Behind The Hedges

Oceanfront Bridgehampton Home With Storied Past Sells for $50 Million in Off-Market Deal

January 2021
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A recently built contemporary Bridgehampton home overlooking the ocean traded last month in an off-the-market transaction for a whopping $50.15 million, one of the priciest sales in the Hamptons in 2020.

On Thursday, county records collected by the Real Estate Report show 187 Dune Road closed on December 10 in a deal between developer Ziel Feldman under 187 Dune Road LLC and GR Dune Realty Holdings LLC. The New York Post on Thursday named Fanatics mogul Michael Rubin as the mystery buyer.

Erica Grossman of Douglas Elliman represented Feldman, while Gary Cooper and Preston Kaye of Hedgerow Exclusive Properties, which specializes in off-market listings, quietly repped the buyer.

The deal is likely the third most expensive deal of last year, coming in behind 650 Meadow Lane In Southampton and 12 and 15 West Dune Lane in East Hampton, which sold for a reported $84 million and $67 million respectively. Billionaire hedge fund manager Ken Griffin bought the seven-acre Meadow Lane property from Calvin Klein in March, also in an off-market deal.

Meanwhile, the West Dune Lane property came with two mansions, designed by Robert A.M. Stern, on the 3.4-acre property and a waterside pool.

The Post says the 8,000-square-foot, seven-bedroom, four-bath house had initially been offered for $75 million, though it was listed in 2011 for $34 million. The house is located on the ocean side of a mile-long road that ends at Scott Cameron Beach, and also boasts views of of Mecox Bay.

The address does come with a storied past. In 2014, the home was badly damaged in an intentional fire. David Osiecki, a Sagaponack resident and former real estate agent was arrested, telling The Post at the time that “I was trying to save my best friend Ziel,” adding, “I was trying to get his art to Norway.”

He was indicted on arson charges, though he was later found mentally incompetent to stand trial.

Feldman razed the old home and rebuilt it with French limestone and custom-designed windows and doors, according to the Corcoran listing at the time.

The founder of HFZ Capital Group has been trying to unload several properties, perhaps due to trouble at his firm. Several lenders and investors have filed lawsuits over reported defaulted loans and unpaid bills, The Real Deal reported. Feldman put his Manhattan penthouse on the market for $39 million in November, just a month after he finally sold his 18,500-square-foot home in Englewood, New Jersey.

Rubin will be in good company on Bridgehampton’s Dune Road. Neighbors include billionaire developer Len Blavatnik, who has been building a contemporary compound for several years, and New York City real estate king Donald Zucker.

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