Good Morning
Good Morning
ClassifiedsReal Estate

East Hampton estate sells for $45M: Top LI sale in four years

Built in 1989 by business executive and philanthropist

Built in 1989 by business executive and philanthropist James Evans, this oceanfront property in East Hampton recently sold for $45 million. Credit: Douglas Elliman Real Estate

A 6.7-acre oceanfront property on Windmill Lane in East Hampton, which recently sold for $45 million, was the highest sale in the area since 2016.

Built in 1989 by business executive and philanthropist James Evans, who helmed Union Pacific Railroad, AT&T,  General Motors and other big corporations, the compound consists of two parcels:  a 5,500-square-foot five-bedroom, six-bath home on 5.4 acres and an adjoining 1.3 acre parcel with a four-bedroom, 2½-bath guest house and pool.

“It’s in very, very good shape. It’s been maintained beautifully, but it’s not what people are building or buying on the ocean these days: relatively small in comparison,” says Paul Brennan, who originally listed the two-parcel property for $55 million with Martha Gundersen of Douglas Elliman Real Estate and Frank Newbold and Valerie Smith of Sotheby’s International Realty. “But it’s very, very, very nice.”

Gary DePersia, associate broker, Corcoran, represented the buyer.

Brennan assumes that the new owner, who does not wish to be identified and has his main residence in New York City, will probably tear down the houses and build a much larger home, as most other people have done along the beach in the area.

“It’s a relatively small beach house,” he says, adding, “One thing it does have is a spectacular view. You don’t see any houses when you’re in the house or on the patio out front. It’s an unusually unobstructed view.”

As of right, the new owner can build a new 12,500-square-foot home on the larger lot and a 6,000-square-foot guest house on the smaller one, in addition to an oceanfront tennis court.

“It’s all there, ready to be done,” Brennan notes. “You don’t need any variances. That’s pretty hard to find these days.”

A few other top sales on LI

$70 million: In 2016, a record sale was set by a property at 199 Lily Pond Lane in East Hampton.

$29 million: The second-most expensive sale of 2017 was a home at 211 Lily Pond Lane in East Hampton, designed and built in 1920 by John Custis Lawrence. Situated straight on the Georgica Beach, the 10,000-square-foot home served as a summer house for Hillary and Bill Clinton in 2011 and 2012.

$40 million: Further Lane had the Hamptons' most expensive home sale in 2018, with a six-acre oceanfront property, according to Out East, a Hamptons real estate website.

$39.25 million: After paying $110 million for three properties on Lily Pond in East Hampton in 2016, natural gas billionaire Michael S. Smith and his wife, Iris, unloaded their “small” Hamptons home for $39.25 million in 2019. Located in Bridgehampton, the 7,360-square-foot house sits on 1.42 acres and has private beach access.

$35 million: REIT executive Ivan Kaufman waited until the price was right before buying Three Ponds Farm in Bridgehampton in 2019 at a massive discount from the $75 million asking price.

$35 million: Mary Helen Jordan sold a teardown on Southampton’s Billionaires’ Lane in 2019. The property at 950 Meadow Lane sat on an enviable 3.2 acres with a tennis court and pool.

$32.5 million: Private equity executive Gary Garrabrant sold his newly built Southampton home at 80 Meadowmere Lane in 2019 at a discount from the initial $42.5 million asking price.

Compiled by Laura Mann

Latest Long Island News