Billionaire forced to demolish Nantucket beach home

Starwood Capital Group CEO Barry Sternlicht reportedly had to raze his beach house on the Nantucket coast.The demolition of the house, which the billionaire has owned for over a dozen years, occurred earlier in the week, according to the Nantucket Current.The plot of land where the house stood on the Massachusetts island has borders to both the beach and Hummock Pond.CLICK HERE TO READ MORE ON FOX BUSINESSSternlicht was driven to raze the home, which was on steel girders, by severe erosion of th