Georgica Pond estate’s price tag doubles to hit $85M

UPDATED, April 26, 3:14 p.m.: An East Hampton home that belongs to the estate of investment banker Carl Tiedemann is hitting the market for $85 million, nearly double its original price.

The 7.1-acre estate at 19 and 23 Chauncey Close in Georgica Pond hit the market in 2015 asking $45 million, the Wall Street Journal reported. The price was shaved back to $32 million last year, and was then pulled from the market. The property is now back for sale, and includes plans for a 14,000-square-foot home. Along with a six-bedroom house featuring a gym and screening room, there are plans for a outdoor swimming pool, garage, greenhouse and formal gardens.

Tiedemann, who founded Tiedemann Investment Group and died last year, built the home that’s currently on the property in 1990, according to the Journal. That house spans around 6,100 square feet and features beams from an English barn that was built the late 1500s.

Georgica Pond is one of the most expensive parts of Hamptons, according to the Journal. Last year, David Geffen sold his estate there on West End Road for $67 million, and celebrities such as Steven Spielberg and Ronald Perelman also have homes there. Harry Macklowe also has an estate on its banks.

In the last quarter of 2016, sale prices dropped in all sectors of the Hamptons market. Overall, the median price for the area was $925,000, according to the most recent report from Douglas Elliman. [WSJ] — Miriam Hall

An earlier version of this story stated the asking price had been reduced to $35 million. It was reduced to $32 million.