An intriguing cage-like polyhemiketal, nesteretal A (1), was isolated from the coral-derived actinomycete Nesterenkonia halobia. Its structure was established by extensive spectroscopic and computational methods. Nesteretal A is a highly oxygenated compound featuring an unprecedented 5/5/5/5 tetracyclic scaffold. A possible biosynthetic pathway of 1 from naturally occurring diacetyl was proposed. Compound 1 showed a weak retinoid X receptor-α (RXRα) transcriptional activation effect.