A Hamptons compound that sold for a near-record $118.5M in 2021 seeks a new owner — for $99.5M

Spring may only have just begun, but the summer season in the Hamptons is already off to a blistering hot start.

In Water Mill, a two-home compound spread across some 21 acres has listed for a cool $99.5 million, according to listings portal Out East. What’s more, the parcel — at 70 and 71 Cobb Lane with frontage on Mecox Bay — is now the priciest residential property for sale in the Hamptons, according to the site.

Despite the nearly nine-figure ask, a sale at this sum wouldn’t break a record for the region — and it would also mark a $19 million loss from its last purchase price.

In late 2021, Philadelphia real-estate developer Michael Karp purchased the grand property for an even more grand $118.5 million, which made it the second most-expensive home sale the Hamptons had ever seen. (Seven years earlier, hedge-fund manager Barry Rosenstein took the area record by splashing out $147 million for three separate, but contiguous, parcels on Further Lane in East Hampton.)

Karp, who couldn’t immediately be reached for comment, bought the two homes off-market from father-and-son apparel executives Arthur and Jason Rabin. It didn’t take much time for him to want to part ways with them.

In the spring of 2022, Karp listed 71 Cobb Lane — a home measuring 17,000 square feet on 9 acres — for $72 million, before gradually lowering its asking price to $59.5 million. And in the spring of 2023, Karp then listed 70 Cobb Lane, which stands on 12.2 acres and with 28,000 square feet, for the same $59.5 million sum.

As for 70 Cobb Lane, and at the time of that separate sales listing, it was also available for rent for the Memorial Day-to-Labor Day season in 2023 for a breathtaking $2.5 million. Industry sources told The Post at the time that was an unheard-of price for the famously wealthy Long Island enclave. (Out East shows that home is still available to rent for this forthcoming summer season for the same price, which solidifies its rank as the priciest-ever Hamptons summer home rental.)

Combined, this compound offering, which listed for sale last Thursday, offers 45,000 total square feet of living space. The homes additionally offer a total of 24 bedrooms and 38 bathrooms.

The smaller, yet still massive, 71 Cobb Lane has a tennis court, a pool and a spa and a two-story pool house. As for its main house, the listing images show a large chef’s kitchen, a gaming room with waterfront views and graciously sized bedrooms. This mansion stands right on the bay.

The bigger 70 Cobb Lane doesn’t shy from amenities. Among its standout perks: a 750-gallon shark tank, a 14-seat movie theater, a two-lane bowling alley, a half court for basketball, an indoor swimming pool, a 350-bottle wine cellar and a gym. It, too, has an outdoor pool and plenty of space for entertaining al fresco.

The assemblage would also offer a would-be buyer a private dock with access to Mecox Bay.

Hedgerow Exclusive Properties has the listing. The brokerage declined The Post’s request for comment.