Helmut Lang can lounge on the beach with his neighbors even after selling them his East Hampton estate.
The fashion designer and artist sold the remainder of his property — believed to be at 8 Tyson Lane — to his two neighbors for $70 million, the Wall Street Journal reported. The sale comes two years after Lang sold a parcel to one neighbor, Hess CEO John Hess, for $9 million.
Hess nabbed the smaller amount of land in this transaction, grabbing 1.1 acres for about $30 million. The other neighbor, Oaktree Capital Management co-chairman Howard Marks, took the leftover 1.6 acres for $40 million as both look to add to their respective compounds.
They can all celebrate the deal together, as Lang isn’t going anywhere yet. Under the terms of the sale, the 66-year-old can remain in the home for two years.
Lang purchased the property in 1999 for $15.5 million, reportedly outbidding Jerry Seinfeld for the place by $1 million. The 3.5-acre estate includes a pool, guest house and artist’s studio. The beach is directly beyond dune-filled land owned by the Nature Conservancy.
Lang signaled a willingness to part with the estate in 2019, when it was reportedly marketed as a whisper listing, potentially seeking $100 million. A month later, the Austrian-born artist tried a different tact, putting two of the parcels on the market for $65 million.
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The Milan-based Prada Group acquired a 49 percent stake in Lang’s eponymous fashion label in 1999, the same year he bought the Hamptons home. Six years later, Lang split with Prada, a year after it took full control of his company.
Hess began assembling his compound in 2020, paying $22.9 million for a home on Tyson Lane. Two years later, the chief executive bought a second parcel for $7 million. Hess now has about 5.1 acres in the area.
Marks has also been piecing together a Hamptons property in recent years, starting with a Further Lane purchase for $30 million in 2010 from television personality and former advertising titan Donny Deutsch. In 2019, Marks shelled out $35 million to buy another four properties on Tyson Lane and Further Lane from Barbara Zuckerberg, the ex-wife of former Goldman Sachs executive Roy Zuckerberg.
[WSJ] — Holden Walter-Warner