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North Haven's Tyndal Point closes

Google Earth image of Tyndal Point in North

Google Earth image of Tyndal Point in North Haven. The 55-acre estate is on the right side and shows a beach and wooded area. Credit: Google Earth

An eight-figure deal closed this week on the 55-acre Hamptons waterfront estate known as Tyndal Point.

The closing Tuesday between billionaire real estate developer Jeffrey Greene of Palm Beach, Fla., and seller Robert Rust of the Miami area had been delayed Monday due to late confirmation of wire transfers between banks, both sides said. The two men declined to name the price, citing a confidentiality agreement, but Rust said it’s less than half the original price of $80 million, which made headlines when he listed the property in 2007.

Greene said he hopes to vacation there with his family next year, after the birth of this second child -- but not with his 145-foot party yacht, Summerwind. He laughs at a published report that he wanted the estate so he could dock the Summerwind there, not only because the lagoon is just six feet deep. It'd be like docking a house next to a house, he said.

"You wouldn't bring a yacht to a house. A yacht is a house," Greene said. "You're not going to waterski behind it. What are you going to do with a yacht? You're not going to go fishing out of it . . . We have no plan to ever bring the boat to the house."

In fact, he said he's asking $7.9 million to sell his yacht. Before he bought Tyndal Point, he had paid for a slip in Sag Harbor for his vessel.

But now, he's a family man: "Being on boats isn't the best thing for babies. They don't have room to run around."

For Rust, the moment is a little bittersweet. He's happy that the Greenes will preserve the longtime home that his aunt loved but must give up the estate of a relative he loved.

An "investor genius," his aunt Lorraine Anderson bought the place 50 years ago for about $250,000, Rust said, and lived there with insurance executive husband Olen.

"The ashes of my aunt and uncle, at their request, I put in the Shelter Island Sound," Rust said. "My aunt Lorraine loved that property. She lived there all alone, with no servants, until she died at almost age 90."

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