Take a flyover tour of America's wealthiest zip code, where the average home costs more than $5 million

What was once a sleepy farming village on the East End of Long Island is now a summer resort for the wealthy. For the second time since it was incorporated in 2005, the village has been named the wealthiest zip code in America.

From the looks of this flyover tour, it’s easy to see why the median home price in the 11962 zip was $US5.12 million from January 2014 to June 2015, according to Property Shark. Aerial photographer Jeff Cully of EEFAS captured the area in all its gorgeous hidden real estate glory.

Sagaponack is located on the eastern end of Long Island, on the Atlantic Ocean.

It sits squarely between Bridgehampton and Wainscott.

Sagaponack, NY is the Hampton's youngest zip code -- 11962 only incorporated in 2005.

It started life as a hamlet of Southampton Town, but voted to become a full village to stop the proposed village of Dunehampton from cutting off access to the beaches.

The village is also one of the sleepiest of the Hamptons, where much of the land was used for potato farming.

Foster Farm still carries on the area's family potato-farming legacy.

As for commercial activity in the area, there's a 'general store, a post office, and not much else,' reports the New York Times.

Source: NYTimes

One thing there is a lot of are huge, luxury mega-mansion summer homes built on the former farmland.

The mansions and idyllic beachside setting have contributed to the median home price of $5.12 million, making it the most expensive zip code in the United States.

Naturally, the closer to the beach, the pricier the real estate.

Properties that border the lakes, ponds, and streams separating and bisecting the village also cost big bucks.

Recent efforts in neighbouring hamlets and villages to curb mega-mansion building have started, but no such effort has yet commenced in Sagaponack.

The names of the 5-square-mile village derives from the Shinnecock word for 'land of the big ground nuts.'

Source: NYTimes

Hedge funder David Gerstenhaber tried to sell this mansion in 2012, but it's unclear if it ever actually changed hands.

A tour of Sagaponack wouldn't be complete without a look at junk-bond king Ira Rennert's gigantic house on the waterfront. A 110,000-square-foot home on 63 acres, Rennert's Hamptons mansion is considered one of the largest occupied pieces of residential real estate in the US.

Based on his nearly $400,000 tax bill, the house could be worth up to $198 million dollars.

Hedge-fund tycoon David Tepper also owns a house in the village. He bought a house on Gibson Lane in 2013 for $43.5 million, promptly tearing it down and building this one -- at twice the size.

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