Sagaponack gets its first foreclosure

At long last, Sagaponack is getting its sunbelt moment. According to the New York Post, a Sagaponack home foreclosed on last month by the Bank of Smithtown is the first property in the wealthy town to face foreclosure — nearly five years after the real estate market crashed. The village clerk confirmed it was the first foreclosure of which she was aware.

The three-acre estate, at 219 Sagg Main Street, is owned by Ringel, who finished building a seven-bedroom 8.5-bathroom home on the property in 2009. But he owes $7.8 million on the property to the bank, which scheduled an auction for it in late September.

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The Post said the property would likely fetch well more than the amount Ringel owes in the auction and could net as much as $12 million. However, Ringel’s attorney said the developer is maneuvering to remain in control of the house. [Post]