff, with one resident describing the development as "dormitory housing" that has negatively impacted the saleability of surrounding homes.
The family's presence was also highlighted by the wedding rehearsal dinner for Alex Soros, who now leads his father's Open Society Foundations, and Huma Abedin. Residents complained that the event caused significant disruption, with roads closed and helicopters transporting guests, including prominent political figures.
Shelter Island, which spans approximately 8,000 acres, has a significant portion of its land designated as a Nature Conservancy. The Soros family's 120 acres represent about two percent of the total land, but include integral real estate. Other large private landowners include Westmoreland Farm with 65.4 acres, and the private Gardiner’s Bay Country Club with over 164 acres. Public entities, Suffolk County and the Town of Shelter Island, control 551 acres, while the Sylvester Manor Educational Farm, a nonprofit, manages 238 acres.
Concerns about the Soros family's land acquisition strategy surfaced last year after they purchased a 63.6-acre horse farm and sought authorization to erect a deer fence around it. Matthew Christopher Pietras, an assistant to Gregory Soros, represented him at a Zoning Board of Appeals meeting in September 2024 regarding the fence. Pietras died by suicide in May 2025 after it was discovered he had stolen millions from clients, including the Soros family.
Another notable acquisition on the island was made by real estate developer Stefan Soloviev, who purchased key businesses like the Chequit Hotel and the Shelter Island Heights Pharmacy. Soloviev drew local ire by promptly closing the pharmacy's prescription service, the only one on the island.
Alex Soros took over the leadership of the $25 billion Open Society Foundations empire in 2023. The family has historically directed substantial funds to progressive political causes, including a $102 million contribution through their Democracy Political Action Committee for progressive candidates in midterm elections.