Haute in the Hamptons

Whether it is the settlers or celebrities, the Bonackers or the blue bloods, surfers or socialites, people seem absolutely captivated by the affluence, beauty, and lore of the East End

By Diane Strecker

The masses have long carried on a love affair with the East End of Long Island. The histories behind the estates, details of their multi-million dollar deals, and dossiers of the prominent dwellers seem to hold people spellbound, mesmerized by tales that rival that of any best selling novel. Celebrities, status, and, most recently, Wall Street money, have increasingly popularized the area. Estates are now famous in their own right, recognized by name alone. In the last few years, values have tripled and with each transfer, the bar is raised a notch higher. The unrelenting demand has transformed the land into some of the most valuable soil on earth. But more importantly, big money, the likes of which even the Hamptons has never seen, is now passing through its gates.

Prices hit $103 million-How much Further can they go?

When one veers from the highway in the village of East Hampton and ducks from the bustle and congestion of summer tourism, life magically conforms to the peace and perfection inside the estate section of the Hamptons. The back road that winds through the low, rolling hills of the country club golf course opens up to the Atlantic Ocean. A long tree-lined stretch runs along the side called Further Lane. A golfer in crisp white cotton swings out on the green. A designer-donned jogger plods by, and the ocean reverberates in the distance. Herein sit some of the East End’s largest and most exclusive estates, tucked securely away behind towering hedgerows and electronic gates. This sought-after street has long been associated with old money, social standing, and early Americana. Properties here convey the essence of East Hampton.

The deMenil-Baron exchange on Further Lane, consisting of 40 acres of vacant land closing for $103,000,000, is the most talked about real estate transaction to ever hit the Hamptons. The sale not only represents the highest-priced piece of residential real estate sold in the Hamptons to date, but one of the highest ever in the entire US. This magnificent oceanfront property, once owned by Adelaide deMenil Carpenter, heiress to the Schlumberger oil fortune, was officially acquired in May by billionaire Wall Street mogul Ron Baron.

Prior to this purchase, Baron already owned 11 acres adjacent to the property, purchased in 2005 for $22,000,000. It was long rumored he was interested in the neighboring deMenil estate, but to his dismay the property was not for sale. When a former tenant of deMenil’s also became interested in acquiring the property, the bidding war began, and talk of offers reaching as high as $80,000,000 and $90,000,000 began circulating through the East End grapevine. After more than a year of speculation, it was confirmed that Baron had raised the ante to the staggering sum even Ms. deMinil could not refuse. And, although the Hamptons is no stranger to multi-million dollar exchanges, this record-breaking deal caused the jaws of even the most seasoned area realtor to drop. It also earned Mr. Baron the title of “land baron,” a title that is not easy to come by. But owning an impressive 51 acres of coveted land on Further Lane most certainly qualifies him for his prestigious title. The astounding transaction made it crystal clear that there is no stopping this market. The land in the Hamptons has imminently turned to gold, leaving many to ask, how much higher can these prices go?

The Corcoran Group of East Hampton, who brokered the phenomenal sale, has remained discreet for the duration at the request of the parties involved, did confirm the closing on May 31, 2007. Baron is now in the process of constructing a mammoth estate on the oceanfront. From the beach, the mansion looks to be set deep inside high and sweeping dunes, protected naturally by the wide shoreline and thick vegetation. The spanning acreage provides a pricy privacy buffer for the structures on Further Lane.

In the Heart of the Hamptons

Some say that the light is unique in Sagaponack. Maybe it is how the sun reflects off the ocean and onto the soil of the farms, or how it sets on vast, unobstructed open spaces and creates a rich, golden glow. Even when drenched with a misted rain, at dusk the colors of Sagaponack bleed through and softly illuminate the peaks of mansions that are rapidly rising from what once was thousands of potato fields. Encompassed by hundreds of acres of preserved farmland that borders the Atlantic, Sagaponack represents the very heart of the Hamptons. The sought-after locale has already attracted a throng of investors; most of the large tracts of prime land have already been bought, built on, or preserved. “Buyers want the most sought-after zip code in the country,” says Prudential’s Neil Bersin as he looks out over some of the last parcels on the oceanfront. “When a quality piece enters the market, it sells almost immediately.”

In 2005, Alan Schnurman, a New York attorney and savvy investor with incredible foresight, bought forty acres off Daniels Lane, the most desirable street in the village. And although stringent building restrictions pose common roadblocks to approvals in the area, Schnurman went ahead and purchased the land for $25,000,000. After two years of relentless effort, he has obtained approval for eight ocean view building lots, dramatically increasing the value of the land. Affiliate Bridgehampton broker, Charles Fischler, believes the new status of the parcel will cause a feeding frenzy. “The key word here,” he says, “is approved.” Schnurman, who recently sold another 20-acre subdivision on Ocean Road in Bridgehampton for $37,500,000, says he falls in love with his properties and looks upon them not just as deals, but as dreams come true for future owners. Only a fortunate few will see their dreams manifest on these last precious pieces.

