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Tri-State

Sagaponack oceanfront estate sells for $50M

7 Fairfield Pond Lane is second priciest deal this year

7 Fairfield Pond Lane (Bates Masi Architects)
7 Fairfield Pond Lane (Bates Masi Architects)

Another oceanfront home in Sagaponack has sold for an eye-popping sum.

The contemporary style oceanfront mansion at 7 Fairfield Pond Lane sold to undisclosed buyers for $50 million in an off-market deal, making it the second priciest deal of the year so far. The home’s previous buyer, and presumably the seller in this deal, was masked by a limited liability company.

Built in 2012, the home totals 10,000 square feet and is situated on 3.15 acres of land. It has eight bedrooms and 10 bathrooms and was designed by Bates Masi Architects.

The property, listed by Bespoke, features 300 feet of ocean frontage. It also has an oceanside pool, garage, pool house and tennis court.

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The sale was the sixth on the oceanfront in Sagaponack since 2020. Bespoke was in on half of them.

“The demand we have seen for apex properties signals that the oceanfront market will stay strong in 2022 as long as inventory, be it on- or off-market, rises to meet the demand,” Joseph De Sane, managing director at Bespoke, said in a statement.

Buyers and brokers are surely praying for more inventory. In January, listings were down 44 percent and new signed contracts fell 24 percent year-over-year, according to a January report by Douglas Elliman. New listings in February were unchanged from a year ago.

The lack of inventory has fueled bidding wars, pushing prices up and resulting in record-breaking deals.

In January, a Water Mill compound at 70 Cobb Road sold for $118.5 million in an off-market deal. The deal was not without drama: Nest Seekers International is suing the sellers, clothing magnates Arthur and Jason Rabin, for cutting it out of the commission. The brokerage was removed from the listing, which was supposed to be off-market, in July after advertising the property in its catalog.

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BespokeHamptons