Mickey Drexler, the former CEO at J. Crew and The Gap, recently purchased another oceanfront home in the Hamptons, this time in Amagansett.
Drexler, who is no stranger to real estate in the Hamptons, purchased 51 Marine Boulevard, for $9.5 million in an off-market deal earlier this week. Martha Gundersen and Paul Brennan of Douglas Elliman represented both sides.
“It’s one of those iconic Amagansett, Marine Boulevard beach houses,” says Brennan.
“He’s going to renovate the whole thing,” he says, adding that Thierry Despont, the noted architect and interior designer, has taken on the project. “The renovation will really be spectacular. It will be a small, but elegant beach house.”
The approximately 2,000-square-foot home sits on a 0.67-acre lot, but despite the small lot size, typical for the area, there is even a pool, on the roadside part of the property.
The house is pre-existing, non-conforming and is set closer to the ocean than current zoning would ever allow, we’re told. It enjoys 110 feet of ocean frontage.
Records show that the seller is a limited liability company, Amorgansett LLC, listed as the owner since 2016. The home had been opened by Jane Weprin, who died in 2021, for many years.
Drexler is no stranger in the Hamptons and has owned several substantial properties here from Westhampton to Montauk — some good investments, some bad.
Among his real estate transactions, he sold 120 Beach Lane, a 2.3-acre oceanfront property, for $15 million in 2018, which he bought a decade earlier for $17 million. The property was listed at one time for $26.5 million.
In 2015, Drexler sold the former Andy Warhol estate in Montauk, known as Eothen, for $48.7 million. He had purchased the then 30.4-are property for a cool $27.5 million in 2007.
Amagansett real estate on the Amagansett Village Lanes has been moving at rapid rates in 2022. An oceanfront home atop the dunes in Amagansett sold in late March for $7.25 million. Tim O’Connor and J.R. Kuneth of Brown Harris Stevens exclusively represented the listing at 323 Marine Boulevard, owned by the seller for a half-century.
Nearby, an oceanfront home on 2.59 acres off of Bluff Road sold in March for $32 million. A pair of non-oceanfront historic summer cottages on Bluff Road traded for $6 million and $7 million in separate transactions too.