“La Dune,” one of the most expensive properties ever listed in the Hamptons, summoned a winning $88.48 million bid at auction on Wednesday, Jan. 24.
The most valuable property ever auctioned live at Sotheby’s, the auction for the 4.2-acre oceanfront compound took place at the first-ever Sotheby’s Art and Real Estate Auction.
The estate at 366 and 376 Gin Lane, technically two separate lots, was offered individually or collectively, but a single bidder bought both properties. No word yet on who the buyer is.
“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.
The figure of $88.48 million includes a 12% buyer’s premium that goes to the auctioneers and the real estate brokers who marketed it. Without the buyers’ premium, the sale price is $79 million.
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.
Seven bidders, located in North America and the Caribbean, were looking to purchase the property, according to a statement from Sotheby’s.
“I am pleased to have partnered with Sotheby’s Concierge Auctions on yesterday’s sale of the iconic ‘La Dune’ residence,” stated Harald Grant. “This extraordinary oceanfront compound represents one of the finest offerings in the Hamptons; it is no surprise that this auction resulted in a record sale.”
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 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.
The pending sale will go before a bankruptcy judge next month for approval.
Bidding began with “no reserve” on Jan. 10 and bidders were required to put down a $500,000 deposit.
The Hamptons estate was auctioned live alongside art and luxury at Sotheby’s as part of “Visions of America,” a week-long auction and event series showcasing the heights of American craftsmanship in the finest art and objects, and streamed live from its esteemed New York saleroom on conciergeauctions.com and sothebys.com.
There were nearly 100 in attendance, including those on the telephone with a team of specialists and online.
In total, $808.25 million in aggregate bids were placed for all of the real estate up at auction.
A property in Wellington, Florida, was also auctioned during the same event for $5.04 million in partnership with David Norman of ONE Sotheby’s International Realty.
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