Tory Burch on Real Estate

Fashion designer, socialite, and now real estate mogul Tory Burch petitioned the Southampton’s Architectural Review Board for permission to demolish and build anew the $22.5 million home she bought earlier this year. The Meadow Lane home was formerly owned by her ex-husband, Chris Burch, before her purchase in February. Tory’s petition was approved after she agreed to lower the height of the house three and a half feet as to not obstruct her neighbor’s view of the ocean. Architect Daniel Romualdez, who is responsible for her decadent penthouse at the Pierre, is on the reconstruction project for 4.5 acres of land with ocean and bay views and 200 feet of ocean frontage.

Since Tory’s fashion business seems to be recession-proof, a rumor has it that Tory is also involved in a deal to purchase another Southampton property. Real LI reports “sketchy details” regarding her involvement, but that “real estate sources” say she is indeed involved.

The Westerly estate, owned by the late attorney and longtime adviser to millionaire Ron Perelman Howard Gitt since 1993, is listed for $45 million with Tim Davis of The Corcoran Group. The palatial 25-room brick Georgian Revival home built in 1929 by architects Hiss & Weeks. It sits on 15,000 square feet and comes with seven bedrooms, eight and a half baths a carriage house, a tennis court, an indoor pool, and an outdoor pool with a pavilion.

According to the listing, this property has subdivision potential making it “an exceptional opportunity for a user or investor.” Whoever they are, we know this unidentified financier buyer has a sizable bank account.

Via: Newsday, Cityfile