Jule Pond, a 42-acre estate in Southampton with both ocean and pond frontage that hit the market at a whopping $175 million in August 2017, has trimmed $30 million from its ask price.
The price cut, to $145 million, means that Jule Pond is no longer the most expensive piece of land available in the Hamptons, as recently noted by Business Insider. That honor now belongs to a three-property compound at 1080 Meadow Lane, also in Southampton, whose asking price is a slightly higher $150 million.
“We think the price cut is irrelevant to the state of the market and don’t think it reflects anything about pricing,” co-listing broker Cody Vichinsky of Water Mill-based Bespoke Real Estate told The Real Deal in an email. “Jule Pond is incomparable to other properties on the market and averse to typical trends that traditional properties often face. The high-end, known as the Alpha market, operates untraditionally and caters to a completely different buyer and seller than other markets.”
Now priced at $145 million, Jule Pond was once part of a larger compound spanning 235 acres that was owned by Henry Ford II, grandson of the auto tycoon of the same name, and his first wife, Anne McDonnell. After the couple divorced in 1964, McDonnell gained control of the property and broke it up into smaller parcels. At the time, the main house at Jule Pond was 16,000 square feet.
More than 50 years later the main house at Jule Pond, located at 90 Jule Pond Drive, is now 20,000 square feet. Brenda Earl, a portfolio manager and former partner at Zweig-Dimenna, bought the estate from Italian financier Carlo Traglio for $21.75 million in 2002. Traglio had purchased it from McDonnell for a mere $1.8 million in 1975.
Features of the property include 1,286 linear feet of ocean frontage, access to three ponds that surround its border and 12 bedrooms (with two master suites) and 12 bathrooms in its main house. The hom has a stucco exterior and three wings inside, plus extravagant details such as Italian marble fireplaces and French parquet floors. The privacy-hedged property also has a heated gunite pool, spa, outdoor kitchen, outdoor shower, tennis court and a basketball court.
Cody and Zachary Vichinsky of Bespoke, both of whom came in at No. 1 in TRD‘s recent ranking of top Hamptons luxury brokers, have the listing for Jule Pond along with Ellen Stern of William Pitt and Julia B. Fee Sotheby’s International Realty.