The Real Deal New York

Joe Farrell takes $43.5M “Sandcastle” off the market

December 06, 2013 08:55AM

Hamptons developer Joe Farrell has taken his 12-bedroom Bridgehampton mansion known as the Sandcastle off the market – despite having received an offer that met his $43.5 million asking price.

Farrell built the sprawling 26,500-square-foot home on 11.5 acres in 2009, and has rented it out to the likes of Jay –Z and Beyoncé in the past. He reneged on the decision to sell because his family wanted to stay on in the home until his children left for college.

“I’m a deal maker,” Farrell told the New York Post. “It was a very tough decision.”

Farrell has been attempting to bring the Hamptons back to the pre-recession days of big spending, and has been focusing on building spec homes that sell in the range of $3 million to $10 million. [NYP]Hiten Samtani