David Geffen is the buyer of $70M East Hampton estate

Entertainment magnate David Geffen is the proud new owner of a sprawling East Hampton estate, having paid $70 million for the two-acre property.

Geffen, who founded his eponymous record label as well as film studio DreamWorks, bought the home at 199 Lily Pond Lane in Katonah from the estate of late fashion executive Josephine Chaus.

It’s not the first time Geffen has broken the bank for a place in the Hamptons, according to the New York Post. He paid around $50 million in 2014 for a 7,500-square-foot home featuring a three-bedroom guest house and a dock.

Geffen acquired that property from Courtney Sale, the wife of late Time Warner CEO Steven Ross. Sale originally asked $75 million for the estate, located at 26 and 30 West End Road, before dropping that price to $55 million.

But Geffen has since flipped that property to “a troop of developers,” according to the Post, and will now make his Hamptons home at Chaus’ two-acre estate.

Chaus’ former Manhattan digs are also on the market, with her Upper East Side townhouse at 128 East 73rd Street asking $36.5 million.

Geffen recently cut a $100 million check to the Museum of Modern Art to finance the institution’s expansive renovation and expansion.

But he’s also facing a lawsuit from neighbors at the Parc V co-op building in Midtown, who claim a gut renovation at Geffen’s duplex penthouse is causing structural damage to their own apartment. [NYP] – Rey Mashayekhi