A modern waterfront house in East Hampton’s Northwest Woods, once owned by hip-hop mogul Sean “Diddy” Combs and where he hosted his iconic White Parties in the Hamptons, is back on the market.
“40 Hedges Banks has a fabled past and remains an icon of modern architecture,” says broker Laura U. White of Saunders & Associates, who has the listing. “The bluff front location on Gardiner’s Bay is dazzling and only compounds the value of this unique offering.”
The asking price is $5,995,000.
Located on just shy of an acre, the two-story abode offers 4,500 square feet of living space and sits on a street with quite a few other homes to notable names, including the designer Donna Karan and the actor Hugh Jackman and his newly estranged wife, the Australian actress Deborra-Lee Furness.
Diddy’s old pad offers plenty of room to entertain, both inside and out. After all, this was where he held his famous White Parties over Labor Day weekend in the late 1990s and early 2000s, before moving them to St. Tropez and Beverly Hills. The guest list was packed with more than 1,000 people and many celebrities, such as Paris Hilton, Leonardo DiCaprio, Howard Stern, Mariah Carey, Ashley Olsen and Tommy Lee.
Though he hung on to the property for two decades, the rapper-producer was not in the Hamptons often. Diddy quietly sold the house in 2020 for $4.7 million, according to property records. He had purchased the home in 1998 for $2.45 million from Mori Minoru, an influential building tycoon from Japan.
The four-bedroom, five-and-a-half-bath house changed hands again in November of 2022 when Chad Leat, who is considered a leader and innovator in corporate credit and M&A finance, bought the house for $5.5 million, property records show.
Today, the contemporary home boasts a “resort-like feel” with outdoor entertaining features an open floorplan with double-height ceilings and clerestory windows, the Saunders listing says.
Inside the great room features a unique curved wall with a bar and a double-sided fireplace that it shares with the dining room. “Bringing the outside in, pearly white interiors reflect light from the floor-to-ceiling windows overlooking the manicured grounds and water beyond,” the listing says. The great opens to a deck
The kitchen is framed to allow for a view of the water and it holds premium stainless steel appliances.
A glass-walled den/living room overlooks the pools. A waterside office on the other side of the home has access to a deck. The first floor also includes an en suite junior primary suite, which also has a private patio overlooking the front yard.
A staircase with a glass railing leads to the second floor, where there is a generously-sized primary suite a private terrace, a fireplace and a large bathroom, including a tub and a walk-in shower. There is also access to a large upper-level deck with a glass railing and stairs that lead down to the pool.
There is a fully finished lower level with a wine cellar, a movie room, a laundry room and another en suite bedroom with a walk-in closet.
The pool overlooks the bay and is complemented by a cabana with a full bathroom and an outdoor shower.
Perhaps the house will have a new buyer in time for next summer and some more epic waterfront parties.
Potential buyers have opportunity to check it out. An open house was to be held on Saturday, Sept. 16 from 11 a.m. to 12:30 p.m.
See more photos below.
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