Burnt Point Has Another $16 Million Singed from Asking Price

burnt point

Burnt Point, the 24-acre estate on the Wainscott side of Georgica Pond, has just had its price dropped again. Back in July 2015, the property was listed at $95M. That proved to be just too much for a non-oceanfront listing, even though the property offers a huge amount of land. Then the ask dropped again a year later, down to $75 million.

The latest ask is a much more reasonable $59 million. Which is actually not that much more than the original owner asked in 2000. The property first made headlines in 1996, selling to commodities trader David Campbell for a record setting $10M. Campbell commissioned architect Francis Fleetwood to build the house, which was completed in 1999. Campbell then put the estate on the market in 2000, asking $50M. The property sold to pharmaceuticals billionaire Stewart Rahr for $45M in 2005, then the most expensive home ever sold in New York State. Rahr, who cut a swath through Hamptons parties of the past decade calling himself Stewie Rah Rah, is apparently tired of the Hamptons. The property is repped by Frank Newbold and Marilyn Clark at Sotheby’s.

burnt point
All photos via Sotheby’s

The name comes from forest fire around the turn of the twentieth century that denuded the point. The property offers quite a lot of land, with 2000 feet of frontage on Georgica Pond and views to the ocean. The house is a massive 18,000sf with eight bedrooms; part of it is a self-contained four bedroom and 4.5 bath guest wing with its own balcony and sitting room. There are some nice features like two elevators, stone fireplaces, antique beams and 200-year-old oak floors. There’s a media room, game room, gym, and wine cellar. The house is being sold furnished except for the art, but we think it’s a mistake: the gambreled, traditional house is dated and 90s. Have the place staged with modern furniture, some colorful art and so on. Right now it just looks all super-beige.

Outside, there’s a tennis court with pavilion; pool, hot tub and waterfall; professional greenhouse; boat house; dock on a small beach; and a pretty waterside gazebo perfect for relaxing. The estate is spectacular, with a great location and so many acres of land–we hope Mr. Rah Rah will listen to us and transform the interiors to get a sale.

For more, click here. 38 Mathews Road, Wainscott