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Southampton compound trades for $58M
The six-acre estate has two houses and access to a private beach
UPDATED, Wednesday, April 29, 1:15 p.m.: A six-acre Southampton compound owned by late financial advisor John F. Sullivan has sold for $57.5 million.
The compound includes two roughly 30-year-old chateau-style homes that hit the market shortly after Sullivan died in 2016, according to the Wall Street Journal.
In 2016 they were listed together with a $100 million asking price and individually for $75 million and $35 million. At the time of the sale only one of the properties — an oceanfront lot with a 9,200-square-foot home — was listed on the market for $55 million.
The sale was negotiated before the coronavirus pandemic hit. Bespoke Real Estate represented the buyer and seller in the transaction.
Sullivan built both houses and his daughter, Lisa Crawford, said she expected both would be demolished and replaced.
The oceanfront home is the larger of the two. It has an elevator, wine cellar, and a heated swimming pool. Both homes have price access to the beach. The smaller one is around 4,600 square feet.
Hamptons-area brokers told The Real Deal that the pandemic has made the housing market extremely tight. It has already spurred several sales and large rental deals as wealthy New Yorkers scooped up getaways.
“It’s as busy as it is on the Fourth of July, but it’s a little colder and no restaurants are open,” said Corcoran Group broker Susan Breitenbach. [WSJ] — Dennis Lynch