Bridgehampton estate sets record for rent: $35G a day

A luxury 11.5-acre estate in Bridgehampton known as

A luxury 11.5-acre estate in Bridgehampton known as 'Sandcastle' has been rented for more than $35,000 a day. (Credit: Handout)

A 31,000-square-foot Bridgehampton estate known as Sandcastle has been rented for the first two weeks of July for $500,000, or more than $35,000 a day, the property owner and his real estate agency said.

Owner Joe Farrell, a luxury builder who constructed the nine-bedroom, 111/2-bathroom house and lives there with his family, said the rental is a "done deal," declining to comment further.

In a statement, Evan Kulman of The Corcoran Group called the deal "the highest rental transaction ever in the Hamptons." Kulman and his business partner Gene Stilwell brought the renter to the deal.

The 11.5-acre spread includes everything from a two-lane bowling alley to a climbing wall to a skateboard half-pipe. Despite its beachy name, the house is not on the ocean.

Andrew Saunders, who owns the Hamptons real estate firm Saunders & Associates, said the rental may be a sign that the market is rebounding. "There continues to be significant populist rage against bankers and people who have wealth, and for that reason people have been hesitant to pull the trigger on these rentals. It's just a confirmation that the market is slowly moving back," Saunders said.

Sandcastle remains on the market. Last year, it initially was listed for $50 million then Farrell upped the asking price to $59.5 million. It has since been reduced to $49.5 million.

He rented the house last August for two weeks for $425,000. Earlier in the summer, a representative for the Jonas Brothers looked at the property, but the boy band decided against renting it.

MTV's "Teen Cribs" filmed an episode at Sandcastle last summer. Since then, Farrell has been contacted by a Texas man who wants his Bridgehampton-based Farrell Building Co. to help him build a replica of the house in Dallas.

"Once deals like this start coming up Montauk Highway, the Hamptons is back in business," said Lori Barbaria of Prudential Douglas Elliman Real Estate's East Hampton office.

 

Sandcastle amenities

 

  • 9 Bedrooms
  • 11.5 Bathrooms
  • 31,000 Square feet
  • 10-seat theater
  • Virtual golf
  • Skateboard half pipe
  • Rock climbing wall
  • Media room with 5 plasma TVs
  • Squash and racquetballcq court
  • 2-lane bowling alley
  • Full bar and disco
  • Spa facility with Jacuzzi, steam, sauna and massage area
  • 60-by-20-foot heated gunite pool with electric cover and underwater stereo
  • Sunken tennis court

 

SOURCE: The Corcoran Group

 

Other rental homes with high asking prices on the market this summer, according to Hamptons Real Estate Online:

 

  • SOUTHAMPTON: Seven-bedroom home with 400 feet of oceanfront, listed at $850,000

 

  • SOUTHAMPTON: Three-story oceanfront cottage with seven bedrooms for $850,000

 

  • SOUTHAMPTON: Seven-bedroom designed by Norman Jaffe is renting for $750,000 It includes an oceanfront balcony and a seaside patio.

 

  • SAGAPONACK: Seven-bedroom "very close" to ocean beaches, renting for $645,000

 

  • EAST HAMPTON: Shingle-style home, four bedrooms, available for $600,000

 

- Keiko Morris

MORE: Visit Newsday's real estate section

VIDEO: Tour the $50 million mansion

PHOTOS: In and around the 'Sandcastle'

BLOG: Real LI: Other 'rich cribs'

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