Waterfront Water Mill Estate, Part of 2021’s Biggest Hamptons Sale, Lists at $72 Million

Water Mill
The property, now using the address of 71 Cobb Lane, sold in late 2021 for $60 million.
Courtesy of Hedgerow Exclusive Properties

A waterfront Hamptons estate that sold in the most expensive sale of last year is back on the market with Hedgerow Exclusive Properties. The 9.11-acre property on a private Water Mill peninsula featuring a massive home with more than 17,000 square feet of living space is asking $72 million.

The property now uses the address of 71 Cobb Lane, but when it sold last year for $60 million it was under the address of 70C Cobb Road, one of four properties that traded for a combined $118.5 million. Garment mogul Arthur Rabin and his son, Jason Rabin, who serves as the president of his father’s company, Wear Me Apparel/Kids Headquarters, which creates merchandise for known brands such as Kenneth Cole, Timberland, and Sketchers USA, sold their side-by-side mansions, along with two vacant parcels, in an off-market deal brokered by Hedgerow that closed on December 30, 2021. The combined deal was the biggest sale of the year and the second-highest trade in Hamptons history.

“The property was the crown jewel of a family compound that was created over a 20-year period,” Preston Kaye, the co-founder of Hedgerow Exclusive Properties, told Behind The Hedges after bringing 71 Cobb Lane back to the market this week. “The new buyer saw this as an opportunity to obtain both a waterfront and agricultural compound, with the intention to spin off the largest of the four parcels.”

Water Mill
The massive home offers more than 17,000 square feet of living space above grade.Courtesy of Hedgerow Exclusive Properties

The property includes 3,173 feet of private shoreline on Burnett Creek, which leads out to Mecox Bay, and a private dock.

“Brought to market for the first time ever, 71 Cobb Lane is one of the most unique properties in all of the Hamptons,” Kaye says. “Set on over nine acres, this waterfront estate is located on its own private peninsula and has direct southern views of the ocean.”

Water Mill
The 9.11-acre property includes more than 3,000 feet on Burnett Creek and a private dock.Courtesy of Hedgerow Exclusive Properties

The sprawling home, designed by Barnes Coy Architects, features 21 bedrooms and multiple kitchens. There is also a waterside pool and a tennis court.

“Rarely does a home of this size and scale exist on the water, let alone come to market in the Hamptons,” Kaye adds.
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Water Mill
There are southern-facing ocean views, as well.Courtesy of Hedgerow Exclusive Properties
Water Mill
Courtesy of Hedgerow Exclusive Properties
Water Mill
Courtesy of Hedgerow Exclusive Properties

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