Fashion designer Vince Camuto's Southampton estate, on the market for more than $48 million, is in contract.
The asking price for the Nine West co-founder's 10,000-square-foot oceanfront home, located on 5.14 acres on storied Gin Lane, is $48 million. But the transfer price is expected to be higher because the buyer is purchasing an additional nine acres of land, says Tim Davis of The Corcoran Group, who marketed the property with Peter Huffine and Pat Petrillo of Sotheby’s International Realty. Davis says there has been no set price for the additional acreage.
Davis, who brought the buyer to the deal, describes him as someone "in the financial world." The historic Tudor-style mansion had been for sale since June.
Once it closes at the end of the month, the deal is expected to be a record sale not only in the Hamptons but throughout the country, says Davis.
The property comes with a pool, pool house, formal gardens, a gazebo-greenhouse and a tennis court, according to the listing. Other famous owners have included the Woolworth family and Edmund C. Lynch, founding partner of Merrill Lynch.
"The gracious interiors with vaulted wood beams and French mantle fireplaces embrace both elegant entertaining space and luxurious private enclaves with many rooms opening to the seaside terraces, lawns and landscaped grounds," according to the real estate listing.