Hamptons’ highest home to hit the auction block again

June 01, 2011 09:57AM

A Zen Buddhist-inspired Water Mill mansion that sits at the highest point in the Hamptons, and that drew no bids when it went up for auction last year, is making another attempt later this month. The 12,000-square-foot home, which once had an asking price of $30 million, belongs to Japanese architect Setsuo Ito, who also designed it. Located on nine inland acres on Bridgehampton’s Noyack Path, it has a 40-foot-tall glass pyramid, waterfall pool and spa, and views of the Atlantic Ocean and Peconic Bay. Last year, Jacky Teplitzky of Prudential Douglas Elliman had listed the house for $10.995 million before the unsuccessful auction, which had no minimum bid. This time around, J. Sugarman Auction Corp. will not disclose the reserve price for the property, though bidders must pony up a refundable $50,000 cashier’s check in advance of the June 26 event. In addition, Ito plans to donate 10 percent of the sale’s proceeds to the Japan Rescue Foundation. [Crain’s]