New York is getting colder, but the Hamptons real estate market is still hot.
An eight-acre estate at 840 Meadow Lane in Southampton sold for $70 million in one of the biggest deals of the year, according to the Wall Street Journal. The home was listed for $75 million as recently as June.
The mansion on the property dates back to the late 1920s, spanning 22,000 square feet with a Tudor-style design. The home includes 15 bedrooms, 500 feet of beach frontage, a beachfront deck, pool and tennis court.
The mansion was owned by an LLC tied to the family of the late Julia Vance Carter, who passed away in 2014. The buyer of the property, which has been in the Carter family for decades, has not been revealed.
Tim Davis of the Corcoran Group held the listing.
Despite the lofty purchase price, the buyers of the property are only scratching the surface of what they reportedly plan to spend on the beachfront home. Davis told the Journal that a major renovation of the property could tack on more than $25 million.
Meadow Lane is an oft-seen address among the Hamptons’ biggest luxury home deals. One of the area’s biggest sales this year came at 40 Meadow Lane, which New England Patriots owner Robert Kraft purchased from Nir Meir in an off-market deal for $43 million. Elsewhere on the street, Marcia Riklis’ estate at 700 Meadow Lane is being listed for a staggering $175 million, one of the most expensive listings in the whole country.
As of mid-October, the Hamptons had already seen 87 deals worth more than $10 million apiece, according to a report from Bespoke. The deals total $1.6 billion. There were 24 such deals in the third quarter alone, four more than there were at the same time in 2020.
[WSJ] — Holden Walter-Warner