Carleton Villa might once again be a luxurious private home. Its size also suggests other functions. A distinctive Inn comes immediately to mind, or possibly a club or condominium. There have been several clubs on the island in its history. Carleton Island is large enough for a golf course. One was in fact laid out for the island and construction begun when World War II broke out. Carleton Villa, as a major historic landmark of the region, appears to be eligible for designation on the National Register of Historic Places. This recognition would make the property eligible for income tax deductions of some restoration costs, provided the facility were to be used for some commercial purpose such as an Inn.

Link:

http://www.cr.nps.gov/hps/tps/tax/brochure2.htm