Mansion Global

A Sprawling $72 Million Waterfront Hamptons Estate Is Headed to the Market

Written by V.L. Hendrickson
May 2, 2022
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A more than 9-acre estate in the Hamptons—which was a part of the area’s biggest residential real estate deal of 2021—is set to hit the market Tuesday for $72 million, Mansion Global has learned. It will become one of the most expensive homes on the market in the area.

Water Mill in New York’s famously affluent community, the more than 17,000-square-foot main residence on Cobb Lane has access, as well as vistas, to both Burnett Creek and Mecox Bay, according to Hedgerow Exclusive Properties, the agency representing the property.
“With direct southern views of the ocean and over 3,000 linear feet of bay frontage, the property sits on its own private peninsula with unobstructed 270 degree views of Mecox Bay,” Preston Kaye, co-founder of Hedgerow Exclusive Properties, said in an email. “The size and scale of the existing dwelling is something that rarely can be achieved on the water in the Hamptons.”

This is the first time the estate has been offered publicly, although it was included in last year’s off-market sale of a more than 20-acre combined property of Arthur “Artie” Rabin, the philanthropist and founder of WearMe apparel, and his son, Jason, according to public records. Hedgerow handled both sides of the deal, which was the priciest sale in the region in 2021 and the second-biggest deal ever in the Hamptons, records show.

“The property was the crown jewel of a family compound that was created over a 20-year period,” Mr. Kaye said. “The new buyer saw this as an opportunity to obtain both a waterfront and agricultural compound, with the intention to spin off the largest of the four parcels.”

A series of similarly named LLCs purchased the estate, records show. Mansion Global could not determine the buyer.

Designed by New York City-based Barnes Coy Architects, the main residence boasts 21 bedrooms, oversized windows to frame water views, multiple kitchens and outdoor spaces. That includes a tennis court and a pool overlooking the water with a basketball hoop, a spa and a pool house with retractable doors, plus ample lounge space.

The home also has a private dock into Mecox Bay, with room for several boats and other water toys, according to Hedgerow.

The Hamptons real estate market has been extremely active over the Covid-19 pandemic. The median price of a luxury residence there—the top 10% of the market—was up 32.4% in the first quarter, compared to the same time in 2021, according to a report last week from Douglas Elliman. Meanwhile, inventory dropped 34.2% annually.

“The Hamptons’ luxury market continues to perform well, despite the uncertainty in the world,” Mr. Kaye explained. “Inventory levels remain at an all-time low, while demand for quality product is steadfast. Year to date, the marketplace has seen four transactions over $30 million and a handful of others are set to close in the second quarter. These numbers are consistent with the last 24 months and a strong indicator that buyers are still circling at the high-end, but, as always, are constrained with unique buying opportunities.”

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