Hedge funder Scott Bommer sells Southampton’s 16 Gin Lane

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

TRD New York /
Jun.June 19, 2014 12:10 PM

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.


Related Articles

arrow_forward_ios
Robert Futterman charged with DUI in Hamptons car crash

Robert Futterman charged with DUI in Hamptons car crash

Robert Futterman charged with DUI in Hamptons car crash
Ron Perelman and his estate in the Hamptons (Getty; Google Maps)

Ron Perelman mulls listing Hamptons estate for $180M

Ron Perelman mulls listing Hamptons estate for $180M
Renters continue their tri-state bookings, eliminating the post-Labor Day slowdown (iStock)

In Hamptons and elsewhere, season no longer ends on Labor Day

In Hamptons and elsewhere, season no longer ends on Labor Day
32 Windmill Lane and Andrew Saunders (Realtor)

Hefty prices, robust sales: Hamptons market thrives in Q2

Hefty prices, robust sales: Hamptons market thrives in Q2
Chopper ride-sharing services are seeing increased demand for Hamptons helicopter route as wealthy New Yorkers book commutes to Manhattan (Illustration by The Real Deal; iStock)

Chopper rides from Hamptons fly off the shelves as Covid changes plans

Chopper rides from Hamptons fly off the shelves as Covid changes plans
In the Hamptons, the median sales price hit $1,080,000, up 9 percent over the first quarter (iStock)

Home prices set new records as inventory falls across Long Island

Home prices set new records as inventory falls across Long Island
Corcoran's Pam Liebman and Bespoke's Cody and Zachary Vichinsky. Inset (clockwise from left) Zibby Schwarzman, Vera Wang, Barry Weiss, Mohammed Grimeh, and Ian Snow (Getty, Abana, Wikipedia Commons; Liebman by Sasha Maslov)

Corcoran exposes Bespoke’s little black book in Hamptons legal battle

Corcoran exposes Bespoke’s little black book in Hamptons legal battle
Donna Lennard of Il Buco (Getty, Il Buco NYC) 

Hungry, hungry Hamptons: NYC restaurants follow “gold rush”

Hungry, hungry Hamptons: NYC restaurants follow “gold rush”
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...