The property that is listed at $64,500,000 with Paul Brennan and Neil Bersin of Prudential Douglas Elliman’s Bridgehampton office is backed by a 60-acre preserve on one side and the massive Rennert mansion on 60 acres on the other. Brennan, regional manager for the agency’s East End Division, hails from a local farm and has an instinctual depth of knowledge of the area land, and has watched the metamorphosis first hand. He said that we have only seen the beginning of what can happen here, and that buyers with incredible wealth and stature are already taking serious interest.

North of the highway in Bridgehampton lies yet another world in the Hamptons’ universe. Here lies the horse country that draws equestrians from all over the world. On Mitchells Lane, white ranch fencing runs along stretches of wide green grass where thoroughbreds trot and jump, training for the prestigious Hamptons Classic. The area, once filled with some of the Hamptons’ largest land parcels, is now filled largely with famous equestrians.

Today, prime land here is scarce. So when a 24-acre sub-dividable parcel comes onto the market protected by a two-sided preserve, buyers take note. Charles Fischler has secured one such listing for Prudential Douglas Elliman in Bridgehampton. The land is a remnant of a 130-acre potato farm that sold in the 1950’s for $80,000; its value today is $17,500,000. Current pricing is relative to supply and demand, and supply is running low.

Sotheby’s International Realty has placed a neighboring 2-acre estate on the market as well. The modernist design uniquely resembles that of an actual barn that blends itself beautifully with the area horse farms. Two hundred year old beams stretch through the 10,000 square feet of open loft-like space. Faye Weisburg, who has exclusively listed the $16,300,000 estate, says the balance of old and new is what makes it distinct. It has staff quarters, a geometric pool, six fireplaces, six bedrooms, and nine baths, and is backed by acres of preserved farm views.

Nouveau-style on the Golden Pond

When one thinks of a pond-front home in a small country town, it normally conjures an image of modesty, but when the town is Wainscott and the pond is Georgica, it is anything but. Until recently, the East Hampton hamlet held the record for the highest grossing residential sale on the East End when pharmaceutical magnate Stewart Rahr purchased Burnt Point Estate for $45 million in 2004.

What makes this area so very unique is the geographical lay of the land, and its positioning on open waters. Its landmasses spread out to the ocean in the shape of a hand. The finger-like peninsulas hold some of the most exclusive and secluded estates in the Hamptons. Many of the mansions here are naturally hidden by thick foliage and long drives, yet still command views not only of the pond or oceanfront on which they may be set, but also the protected wetlands they are set inside.

A new estate property here was recently unveiled at Wolfer Vineyard in Sagaponack in typical Hamptons style. Exclusive brokers and gala event hosts Gene Stilwell and Evan Kulman of the Corcoran Group, along with By Design Development, presented the 8,000 square foot project that will be located deep in the heart of Georgica. The two-story modernist masterpiece, designed by architect Peter Cook, will be set naturally into the landscape and backed by a pristine 17-acre preserve. An open floor-plan that includes six bedrooms, seven and a half baths, six fireplaces, a heated pool, and guesthouse are an example of the new modernist approach seen cropping up in the Hamptons designs as of late, where the classic shingle-style has been traded for the nouveau. Like most estates in Georgica, it will conform to the land and waters, not the other way around, a building philosophy that has worked here, making estates more like private sanctuaries. The project, now under construction, is priced at $18,000,000.

Southampton Origins

Memories of the Westlawn Mansion’s heydey breathe through the long halls and into a suite of service rooms, storage pantries, hidden silver safes, and a narrow back staircase leading to servants’ quarters. In old manor homes, it is the nooks and crannies that create the persona. One can envision the staff bustling to serve its distinguished guests under the awning of a brick patio overlooking four acres of blooming formal gardens on the west lawn. To the north, a 60-foot pool stretches to a carriage house concealed by 100-year-old trees. The three-story estate, designed by renowned architect F. Burrall Hoffman in the spirit of grand living, is one of the many stately mansions gracing Southampton’s Great Plains Road. The property has not been offered for more than thirty years, and has delighted buyers by entering the market, albeit with a $19,500,000 price tag.

The refined ambiance of Westlawn that defined the area in 1900 still exists the today; it is considered one of the original Southampton mansions. Six fireplaces spread throughout the living spaces and six main bedrooms. An additional six bedrooms intended for staff are atop the third floor. The library, sunroom, breakfast room, mudroom, and sitting rooms are run in a never-ending gallery-style fashion. Floor to ceiling windows draw natural lights into the living space and grand hall. Traces of artisan woodwork crafted during its days as a designer show house are evident throughout the entire house. “This home has good old bones,” says Timothy Davis, senior vice president of the Corcoran Group’s Southampton office, who is exclusively listing the rare find.

A swan song is heard playing over the ocean and humming through the villages, yet the tempo of the Hamptons still moves to its own familiar rhythms. Perfect summer days are filled with the mystique that brings many east, and its clear why the wealthy pay almost anything to be here, why the locals stay, and why when some come east, they never leave.