The house on Lily Pond Lane (left) and an overview of the property boxed in white (right)

An historic East Hampton home with deeded beach access at 89 Lily Pond Lane, which was asking $24.95 million, has gone into contract for under the asking price, according to listing broker Ami Schulman of William B. May, who declined  to specify the contract price.

The eight-bedroom, eight-bathroom home, which was built in 1912 as a vacation residence for well-known Hamptons figure John F. Erdmann, was purchased by “a well-known person in certain interests,” Schulman said, only adding that the buyer was not in the finance industry. [more]

Marking only the second sale
over $20 million this year, a $25.5 million, three-acre estate on Lily Pond Lane has found a buyer. Home sales in the Hamptons have rebounded strongly from last year’s lull, with 636 single-family homes selling in the second quarter, an 85 percent increase from the previous year, according to Suffolk Research Service. Still, expensive deals have been scarce in the Hamptons this year, the Wall Street Journal reported. Public records show that the only other sale above $20 million so far in 2010 was Joanne Corzine’s sale of her 6.5-acre property for $43.5 million to hedge fund manager David Tepper, which closed in May. In this most recent transaction, the buyer of the 10,000-square-foot landlocked estate is Richard Parkoff, head of the Parkoff Organization, a New Jersey-based company that owns apartment buildings in New York City. According to PropertyShark.com, the seller is Carol Morgan, the widow of Ron Morgan, the former CEO of Bank of New York Mellon subsidiary Pershing in London. John Golden of Prudential Douglas Elliman had the listing. The home features three separate dining rooms, a solarium, a guest house, a tennis court and a pool. Notable neighbors include billionaire investor Carl Icahn and designer Martha Stewart. [WSJ]

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Elie Hirschfeld’s East Hampton home

Real estate bigwig Elie Hirschfeld, president of New York metro area developer Hirschfeld Properties, has placed his oceanfront East Hampton home on the market for $25 million, according to a news release. The eight-bedroom, seven-and-a-half-bathroom mansion received a total renovation in 2002 and includes four fireplaces, a library, a private beach walkway and a heated pool. The 12,000-sqaure-foot mansion, which sits on 1.2 acres, is being represented by Sotheby’s International Realty’s Bettie Wysor. It was designed and built by John Custis Lawrence in 1920, according to the Sotheby’s listing. Hirschfeld Properties is behind New York’s first open-air garage, the Hotel Pennsylvania, and the Manhattan Mall. TRD [more]