Hamptons Cheat Sheet: Oceanfront Montauk home lists for $48M … & more

Oceanfront Montauk home lists for $48M
A home sitting on 36 acres in Montauk hit the market for $48 million, Curbed reported. The owner, frame dealer Eli Wilner, bought the property with his wife in 1992 for $630,000. There were no building permits in place at the time, but they eventually got architect Frank Hollenbeck and the Men at Work Builders to erect the home. The land, which has 400 feet of ocean frontage, is a private preserve which would probably bar any further permits for new buildings. The home itself has five bedrooms, five bathrooms, four gas fireplaces, heated marble floors throughout, floor-to-ceiling windows, a movie theater and an elevator. Kathleen Coumou of Christie’s International Real Estate and Martha Gundersen of Brown Harris Stevens are handling the listing. [Curbed]

Date set for lottery to pick tenants for 15 Southampton affordable housing condos
Through the Long Island Housing Partnership, Southampton Town officials will hold a lottery to fill 15 condominiums at Southampton Pointe with income-eligible tenants, according to 27east. Applicants have until October 12 to apply for the drawing taking place on October 25. The units are part of a planned development district that was approved by Southampton Town officials in 2012. Another 220 forthcoming affordable housing units are “at different stages of production,” for more than 1,000 people on the town’s affordable housing registry, Diana Weir, the town’s director of housing and community development told the outlet. [27east]

Sagaponack estate’s price cut by $5M after about 18 months on the market
The price of a 10-acre property was chopped down from $24,995,000 to just shy of $20 million after listing for about a year and a half, according to Curbed. The 12,000-square-foot home built in 2007 by architect Jeffrey Collé has eight ensuite bedrooms, two more bathrooms, hardwood floors throughout, multiple fireplaces, billiards room, a home theater and laundry room. The grounds have a heated gunite pool, a Har-Tru tennis court and half-court-sized basketball court. Corcoran Group Real Estate’s Debbie Brenneman, Charlie Esposito and Debbie Loeffler are handling the listing. [Curbed]

Sagaponack’s Narrow Lane Farm sells for nearly $12M
The three-acre Narrow Lane Farm in Sagaponack was snatched up for $11,995,000, just under the $12.5 million ask it went on the market for in May. A buyer came forward in August and finally closed this week, Curbed reported. The sellers, Michael and Kerry Gaynor, gave part of the sales funds to a national horse charity. Among the farm’s 1o buildings is a 7,300-square-foot main house and a 2,600-square-foot renovated farmhouse. There’s also a renovated potato barn, a workshop with a double draft beer tap tower and a two-car garage with an apartment. [Curbed]

Wainscott home that was host to Beyoncé, Madonna gets price cut to $12M
The Wainscott pad where celebrities like Madonna, Jennifer Lopez, Beyoncé and Jay-Z have stayed had its price cut by another $1 million, bringing the ask down to $12,995,000, Curbed reported. The estate went on the market in January for $15,995,000, but had it’s ask cut by $2 million five months later. The 19,000-square-foot home has eight bedrooms, 12 bathrooms, an indoor pool, a 110-seat movie theater and a full bar. The 5.5 acre estate also has an outdoor pool, a tennis court with basketball hoops and creek frontage leading to Georgica Pond. Michael Shultz and Susan Ryan of Corcoran Real Estate are representing the listing. [Curbed]