This is always a fun time of year for Hamptons real estate, as people scurry to put together deals before the end of the year. Yesterday’s news was that Ralph Lauren was buying the Albee property just down Old Montauk Highway, and now this lovely place is in contract. We’ve heard whispers of some other big deals in train, but they can’t be made public yet. Stay tuned, because the wheels are turning.
This stunning property, repped by Gary DePersia at Corcoran, has had quite the history. The house was built in 2006, designed by architect James Biber, and has won many awards. The property was first put on the market back in 2007 asking $35 million. Over the next few years the price was gradually chopped down to $19.9 million, until 2013 when telecom executive Michael Hirtenstein snapped the place up at the bargain price of $13 million. The previous owners had to sell when they lost all their money in the Madoff scandal; Madoff being a near neighbor of theirs. (The former Madoff house is also currently for sale at $21 million.)
There’s actually just over 4 acres of land, in two separate parcels, so subdivision would be possible, which includes 300 feet of oceanfront. There’s 5500 square foot of space in the main house, which boasts four bedrooms and six baths; there’s also a 24oo square foot guest house with two bedrooms and one bath. Other features include a rooftop deck, wraparound terraces, a custom skylighted gym, a funky screening room, and a wine cellar.
With acres on Old Montauk Highway running about $7 million each, this place seemed well priced to us. Congrats to everyone involved, and especially the new owners.
For more, click here. 230 Old Montauk Highway, Montauk