The saga of Southampton’s La Dune estate ended this week in an hours-long Sotheby’s auction that ended with the two properties trading for roughly half of what their owner initially sought.
An undisclosed buyer plunked down $79 million to buy the four-acre estate, which spans 366 and 376 Gin Lane in the Hamptons town, the New York Post reported. The “all-in” price surges to $88.5 million when considering the 12 percent premium for the auction house, Concierge Auctions and the property brokers.
The property at 376 Gin Lane sold for $40.5 million, $2 million more than what 366 Gin Lane landed. The bidding for the estate, for which Blouin previously refused a $90 million offer, began with a $66 million minimum.
The auction included seven bidders, including at least one from the Caribbean, and began at 4 p.m. on Wednesday before breaking 80 minutes later for negotiations. Several fits and starts followed, due in part to the need for approval from Blouin’s lender, which is owed between $7 million and $15 million.
The deal is pending approval from a bankruptcy judge.
Read more
Residential
Tri-State
Louise Blouin again resorts to bankruptcy to save Southampton estate
Residential
New York
Southampton’s La Dune estate heads to auction
Residential
Tri-State
Hamptons brokers split over sky-high pricing
Harald Grant of Sotheby’s International Realty, Corcoran’s Tim Davis and Bespoke’s Cody Vichinsky co-brokered the sale. A $500,000 deposit was required from bidders.
The Canadian art magazine publisher listed La Dune last year for $150 million, making it the most expensive listing in the Hamptons. The property has drifted on and off the market for nearly a decade, beginning with a $140 million ask in 2016.
The two homes include a pair of pools and a tennis court. Blouin bought La Dune for $13.5 million in the 1990s, but has since faced numerous financial issues, including a loan balance that swelled to $40 million and multiple bankruptcy filings to stave off foreclosure.
— Holden Walter-Warner