Hamptons estate sells for $25.5M, only second sale for over $20M in 2010

Marking only the second sale
over $20 million this year, a $25.5 million, three-acre estate on Lily Pond Lane has found a buyer. Home sales in the Hamptons have rebounded strongly from last year’s lull, with 636 single-family homes selling in the second quarter, an 85 percent increase from the previous year, according to Suffolk Research Service. Still, expensive deals have been scarce in the Hamptons this year, the Wall Street Journal reported. Public records show that the only other sale above $20 million so far in 2010 was Joanne Corzine’s sale of her 6.5-acre property for $43.5 million to hedge fund manager David Tepper, which closed in May. In this most recent transaction, the buyer of the 10,000-square-foot landlocked estate is Richard Parkoff, head of the Parkoff Organization, a New Jersey-based company that owns apartment buildings in New York City. According to PropertyShark.com, the seller is Carol Morgan, the widow of Ron Morgan, the former CEO of Bank of New York Mellon subsidiary Pershing in London. John Golden of Prudential Douglas Elliman had the listing. The home features three separate dining rooms, a solarium, a guest house, a tennis court and a pool. Notable neighbors include billionaire investor Carl Icahn and designer Martha Stewart. [WSJ]

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