Pharma billionaire to sell Wainscott estate for $50M

Stewart Rahr first listed the property in 2015 for $95M

Stewart Rahr and Hamptons estate in Wainscott (Getty, Bespoke Real Estate)
Stewart Rahr and Hamptons estate in Wainscott (Getty, Bespoke Real Estate)

Pharmaceutical billionaire Stewart Rahr has something to “rah rah” about.

The entrepreneur struck a deal to sell his sprawling Hamptons estate for roughly $50 million, one of the priciest deals inked in the area this year, according to the Wall Street Journal. The home was first listed in 2015 for $95 million, and was most recently asking $56 million.

Rahr expanded and sold pharmaceutical distributor Kinray, which his father founded in 1944, to Cardinal Health for $1.3 billion in 2019. Forbes pegs his net worth at $2.3 billion. Beyond his fortune, Rahr has earned a reputation as an avid partier and celebrity schmoozer who refers to himself as “Rah Rah” and the “No. 1 King of All Fun.”

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In 2005, the billionaire bought the 25-acre estate, which has 2,000 feet of waterfront views, for $40 million. Architect Francis Fleetwood designed the 25,000-square-foot, eight-bedroom home, which was completed in 2000. The property sits on a private peninsula in the small hamlet of Wainscott.

Changing buyer preferences spurred by the pandemic — namely the desire for more square footage, outdoor space and space to work from home — led to a spike in Long Island home sales last year. The Hamptons in particular has seen a surge in demand, with the median sale price jumping 55 percent to $1.4 million in the fourth quarter of 2020, according to a report from appraisal firm Miller Samuel. The market saw 803 home sales that quarter, a 15-year high.

[WSJ] — Danielle Balbi