“La Dune,” one of the most expensive properties ever listed in the Hamptons that went to auction in January, traded at just over $89 million, Suffolk County deed transfers available this week show.
The most valuable property ever auctioned live at Sotheby’s Concierge Auction, the oceanfront estate at 366 and 376 Gin Lane in Southampton closed for $89,006,720 on March 5. Sotheby’s Concierge Auctions sold the properties in partnership with Harald Grant of Sotheby’s International Realty, Tim Davis of The Corcoran Group, and Cody Vichinsky, president and founding partner of Bespoke Real Estate.
Records show the buyer as two limited liability companies with the address names.
The 4.2-acre compound is technically comprised of two separate lots with one house on each, offered individually or collectively, but a single bidder bought both properties, Behind The Hedges reported after the auction. The winning bid was said to be $88.48 million. It was not immediately clear why the final sale price went up ever so slightly.
Hedges was told that the sale price includes a 12% buyer’s premium that goes to the auctioneers and the real estate brokers who marketed the property, and that without the buyers’ premium, the sale price was $79 million.
“The remarkable final sale price for ‘La Dune’ reflects its stunning design, exclusive address, and historic pedigree,” said Chad Roffers, founder and CEO of Sotheby’s Concierge Auctions. “It’s a result that our team, as the world’s leading luxury property auctioneer, is best positioned to obtain. We deal in real market value, which is ultimately measured by what a group of qualified bidders are willing to pay for a unique, one-of-a-kind piece of real estate like ‘La Dune.’”
The estate had been on and off the market several times since 2016 and was asking as much as $150 million.
Together, the properties offer 405 feet of ocean frontage. The classic shingle house at 376 Gin Lane, originally built in the 1800s by the famed architect Stanford White, boasts direct access to the beach from a private deck along the dunes. Some eagle-eyed movie buffs may remember from the 1978 Woody Allen drama Interiors.
A guest cottage on the property was demolished about 20 years ago and replaced in 2001 with a new home at 366 Gin Lane, directly west, that matches the craftsmanship of the first thanks to the design of François Catroux.
There is approximately 22,000 square feet of living space with a whopping 19 bedrooms and 16 full bathrooms.
The property has been at the center of financial problems in recent years. Louise Blouin, the Canadian art magazine publisher, is the current owner, though the houses have been part of bankruptcy proceedings.
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