Warner Music Group chairman Lyor Cohen is spending $6.8 million for a teardown in the Hamptons. Sources say Cohen has just closed on the property in North Haven after a bidding war erupted for the bayfront home, which was listed at $5.5 million.
“Lyor was actually the second-highest bidder,” says a source, “but the guy with the highest offer couldn’t come up with the $7.2 million – and he also lost his $720,000 deposit.”
While the four-bedroom Contemporary is nothing to crow about, the stunning 2.5-acre property has 170 feet of waterfront. Meanwhile, Cohen has taken his Bridgehampton estate with a $9.5 million price tag off the market in anticipation of his lengthy construction project.
Photo by shimsand from Flickr
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