In a trade breathtaking even by Hamptons standards, Arthur and Jason Rabin have sold their Water Mill compound for $118.5 million, sources tell The Real Deal.
The off-market deal for 70 Cobb Lane, which property records confirm, tops last year’s biggest residential sale in the Hamptons — $105 million for 90 Jule Pond Lane.
It also far exceeds the $84.4 million that hedge funder Ken Griffin paid for Calvin Klein’s compound in 2020, although is well short of the $147 million shelled out for East Hampton’s 60 Further Lane in 2014.
Satellite imagery shows the Cobb Lane property includes two mammoth homes, two pools, a half basketball court and a tennis court. It also features more than 400 feet of private Mecox Bay frontage.
The property was chopped into four separate parcels for sale, with the two main pieces ringing in at $60 million and $56.5 million, respectively. The buyers are four LLCs, each a slight variation on the name “Cobb Road Associates” (the sale documents refer to Cobb Road, although locals call it Cobb Lane). Hedgerow Exclusives, which is rumored to have handled the sale, declined to comment.
Jason Rabin is the chief executive of product licensing firm Centric Brands. He appears to share the compound with his father, Arthur, who reportedly hosted a yacht-party fundraiser at the house for Hillary Clinton’s presidential campaign. The Rabins couldn’t be reached for comment.
The deal kicks off what’s expected to be another hot year in the Hamptons, with big Wall Street bonuses and persistent work-from-anywhere policies driving demand, particularly in the luxury corner of the Hamptons market.