Views of the Amagansett compound on Dune Lane

A $13 million oceanfront Amagansett residential compound at 55 Dune Lane and 61 Dune Lane has hit the market. The property includes a 2,200-square-foot house and a 700-square-foot cottage with a 600-square-foot attached garage, which has been transformed into a living space. Dawn Neway, an agent with Prudential Douglas Elliman whose listings include a nearly $20 million, 25,000-square-foot house in Wainscott, has the listing. The home and the cottage, which features a heated pool, would cost $7.65 million and $5.35 million, respectively, if purchased separately. The seller, who owns another property in East Hampton, according to Neway, primarily used the Amagansett compound as an “income-producing property,” renting it to tenants on a monthly, seasonally or yearly basis. [more]

Billionaire Ronald Lauder, of Estee Lauder fame, has sold his $5.256 million Wainscott property to his daughter Aerin Lauder Zinterhofer, senior vice president of the famed cosmetics company her grandmother founded, who married on the property in 1996. The Wainscott residence is one of many Ronald Lauder owns, including spots in East Hampton and Westhampton Beach. The sale was officially completed Oct. 5.

Thirty-six bidders virtually raised their hands this weekend at an online auction for two Hamptons properties, with very different results. One property saw a “spirited” bidding war, with a final sale price more than $100,000 over the opening bid, said Prudential Douglas Elliman’s Enzo Morabito, who ran the auction. The other property’s bidders failed to meet the auction’s reserve price. Auctions have become increasingly popular in New York real estate over the last several months. Auction providers claim that auctions get things moving in a stalled market. But others argue that auctions merely hurt local property values. Morabito is of the former school of thought. “This kind of stuff usually starts something,” he said. “Anything that spotlights anything is better than silence. Hope is not a good marketing plan.” [more]