A Southampton oceanfront property that was once part of the historic Wooldon Manor estate, and which came on the market for the first time in more than 55 years, has sold for $40 million, says listing agent Tim Davis of the Corcoran Group.

The 3.77-acre property has a carriage house and cottage built at the turn of the last century on the estate that was once owned by the Woolworth family. The carriage house has since been modified and turned into two apartments, according to Davis.

advertisement | advertise on newsday

The property was being marketed as a development opportunity, with room to build a 15,000-square-foot main house, guesthouse, pool and tennis court.

The seller, William McKnight, applied to the Town of Southampton to demolish the structures, according to public records.