Two Sagaponack parcels asking for a combined $48 million, which went into contract in March before officially going to market, have officially sold.
Sources say the properties, including one on the ocean and a vacant parcel to the north, traded for $46.5 million — well under 5% off the asking price — on Monday, May 16.
Christopher Covert of Compass represented the listing, along with Chris Coleman, also of Compass. Hedgerow Exclusive Properties, a Bridgehampton-based firm that specializes in off-market transactions, brought the buyer.
Covert had declined to say how much the buyer paid for two separate and single parcels totaling almost four acres. Hedgerow did not immediately return a request for comment.
There is no word yet on who the buyers are. The properties had been owned by former Johnson & Johnson chairman and CEO, the late James (Jim) E. Burke and his wife, the late philanthropist Diane (Didi) W. Burke.
The two oceanfront acres at 35 Potato Road and the vacant property to the north at 543 Daniel’s Lane, were billed as “a once in a generation opportunity to create a legacy estate compound by the sea.”
The oceanfront property is also rare in that it is situated above the flood zone. The property is elevated just enough that a lower level could easily be designed if built new without the constraints many other oceanfront properties have.
The 5,200-square-foot home enjoys 250 feet of direct ocean frontage with views from every level. Originally, there were two one-acre parcels on the ocean with two separate homes, Covert explained when we spoke to him in March. When one family sold it to the neighboring one, the properties were merged and the two homes were connected with an enclosed breezeway.
In addition, there is an oceanside gunite pool, plus an indoor Endless lap pool.
To the north is the undeveloped, but cleared, nearly two-acre lot at 543 Daniel’s Lane — one of the last undeveloped parcels of land this close to the beach in all the Hamptons.
There is room for a house with 7,000 square feet of space above grade plus a lower level. A pool, pool house and tennis court could also be built.