Looks as though yet another real estate record has been set in the Hamptons. In the last days of 2021, a pair of side-by-side estates in the sleepy Water Mill area traded for a staggering $118.5 million, in an off-market. Records suggest all four parcels of land that comprise the two estates were acquired by the same buyer, who used a series of very similarly named LLCs. And if indeed it was the same buyer, the joint transaction set a new record for the sale of non-oceanfront property in the Hamptons.
Sold by garment tycoon Arthur “Artie” Rabin and his son Jason Rabin, the contiguous waterfront estates on prestigious Cobb Lane add up to a combined 21.3 acres of land next to Mecox Bay. Three of the parcels belonged to the elder Rabin and his late wife Selma, while the fourth, with 2.4 acres of manicured land, belonged to Jason. It’s not clear when the elder Rabins acquired their three parcels, but records indicate the younger Rabin’s parcel was purchased by him in 2002 for $2 million.
The Rabins are businessmen, formerly CEO and president, respectively, of Wear Me Apparel/Kids Headquarters, which creates merchandise for brands such as Kenneth Cole, Timberland, and Sketchers USA. The company was acquired in 2009 by Centric Brands, of which Jason is currently CEO.
The as-yet-unidentified billionaire buyer, assuming it is in fact a single buyer, is getting not just one but two enormous mansions, both built in 2007. The larger mansion belonged to the elder Rabins and offers eight bedrooms and six and a half bathrooms in 17,173 square feet, while Jason’s place is only slightly smaller, with 10 bedrooms in 15,970 square feet. Both residences include tennis courts, pools, and pool houses, and one of the estates has a coveted dock on the bay, which is well supplied with water toys.
The new owner is in good company. The bay is secluded, peaceful and quiet, offering fishing, clamming and boating, and the ocean beach is close by. Among those living on or near Mecox Bay are Rick and Kathy Hilton, Alan Alda, Jennifer Lopez, and “Real Housewives of New York” OG Ramona Singer. No wonder someone is willing to shell out close to $120 million clams for the place.
Both Rabins also maintain homes in New York. Artie presides over a four-bedroom, four-bath spread at the 36-story Trump Plaza on East 61st Street, while Jason has a 14-room Park Avenue duplex.
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