New York Post

This is the priciest-ever Hamptons summer rental

Written by Zachary Kussin
April 10, 2023
View Original article

The price of this East End summer rental sure puts the “tons” in Hamptons.

In Water Mill, and perched on a private peninsula on Mecox Bay, a roughly 12.2-acre property has listed for rent between Memorial Day to Labor Day for a cool $2.5 million — and industry sources tell The Post they’ve never seen such a sky-high ask for this nearly three-month period in their data.

Broken down, that $2.5 million sum for the May-to-September season — traditionally the most in-demand time for Hamptons living — equals some $833,333 per month, and about $25,510 per day.

The estate is also available to lease at other points this summer. It asks $2 million for July and August through Labor Day, $1.25 million for the month of August through Labor Day and $1 million for July alone, according to listings portal Out East.

The offering includes a roughly 28,000-square-foot house with 11 bedrooms, 14 full bathrooms and five powder rooms, says the listing from Hedgerow Exclusive Properties, which declined The Post’s request for comment.

Other notable perks include a lower-level entertaining area, which includes a 14-seat movie theater, a two-lane bowling alley with a viewing area for 12 onlookers, a 350-bottle wine cellar — and a 750-gallon shark tank.

The owner is Philadelphia real-estate developer Michael Karp, who’s also asking a grand $59.5 million to sell the property.

In late 2021, according to the Wall Street Journal, Karp purchased two homes set on more than 20 acres in an off-market transaction from father-and-son apparel executives Arthur and Jason Rabin. The other mansion, a 17,000-square-foot spread on roughly 9 acres, asks $59.95 million for sale, also via Hedgerow — down from last spring’s $72 million ticket price.

In 2020, jaws dropped when developer Joe Farrell listed his “Sandcastle” estate in Bridgehampton — famously rented by A-listers including Jay-Z and Beyoncé, as well as Justin Bieber — for $2 million. However, that was reportedly “a COVID situation” and the rental spanned from March of that year through Labor Day. Still, it was the East End’s priciest-ever lease at the time — and it was snapped up that season by financier Ian Snow, according to Page Six.

The following year, another Hamptons home rented for $2 million for the summer season.

This Water Mill home isn’t much different. East End property gossips tell The Post the property is rumored to have rented for close to $2 million last summer for a roughly four-month span.

A message seeking comment from Karp wasn’t immediately returned.
Karp’s $2.5 million rental additionally delivers an eat-in chef’s kitchen — as well as a formal dining room with seats for 10. A formal living area is also joined by a study and a separate den with a fireplace and a wet bar, the listing adds.

Also inside: a half court for basketball, a gym, a massage room and an indoor pool. This being the Hamptons, there’s also a heated outdoor pool with a spa and a waterfall, plus other exterior extras such as a courtyard with a fire pit and a concealed television — and a dining area with a grill and a pizza oven.

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