The Real Deal New York

Hedge funder Scott Bommer sells Southampton’s 16 Gin Lane

Mansion and an adjoining two-acre parcel were listed for $69M

June 19, 2014 12:10PM
By Julie Strickland

From left: SAB Capital Management's Scott Bommer, 16 Gin Lane and Corcoran's Tim Davis

From left: SAB Capital Management’s Scott Bommer, 16 Gin Lane and Corcoran’s Tim Davis

Southampton’s 16 Gin Lane, which shoe mogul Vince Camuto sold to hedge-funder Scott Bommer for $75 million last year, is again in contract.

The Corcoran Group’s Tim Davis, the listing broker along with Harald Grant of Sotheby’s International Realty, told The Real Deal that the buyer for the 10,000-square-foot English Tudor-style mansion and an adjoining two-acre parcel, which together were listed for $69 million, is a New York family. He declined to identify them further, or to disclose the agreed-upon price as the deal has not yet closed.

The sale comes only three months after Bommer listed the property in March, and is expected to close in early July, Davis said.

“This is a spectacular, iconic property that happens to be on one of the best stretches of ocean front,” Davis said. And this time around, he added, the buyer is not planning a quick flip. “This is definitely a buy and hold.”

In a separate deal, a developer, who Davis declined to name, is also in contract to purchase two adjacent lots measuring two acres each. The sale of those two parcels of land, priced at $15 million apiece, is also expected to close in early July. The developer plans to construct homes there, Davis said. In addition, one more two-acre parcel remains up for grabs, priced at $12 million.

Along with Corcoran’s Peter Huffine, Pat Petrillo and John McHugh of Sotheby’s, Davis also brokered Bommer’s $75 million purchase of 16 Gin Lane in August 2013. That sale included the house plus four additional parcels of land. When the property hit the market again in March asking $98 million, it included the house on 5.2 acres and four additional building lots measuring roughly two acres each, for a total of 14.5 acres, Davis said. The house alone was listed at $48 million.

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