Hold on to your real estate horses, butter beans, because the New York Post reported yesterday that activist hedge fund fat cat Barry Rosenstein of Jana Partners is all set to shell out a heart-stopping and record shattering $147 million for an 16-acre ocean front estate on Further Lane in East Hampton, NY.
That’s right, babies, $147 million, an amount that far exceeds the $120 million paid for Copper Beech Farm in Greenwich, CT a few weeks ago and it makes the $88.3 million or $102 million paid for Suzanne Saperstein’s massive Frenchified chateau in Los Angeles looks like real estate child’s play.
The three-parcel, street-to-dunes estate had been the home of hard-drinking financier Christopher H. Browne and his man-friend, landscape architect Andrew Gordon. Mister Brown passed in 2009 and after a long and bitter battle with Mister Browne’s family, the bulk of his quarter billion dollar-plus estate, including the East Hampton spread and a 6,200+ square foot Park Avenue duplex recently on the market for almost $30 million, was granted to Mister Gordon who himself passed on somewhat unexpectedly last year (2013).
So the scuttlebutt goes, the deal went down off-market and some of the high-end real estate agents in area are livid. According to The Post, an unnamed broker “fumed” that, “It was all very hush-hush” and that, “The trustees of the estate, one would think, have a fiduciary responsibility to get top dollar, which would have happened on an open market.” Well, with all due respect, Mister or Miz Unidentified Hamptons Broker but it seems to this know-nothing property gossip the trustees of the estate did indeed to a pretty damn good job of securing top dollar for property.
If Your Mama was the betting type—and we’re not—we’d wager both our long-bodied bitches, Linda and Beverly that Mister Rosenstein will raze the existing, multi-winged residence to make way for a much larger and more grand summer residence.
The Post went on to say that billionaire David Geffen had a look-see at the property before settling on the acquisition of the Georgica Pond-front estate being sold by wealthy widow and philanthropist Courtney Sale Ross, a delicious bit of real estate business Your Mama discussed back in the early days of April (2014).
aerial image: Bing