Developer lists slice of Water Mill estate for $60M

A Philadelphia developer listed another slice of a Water Mill compound just over one year after paying $118.5 million in the Southampton hamlet. 

Michael Karp listed the property at 70 Cobb Lane for $59.5 million, the Wall Street Journal reported. Karp purchased the combined homes in late 2021 from executives Arthur Rabin and his son, Jason. 

Almost immediately after the sale, Karp put 71 Cobb Lane up for sale, asking $72 million. That home has languished on the market, however, and is now listed for the same $59.5 million, according to Zillow.

As for 70 Cobb Lane, the massive property stretches across more than 12 acres. It’s on a peninsula on Mecox Bay and is offered as a rental in July and August for $2 million.

The main home is 28,000 square feet with 11 bedrooms and 19 bathrooms. There’s a 14-seat movie theater, two lanes of a bowling alley, an indoor pool and spa, half a basketball court, an arcade and a 350-bottle wine cellar. The home also takes things up a notch with a 750-gallon shark tank in the home’s entertainment area.

Outside of the home, there’s the other half of the basketball court, a dining area with a grill and pizza oven, a pool with a waterfall and a pool house surrounded by a moat.

Hedgerow Exclusive Properties, which marketed the full compound in 2021 and is already marketing the other parcel, also has the listing for 70 Cobb. If it fetches its full asking price, the parcel would sell for $2,125 per square foot.

The sale of the full 21-acre compound in 2021 was the second-most expensive in the history of the Hamptons. 

It didn’t come without controversy, though: Nest Seekers filed a lawsuit against the sellers, claiming it was wrongfully cut out of its commission on the deal. 

— Holden Walter-Warner