Norman Jaffe-designed home headed for auction

Further Lane property belonged to late economist Joel Stern

100 Further Lane (Sotheby's International Realty)
100 Further Lane (Sotheby's International Realty)

A property on Further Lane is a month away from being auctioned off, giving homebuyers a chance to snatch up a possible bargain in East Hampton.

Bidding for the property at 100 Further Lane will begin on Dec. 6, Dirt reported. While the three-acre property has a listing price of $27.5 million, there is no reserve for the auction, meaning a bidder could potentially score the property for much less than the listing.

Sotheby’s Concierge Auctions is running the virtual process. Bidding will close on Dec. 14. Rebekah Baker of Sotheby’s International Realty has the listing.

The property has teetered on and off the market in recent years. In 2016, for example, it was listed at $17.9 million.

Norman Jaffe designed the home in 1980. It is part of the original estate of the late Joel Stern, an economist known for popularizing concepts such as “shareholder value” and “economic value added.”

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The home spans 6,000 square feet, including a massive great room and private TV lounge. There are several details connected to Jaffe’s signature style, such as natural stone walls, wood paneling and glass walls.

The exterior features include a pool and a fenced tennis court. The location is arguably the biggest selling point, with its quick access to the Atlantic Ocean and many of the area’s beaches.

The kitchen likely needs an update, as it’s smaller than what most homebuyers in the luxury segment are seeking in today’s market. Additionally, there are only four bedrooms, which is limited given its expected price range.

Further Lane is one of the premier addresses in the Hamptons. Last year, former Peloton CEO John Foley purchased the state at 442 Further Lane for $55 million. Only months later, however, Foley quietly started shopping the property, perhaps due to Peloton’s struggles.

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— Holden Walter-Warner