An oceanfront compound in the Hamptons just sold for $45 million, marking the ritzy Long Island enclave’s priciest deal this year

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  • An unidentified buyer just bought an oceanside East Hampton property for $US45 million.
  • The sale comes during a time when the Hamptons’ housing market is in a slump.
  • But its rental market is on the rise, as wealthy city dwellers flee to the region to escape coronavirus hotspots like New York City.
  • The home, originally listed for $US60 million last year, was previously owned by the late rail tycoon James H. Evans.
  • Visit Business Insider’s homepage for more stories.

An unidentified buyer just splashed out $US45 million for a 6.7-acre oceanfront East Hampton property. According to the Wall Street Journal’s Katherine Clarke, this marks the Hamptons’ biggest sale closed so far this year.

The deal comes at a time when the Hamptons’ housing market is in a slump, but its rental market is on the rise, as people fled big cities to suburbia amid the coronavirus pandemic. But according to the Journal, the home was in contract before the pandemic began overtaking the news cycle.

The property originally hit the market last summer with an asking price of $US60 million. It was built by James H. Evans, former chairman of the railway company Union Pacific, who bought the site in 1986, Clarke reports.

Here’s a look inside the sprawling estate.


On April 10, the Wall Street Journal reported that an unidentified buyer paid $US45 million for an oceanfront home in East Hampton.

Business Insider previously reported that, though the Hamptons’ home sales market is in a slump, its rental market has soared amid the pandemic, as wealthy urbanites flee big cities for more remote areas.

According to the Journal, the home was in contract before the pandemic began overtaking the news cycle.


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Wall Street Journal


The home was previously owned by James H. Evans, former chairman of the railway company Union Pacific.

The family originally listed the property last summer for $US60 million, reportedly saying that they were selling because they had barely used the property since Evans died in 2015.


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Wall Street Journal


The home is located just off Further Lane, which is one of the ritziest neighbourhoods in the Hamptons.

Billionaire hedge fund manager Barry Rosenstein also has a home in the area. He purchased the estate in 2014 for $US137 million, which set a record for the Hamptons.


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Wall Street Journal


The newly-sold $US45 million home sits on 6.7-acres of land. It includes a 5,500-square-foot main house, with five bedrooms …


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Wall Street Journal


… and six bathrooms.


Source:
Trulia


The property’s amenities include a heated swimming pool, a vaulted living room, and a dining room with its own oceanfront terrace.


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Wall Street Journal


There’s also a separate three-bedroom, 2.5-bathroom guest house.

Source:Wall Street Journal, Trulia


According to the property description, zoning would allow for the new owner to tear down the existing structures to build a new nearly 12,500-square-foot main residence on the oceanfront and an over 6,000-square-foot guest cottage inland.


Source:
Trulia


The Hamptons has become a hotspot since the pandemic broke, as city-dwellers fled to the area.

Those who cannot buy in the Hamptons have resorted to renting, causing the area’s rental market to boom. Real-estate agents told the Journal that they’re seeing an unprecedented surge in interest for the area, renting properties in March that “never rent” during that time of year.

Business Insider previously reported that there have been food shortages and fear of “super-spreaders” as urbanites left their city homes for smaller and more remote vacation spots like the Hamptons. New Yorkers are also fleeing to Berkshire County,Cape Cod, and Nantucket, causing tensions to rise between full-time residents and second-homeowners.