Toys R Us founder Charles Lazarus has sold his waterfront estate in Quogue for $11.2 million, says listing agent Marcia Altman of Brown Harris Stevens.

The 4-acre property on Shinnecock Bay had been listed for $13.5 million.

Home Search

Search Newsday for over 100,000 homes

Lazarus purchased the property in 1962, according to public records, 14 years after he started the toy retailer as Children’s Bargain Town in Washington, D.C. He stepped down as chairman and chief executive of Toys R Us, now based in Wayne, New Jersey, in 1994.

The property, called Wabossagock, or “Freedom Point,” has an eight-bedroom, 6 1⁄2 -bathroom house that was built at the turn of the last century and is filled with antique toys and Toys R Us memorabilia. Among them is a giant Monopoly board, with each square referring to a different Toys R Us store that was opened and the country in which it opened, painted on the floor of the billiards room.

The estate also has a croquet field, a three-bedroom gatehouse that was once a stable and windmill, a heated gunite pool and a boathouse.

While the property sold for less than its listing price, Altman says it drew a lot of interest and went into contract three months after it was listed.

advertisement | advertise on newsday

“The uniqueness of the whimsical multiple structures, along with the view, croquet court and lawns, drew in several serious buyers,” she said.

Altman declined to name the buyer, but says he is a “substantial businessman” who is going to lift the structures to meet new codes.