Hamptons real estate sales break records in 2021.
It’s not exactly news that the Hamptons real estate market is still red hot and flush with Wall Street cash. The only question is, how long is the ride going to last? If buyers don’t leap now, will they be forever priced out? (If we knew for sure, we would be on the beach right now, not writing this column!) Certainly, no one predicted how the pandemic would affect real estate prices. Guess the uncertainty is all part of the fun. Let’s take a look at some of the largest sales that have occurred this year. Together, they add up too close to $300 million for just five properties.
This all depends on how much the undoubted number one, Jule Pond, closes for, of course. At press time, we still don’t know. Back in April, listing agents Bespoke announced that the enormous oceanfront estate was in contract for a record sum. “This trade represents the highest price achieved for a single property in the Hamptons’ History. Bespoke represented the buyer and seller in this transaction.”
Last asking price for the magnificent 42-acre spread was $145 million. Originally known as Fordune, the estate was put together by Henry Ford II. Henry Ford II (1917-1987) was the eldest son of Edsel Ford and eldest grandson of Henry Ford, and president of the Ford Motor Company from 1945 to 1960. He married Anne McDonnell, of the McDonnell-Murray clan after which a neighborhood in Southampton is called, and then began buying up parcels for his own estate.
The Fords eventually amassed 235 acres of land and spent $2.3 million (in 1950s dollars!) to build and furnish the 16,000 square foot French-chateau style house. He and Anne divorced in 1964; she sold the estate in 1975 for just $1.8 million. The new owner subdivided the property, keeping the main house and 42 acres — which is the property just sold by Bespoke — for himself and creating a gated enclave of 40 other residences with the rest of the land.
Number two on our list is the beautiful, unique Spaeth house, oceanfront in East Hampton on Spaeth Lane. The property, set on just over five acres with 333 feet of oceanfront, asked $72 million, but sold quickly, closing for $60 million. Peter Turino and Christopher Burnside of Brown Harris Stevens were the listing brokers on this deal.
The midcentury house was designed in 1956 for an art collector Otto Spaeth, who was also a vice president of the Whitney Museum. The architect was Gordon Chadwick, an associate at distinguished designer George Nelson’s office. After Spaeth’s death in 1966, the house was purchased by June Noble Smith Larkin Gibson. Her father Edward J. Noble founded both candy company Life Savers as well as the ABC television network. Ms. Gibson died last June at the age of 98; her heirs then sold the property.
Pharma billionaire Stewart Rahr sold Burnt Point, his 24-acre estate on the Wainscott side of Georgica Pond for $47 million, which is only $2 million more than Rahr paid for it in 2005. At the time, Burnt Point was the most expensive home ever sold in New York State. Rahr initially asked $95 million for the property, which includes an eight-bedroom, 18,000-square foot house. Outside, there’s a pool, tennis court with a viewing pavilion, a boat house, a private dock, and a gazebo, as well as 2,000 feet of direct water frontage on Georgica Pond. Listing brokerage was Bespoke.
When Listowel came onto the market in 2017, we predicted it might be a hard sell. Its interiors are stunning, but dark and moody, the opposite of most houses in the Hamptons. Originally listed for $39 million, the property closed at $28 million, with the buyer being venture capitalist Chris Burch. Corcoran’s Tim Davis and Elliman’s Erica Grossman had the listing.
The property, at 258 Horsemill Lane, Water Mill, has virtually no neighbors: three sides of the property are farm fields, while the fourth is Mecox Bay. The 6.9 acres includes beautiful gardens, designed by landscape architect Quincy Hammond, including formal parterres, an allée of sycamore trees, orchard of 60-year-old apple trees, potager, flower cutting gardens, and drystone walls. There’s a pool and a dock on the bay for your boat or kayak and room for tennis, if desired. The house is a spectacular 12,000 square foot Shingle Style designed in 2008 by Katherine McCoy with interiors by Daniel Romualdez. Besides the main house, there’s an attached but separate guest cottage and a carriage house.
Last on our list — for now, anyway, is good old “Twin Peaks,” in Olde Towne Southampton, which closed for $34.5 million. This, by the way, is the highest price ever paid for a non-waterfront residence in the Hamptons. The builders of the Olde Towne development, Kean, initially listed Twin Peaks for $45 million back in 2015. The huge, amenity filled new build (theater, gym, professional two-lane bowling alley, full bar, wine cellar, billiard room, roof deck with putting green and ocean views), which also served as a model home for the development, is set on a generous four acres of land.