Sag Harbor home in contract for $16M [UPDATE]

An eight-bedroom, seven-bathroom “Nantucket-style” cottage in Sag
Harbor Village is in contract for $15.995
million and is expected to close shortly. The 8,200-square-foot waterfront home has a wine tasting
room, movie theater, billiards room and indoor gym. The gated-property has a heated pool, hot tub and three-car-garage. Tara
Newman of Saunders & Associates is representing the seller. [NY Mag]

[UPDATE, 5:30 p.m.]
The sale closed today at around 3 pm for approximately $14 million, the seller’s broker Tara Newman told The Real Deal. The property, which she identified as 25 Shaw Road, broke sales records for the town, she said. The previous record deal was for the $6.85 million Hannibal French House, for which Newman was also the listing agent, in 2006. She has sold the French house three times in her career, Newman said. The Shaw Road property has been on the market for over two years, most of which time it was listed by the Corcoran Group while it was used as a rental home. During its tenure as a rental, 25 Shaw Road netted $395,000 per summer, another record-breaking figure for Sag Harbor Village, Newman said. Although she did not disclose who the buyer or seller were, Newman said that they were “nobody you’ve ever heard of.”