The Real Deal New York

Joe Farrell lists “Sandcastle” megamansion for $50M

Prolific Hamptons developer turned down $43.5M offer in 2013
March 15, 2018 10:30AM

Joe Farrell and “Sandcastle” mansion

Hamptons developer Joe Farrell has put his “Sandcastle” mansion on the market for $50 million.

The 15-bedroom Bridgehampton home at 612 Halsey Lane spans 17,000 square feet with amenities like a spa, bowling alley and baseball field, the New York Post reported.

Farrell is asking $49.95 million, a 15 percent premium over the $43.5 million offer he got for the property in 2013. In 2014, Farrell was looking to rent it out on a short-term basis for $1 million per month.

The developer spent eight years living in the mansion – the longest amount of time he’s ever spent in one home. He said it’s time to downsize.

“We’re building something more modern and manageable,” he explained.

Celebrities like Jay-Z and Beyoncé have rented the home. Farrell and his wife early last year bought a second apartment at 510 Park Avenue for $4.4 million. [NYP]Rich Bockmann