A 31,000-square-foot Bridgehampton estate known as Sandcastle has been rented for the first two weeks of July for a record-setting $500,000, or more than $35,000 a day, the owner and his real estate firm said.
Owner Joe Farrell, a luxury builder who constructed the nine-bedroom, 11-1/2-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 brought the renter to the deal with business partner Gene Stilwell.
The11.5-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. “Making noteworthy purchases has been looked upon as a negative,” said Saunders. “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.”
Sandcastle is also for sale. It went on the market last year for $50 million. Farrell later 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, which might have been the previous rental record. 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.
Farrell Building Co. photo