Waterfront Southampton teardown sells for $28M

A waterfront teardown in Southampton traded for $28.1 million.

The new owner will live in the home at 1 Boatmans Lane for “a couple of years,” according to listing broker Tim Davis of Corcoran, before knocking it down to build a more expansive home on the 4.4-acre lot abutting Taylor Creek.

“If you spent another $15 [million] to $20 [million] on top of the price point, you’re into $45 [million],” Davis said. “A new house on this site would be $60 [million]. That’s the math that people do.”

The six-bedroom, six-and-a-half-bathroom home went into contract after asking $35 million.

The shingle-style home has an open floor plan that opens onto a swimming pool. The second floor has a library connected by stairs to a guest suite. Another upstairs guest suite has its own balcony, accessible through both the bedroom and bathroom. Outside, there’s also a full tennis court and a boat dock.

The property spent a little over a year on the market, according to Davis, who said the home’s proximity to the water would not be allowed by current zoning regulations.

The home was sold by the previous owner’s children who inherited the property after she died.

“The family did try to figure out how they could share the use of it, or perhaps one sibling buying another sibling out, it just didn’t seem to work,” Davis said. “That was part of our delay in our process too. The family needed to work through that.”

While $28 million is a hefty price tag, 1 Boatsman Lane wouldn’t have cracked the 10 most expensive Hamptons home sales in 2022. The list bottomed out at $32 million for a home at 325 Bluff Road in Amagansett and the top sale went to Ron Perelman’s estate at 153 Lily Pond Lane in East Hampton, which sold for $84.5 million.