Mgate Capital honcho Jason Capello, who in September paid $30 million for a waterfront spec house in Palm Beach, apparently decided that was enough water frontage for him. Just a week after he and wife Claire closed on their new Florida digs, their waterfront home on tony Jobs Lane in the Hamptons was sold in an off-market deal that totaled $38 million. The main property, which includes the house and pool, went for $30.5 million, and 2.3 acres of adjacent land, a vast expanse of manicured grass bordered by tall hedging, traded to the same anonymous buyer for $7.5 million.
Not counting upgrades and carrying costs, Capello turned a gigantic, $17.5 million profit on the deal; he paid $15 million for the place in 2012, adding the adjacent parcel in 2014 for $5.5 million.
The property is often described as being in Bridgehampton but is actually in Water Mill. (Hamptonites can be very persnickety about which hamlet to which their property is designated.) The 4.8-acre spread boasts an 8-bedroom and 9-bath home of about 9,500 square feet built in 2012 by luxury builder Jay Bialsky. There’s a coveted dock on Swan Creek, which leads to Mecox Bay, and across the creek and all the way down to the ocean are farm fields that provide a quiet, peaceful view.
The 2012 listing for the property mentions the “master suite with adjacent gym and sauna with incredible sweeping views,” “multiple terraces and covered porches,” the requisite “oversized infinity edge waterside pool and an outdoor dining and living room framed by a beautiful pergola,” and, of course, the “full-size tennis court.”
The Capellos have been on quite a real estate spree the last couple of years. They sold their Greenwich, Conn., house in July, for $9.4 million. The 6-bedroom, 8.5-bath, 10,000-square-foot colonial, was also built in 2012. The Capellos have three children, and the lower level certainly sounds great for family fun, with a playroom, wine cellar, gym, additional en-suite bedroom and golf simulator. Out back is a saltwater pool.
So what do the Capellos currently own? Besides their new 9,000-square-foot Palm Beach mansion, the family keeps a condo overlooking Madison Avenue on Manhattan’s Upper East Side. The 6-bedroom, 6.5 bath apartment sprawls over almost 5,000 square feet, in a prewar white-glove building. Capello paid $20 million for the apartment in 2019.