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New York

Two Trees’ 115-acre Hamptons farm gets divvied up

David Walentas developing 12 estates, Joe Farrell developing five

David Walentas-developed home at Two Trees Farm in Bridgehampton
David Walentas-developed home at Two Trees Farm in Bridgehampton

Two Trees Farm, the 115-acre Bridgehampton property that the Walentas family was once trying to sell for $95 million, is getting chopped up and sold off.

The site is famous for hosting the annual Mercedes-Benz Polo Challenge.

Hamptons-based developer Joe Farrell is developing five sites on the lot that will be priced in the $8 million to $10 million range, and two have already sold, the New York Post reported. Farrell purchased the undeveloped lots for $11.7 million.

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On the other side of the property, Two Trees founder David Walentas is developing 12 estates, being marketed by Christopher Burnside of Brown Harris Stevens.

Eleven of the lots will range from 1.8 to 3 acres, while the largest will be 9.7 acres. Three of the four initial homes are being designed by Fleetwood & McMullan Architects, with Eric Woodard designing the fourth.

According to Burnside, architects are being interviewed for the remaining homes, but they will all be traditional in style.

Walentas listed the entire property for $95 million in 2010 and dropped the price to $55 million before entirely shifting his strategy. [NYP] — Tess Hofmann

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David WalentasJoe Farrell