UPDATED Jan. 8, 8:40 am: Embattled HFZ Capital Group founder Ziel Feldman has sold his Hamptons mansion for $50 million, The Real Deal has learned.
A source familiar with the matter said the property at 187 Dune Road in Bridgehampton sold in an off-market transaction that closed late last year. Page Six on Thursday night reported the buyer to be sports merchandise mogul Michael Rubin.
Douglas Elliman’s Erica Grossman represented Feldman and Gary Cooper of Hedgerow Properties brought the buyer, the source said. The news was first reported by Hamptons Hot Sheet.
Grossman and Cooper did not respond to requests for comment. Feldman also did not respond.
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The original property that sat on the Dune Road site last traded in 2000 for $4.35 million, according to Realtor.com. It was listed in 2011 for $34 million, but didn’t sell.
In 2014, the 10,000-square-foot home was badly damaged by fire, triggering arson charges against former real estate agent David Osiecki.
Feldman subsequently replaced the fire-damaged home with a new, modern mansion measuring more than 8,000 square feet. The property has seven bedrooms, four bathrooms and a pool, according to Zillow.
The $50 million sale price makes it one of the bigger trades in the Hamptons of late. The average sales price for luxury homes there in the third quarter of 2020 was $7.7 million, up from $5.2 million in the same period the year prior, according to data from Douglas Elliman.
Last September, a sprawling estate near Feldman’s home on Dune Road was listed for $72 million, making it the priciest public listing in the area at that time. (The tally doesn’t take into account off-market listings, which many wealthy sellers prefer.) The 8,000-square-foot home at 271 Dune Road was later pulled from the market and listed as a rental.
The sale of Feldman’s property comes at a difficult time for the developer, whose firm is contending with a barrage of lawsuits from lenders and investors over allegations of defaulted loans and unpaid bills.
The tumult at HFZ has shaken not only the company’s condo projects but also the lavish living situations of Feldman and his former business partner, Nir Meir, who abruptly left the firm in December. HFZ lender Monroe Capital is currently trying to eject Meir from his Hamptons home, claiming the former HFZ executive does not have authority to live there. A spokesperson for Meir refuted the claims, telling TRD last week that they planned to file a motion to dismiss the action.
In November, Feldman listed his penthouse at the Marquand condominium in Manhattan for $39 million. A month earlier, he sold his 18,500-square-foot home in Englewood, New Jersey, after nine years on and off the market.
Keith Larsen contributed reporting.