In Amagansett, it’s not size that counts — it’s proximity to the water.
Retail investor Mickey Drexler dropped $9.5 million on a home in the Hamptons neighborhood, Dirt reported. The size of the home isn’t clear, as the transaction was entirely off-market, but the plot of land is less than seven-tenths of an acre.
The oceanfront home has more advantages in Amagansett than being on a body of water. The property separates itself with additional water within the lot, a pool fenced into the front yard of the property. The property does have more than 110 feet of ocean frontage, complete with a deck and terrace.
Both sides of the sale were represented by Douglas Elliman’s Martha Gundersen and Paul Brennan.
Drexler has dabbled in East End real estate before.
In 2015, he sold the Montauk estate that once served as Andy Warhol’s favorite fishing escape for $50 million, eight years after purchasing it for $27.5 million. Adam Lindemann, founder of the gallery Venus Over Manhattan, bought the 5.7-acre estate.
Last year, the former CEO of J. Crew and Gap paid $16.5 million for a 7,100-square-foot house in Miami Beach, adjacent to a home Drexler already owned. The purchase helped the retail investor secure 1.3 contiguous waterfront acres.
During the pandemic, Drexler also parted ways with an Idaho estate and a pair of neighboring lots for $11 million. He was initially seeking $13.9 million, but the home plot alone was asking only $8.9 million prior to the sale. Architect Thierry W. Despont designed the 6,600-square-foot home in Ketchum’s Knob Hill neighborhood, which was purchased by a couple from Napa Valley.
Despite his previous real estate moves, Drexler is still looking to nab his white whale in the form of selling a Tribeca townhouse. He first listed it in 2016 for slightly less than $30 million, but has not been able to sell it despite a price cut and a period off the market.
Last year, the house was listed again for less than $30 million, Dirt reported.
[Dirt] — Holden Walter-Warner