Two East Hampton Oceanfront Estates Lock-in Buyers in Near Record Time

EAST HAMPTON, NY – MARCH 7, 2021:  Two high-priced East Hampton oceanfront properties, brought to market in the latter part of 2020, are reportedly in contract, both for amounts above $50 million.

Thirty-Spaeth Lane, a seven-point-seven (7.7) acre estate in East Hampton with a sticker price of $67 million, was the first to report a buyer-in-waiting, closely followed by 290 Further Lane, a six-plus acre compound in East Hampton, with a current list price of $68 million.

There’s no official word yet on just whom the buyers might be.

A near-record 17 oceanfront homes traded hands in 2020 between Southampton and Montauk, four of which were offered on East Hampton’s Golden Coast; the ocean-lined region that starts with the honey-colored beaches of Indian Wells and stretches westerly along the ocean surf to the natural divide-in-the-sand created by Georgica Pond.  By an unofficial count, there are 61 homes in that five mile stretch of dunes that sit atop grassy crests overlooking the Atlantic Ocean.

Stratospheric price tags for homes along the Golden Coast are a regular occurrence.  Of the four East Hampton trades of 2020, the first, at 27 Drew Lane, fetched $35,750,000 and featured 220-feet of ocean frontage on one-point-five (1.5) acres, with a nine-bedroom, 10,000 sq. ft. home.

Next, the combined parcels of 32 & 26 Windmill Lane offered a total of 294-feet of ocean frontage on six-point-seven (6.7) acres, with two homes and two swimming pools, at a closing price of $45 million.

The third to sell brought in $24 million and is located at 38 Two Mile Hollow.  This property also features 294-feet of ocean frontage, as well as a pool, tennis court, and a 7,000 sq. ft., eight-bedroom home on approximately two-point-eight (2.8) acres.

The fourth East Hampton oceanfront sale of 2020 includes a combined bonus of ocean and golf course frontage at 15 & 12 Dune Lane.  Sold in October for $67 million, the property includes two separate, single family homes and 220-feet+/- of ocean frontage on three-point-four (3.4) acres.

The most expensive transaction on the ocean in 2020 was the sale of Calvin Klein’s Southampton estate to hedge fund manager Ken Griffin, with a 10-bedroom, 10,834 sq. ft. home for a final sale price of $84.4 million.  Though not a record, the price per acre on Klein’s pristine Southampton estate fetched more on average than similarly sized oceanfront sales in 2020, most likely due to the enviable ratio of ocean frontage (600+ feet) to total acreage (6.68).

A 2014 record for the highest price ever paid for residential real estate goes to hedge fund manager Barry Rosenstein for the East Hampton oceanfront estate at 60 Further Lane.  With a price tag of $147 million, the record stood until 2019 when Ken Griffin purchased a Central Park penthouse for nearly $240 million.  However, the 18-acre Golden Coast East Hampton estate at 60 Further Lane still holds the record for the highest price paid for oceanfront in the U.S.

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