Jule Pond, a 42-acre waterfront estate in Southampton with unobstructed views of the Atlantic Ocean and Mecox Bay, sold for $105 million in a record-breaking deal not only for the year, but in Hamptons history.
The closing price makes the Jule Pond transaction the most expensive sale for a single piece of property ever on the East End. In 2014, hedge fund manager Barry Rosenstein famously paid $147 million for his Further Lane estate in East Hampton, but that was the total price for three separate, yet contiguous parcels. The biggest property at 62 Further Lane traded at just $97 million, leaving room for the Jule Pond transaction to steal the record.
In April, Behind The Hedges reported the property, last asking $145 million, had landed a buyer. It closed on August 17, according to deed transfer records that just became publicly available.
Bespoke Real Estate in Water Mill and Ellen Stern at Julia B. Fee Sotheby’s International Realty in Rye had the co-exclusive on 90 Jule Pond Drive. Hedgerow Exclusive, a Bridgehampton-based brokerage, advised Stern in the process.
“Bespoke is grateful to have been the sole brokerage representing both buyer and seller in this record-breaking transaction,” says Joseph De Sane, the managing director of Bespoke Real Estate.
The property, which boasts three sides of waterfront, first went on the market for $175 million in 2017.
While the closing price comes in far below the original and last asking price, the seller, Brenda Earl, a former partner at the equity fund Zweig-Dimenna, paid $21.75 million for it in 2002.
No word officially yet on who the June Pond buyer is as the buyer was listed as a JPD2021 Ltd. The seller was listed as Yumi & The Kids LLC.
Set back from the ocean, the estate is considered to have the largest ocean frontage on the South Fork with 1,286 linear feet on the Atlantic.
The 20,000-square-foot stucco home was originally built in 1957 by Henry Ford II, then the president of the Ford Motor Company, and his first wife, Anne McDonnell. Their then 235-acre estate known as Fordune.
Earl renovated the 12-bedroom, 12-bath home in 2008.
Other big transactions so far this year include the sale of Calvin Klein’s oceanfront East Hampton estate, a total of two properties on West End Road that sold for a total of $85 million on May 17. The 6.8-acre parcel with the residence sold for $75 million while the vacant adjacent 1.63-acre property went for $10 million.
Earlier this year, neighboring East Hampton properties off of East Hampton’s Further Lane sold for approximately $60 million each. Billionaire investor James Chanos, sold his three-acre property at 70 Further Lane for $59.5 million on February 5, according to the deed transfers this month, in an off-market transaction. The 7.7-acre property next door at 30 Spaeth Lane, originally listed for $72 million, sold for $60 million on March 15.
Another top sale so far this year was that of Burnt Point, a 25,000-square-foot estate on 25 secluded acres on Georgica Pond that closed at $47 million in April. Billionaire former pharmaceuticals entrepreneur Stewart Rahr, who bought the property in 2005 for $39.25 million, was asking $56 million. Bespoke, which also represented the listing, says it was the highest price for non-ocean waterfront.