An Oceanfront Hamptons Estate Sells for $70 Million

Oceancastle, the massive Hamptons estate that was listed this summer amid much fanfare, has closed for $70 million, just $5 million under the asking price. Listing agent Tim Davis confirmed the Meadow Lane compound’s sale to the Wall Street Journal. Of course, he neglected to identify the buyer (sigh), but did point out that the old house needed major renovations that could end up costing upwards of $25 million.

On the plus side, the buyer gets a quirky and rambling old house that couldn’t be built today. There’s a massive 8.3 acres of land with 512 feet of ocean frontage, and the property also includes a sought-after bay-front parcel with a dock.

The massive, 300-foot-long house rambles along the dunes with a nearly 1,000-square-foot living room contained within its roughly 19,000 square feet. With a total of 19 bedrooms and 11 bathrooms across the compound, there are seven oceanfront suites in the main house, plus a four-bedroom staff wing, a guest apartment and an attached guest “cottage,” plus a separate residence for guests or staff. There’s also a gym with sauna, an art gallery, a “Coney Island inspired” game room, an oceanside pool and a tennis court. The sellers were the heirs of late lawyer and real estate investor Julia Vance Carter, who purchased the property in the 1980s.

At $70 million, this property will be one of the priciest sales in the Hamptons this year. Jule Pond (aka Fordune) recently closed for $105 million, while Calvin Klein’s East Hampton abode sold for $85 million. 30 Spaeth Lane, East Hampton, the former home of a Life Savers heiress, closed for $60 million in March. Not far behind was Burnt Point, pharma exec Stewart Rahr’s Wainscott estate, which sold for $47 million in April.

Of course, when it comes to luxury real estate, there are often a flurry closing right before the New Year. Will more records be broken? Stay tuned.