$40 Million On Further Lane

Apr 30, 2018 9:34 AM

It took a while, but thanks to the combined efforts of Frank Newbold at Sotheby’s International Realty and Ed Petrie at Compass, 290 Further Lane in the Village of East Hampton has been sold, for $40 million. We’re told that this is the highest price paid for a property in the Hamptons in 2018 since the Villa Maria compound in Water Mill, which closed in February for $36 million. Officially, correct—with an asterisk—the Lasata property, also in the Village of East Hampton, sold this past winter in two transactions for a total of just over $40 million.

The owner of 290 Further Lane, Ellen Marcus, widow of James Marcus, had higher hopes two years ago when the property first hit the market and was listed for $69 million. Two subsequent cuts later brought it down to $59 million. Apparently, this was not appetizing enough for the market, and the property was then offered at $49 million. At a final sales price of $40 million, it can be said that the undisclosed new owner is getting a lot of bang for his or her buck.

According to Compass, 290 Further Lane is “a stunning oceanfront retreat with all the modern amenities.” This 7-bedroom, 9.5-bath house of 10,000 square feet sits on 6.11 acres, from manicured gardens to sandy beaches, and includes 300 feet of ocean frontage. The Hamptons architect Francis Fleetwood “has captured a remarkable fluidity between indoor and outdoor spaces, conjuring a house with 2,400 square feet of covered porches and porticos that frame unparalleled views. This oceanfront property epitomizes the qualities of both home and grandeur. Upon walking in the front door, you’re immediately struck by an unmistakable sensation of light and effortless luxury.”

Sounds pretty enticing indeed. Among the many appealing features are polished plank-wood flooring and coffered ceilings; an oversized living room and formal dining room offer ample space for entertaining; and there are nearly 360-degree ocean views from the breakfast room. The master bedroom has a richly wrought fireplace with carved mantel, his and hers baths, and “more spectacular sweeping vistas.” The exterior includes green gardens and contemporary landscaping that can be appreciated from the rooftop viewing deck or the outdoor infinity pool. Other amenities are four fireplaces, a professional Viking stove and Calcutta marble countertops in the kitchen, and an indoor spa room complete with a hot tub and endless-current pool.

This may be the last opportunity to provide some information about James Marcus, who died in July 2015 at age 85. His father, Bernard Marcus, was president of the Bank of the United States. His son attended Harvard University, and in 1956 he joined the Wall Street firm Goldman Sachs, becoming a general partner eight years later. But opera was his true passion. In 1976, Mr. Marcus became a managing director of the Metropolitan Opera, and a decade later he became its chairman, a position he would hold until 1993. He was also active in philanthropic organizations, and at the time of his death he was chairman emeritus of Lenox Hill Hospital in Manhattan.