- The $150 million Southampton oceanfront estate is the most expensive home for sale in the Hamptons and is struggling to get off the market.
- The complex, called La Dune, has attracted a tiny pool of buyers, likely billionaires, and has been on and off the market since 2016.
- The estate spans over four acres on two adjacent lots with two houses, two swimming pools and a tennis court.
The $150 million Southampton oceanfront estate is the most expensive home for sale in the Hamptons and is struggling to get off the market.
The complex, called La Dune, is likely to be used as a summer home and is attracting a small group of buyers, likely billionaires, who can afford to pay the bills. Even in the Hamptons, sales over $100 million are very rare.
Named after the sand dune behind which it sits, La Dune covers about four acres on two adjacent lots with two houses, two swimming pools and a sunken tennis court.
Finding a buyer for the sprawling complex, which includes a classic, over 100-year-old Hampton-style tiled residence and a second home built in the early 2000s on an adjoining lot, has been challenging.
“This house is the furthest away from demolition, but if the house wasn’t here, just this lot, each of them would be worth $50 million,” listing agent Sean Elliott of Nest Seekers told CNBC.
And Elliot promises that La Dune’s price isn’t just meant to grab headlines.
“I think this is 100% a very realistic price to attract buyers in this market,” said Elliott, who is listing the house with Jeff Gifkins.
The estate sits on 400+ feet of super prime waterfront along Jean Lane, sometimes referred to as “billionaires’ beach.” This is one of the most exclusive stretches of white sand in the world.
“In real estate, we always know that this is a place, a place, a place; it’s not a cliché,” Elliott said. “You really are on the 50-yard line for nothing but wealth.”
Back in 2016, La Dune owner, art magazine publisher and collector Louise Bluen put the estate on the market at Sotheby’s International for an asking price of $140 million. At that time, there were no applicants.
For many years the residence has been listed as a summer rental. This year, a month’s stay will cost you $1.2 million.
Since 2016, the house has been up and down for sale, and Bluein has reportedly faced potential foreclosure and bankruptcy litigation to maintain control of the complex.
In August, she relisted La Dune with a new brokerage firm and raised the request to $150 million.
If the Nest Seekers team gets any closer to what their client wants, they will break the all-time record in the Hamptons.
According to public records analyzed by Jonathan Miller, president of appraisal and consulting firm Miller Samuel, only five complexes have ever sold in the Hamptons for more than $100 million.
The all-time record is still held by the 2014 sale of three separate but contiguous 16-acre parcels located at 60-64 Farer Lane in East Hampton, which were sold for $137 million.
According to public records, the last two nine-figure deals were made in Water Mill, a hamlet also in the city of Southampton, about two miles east of La Dune.
First came the mega sale of a 42-acre, 20,000-square-foot oceanfront estate known as Fordune, located in 90 Jule Pond Drive. The former Ford family estate was originally listed for sale for $175 million in 2017 and sat on the market for almost four years before being sold for $105 million in 2021, a 40% discount but still a record for properties with one lot in the Hamptons.
In 2022, an even larger sale overshadowed a quiet over-the-counter purchase of a home at 70 Cobb Road for $118 million. This complex, located on the banks of a stream rather than on the ocean, consisted of four contiguous lots of about 21 acres. The sale included two homes totaling over 32,000 square feet. The mega deal remains the Hamptons’ second-highest sales of all time.
Here’s a closer look at the latest complex vying for a spot on the shortlist of summer homes that have sold for over $100 million:
According to the listing, the La Dune complex spans four acres with 21,000 square feet of living space in two homes.
The four-story main residence, located at 366 Jean Lane, spans over 11,000 square feet.
The three-story second home at 376 Jean Lane, which owner Blowen calls the “family home,” has over 9,600 square feet.
The pair of mansions includes a total of 19 bedrooms and 16 bathrooms.
The lowest level of the so-called family home includes a gym, steam room, bar, billiard room and home theater.
The estate has several kitchens, including a large service kitchen on the ground floor of the main house. There is also a more modest family kitchen on the floor above.
Bluein told CNBC she’s selling her Hampton home in part because she and her kids spend most of their time in Europe and not in Southampton.
According to public records, property taxes on both sites that make up the La Dune complex are nearly $130,000 a year.
Credit: www.cnbc.com /