Nestled among estates on one of East Hampton’s most expensive and scenic roads, a house that has been in foreclosure for several years was finally sold for $12,359,618.
Located at 80 Further Lane, the 8,000-square-foot home belonged to David and Gia Walsh. The State Supreme Court determined last March that the couple owed more than $10.5 million to ES Ventures One LLC, which is listed as the buyer on The Real Estate Report.
The bank purchased the couple’s mortgage from the parent company of Patriot National Bank, which had consolidated $8.5 million worth of the property owners’ loans. That was in 2008—the backlogged courts took a while processing many of the foreclosures originating from that period, when many homeowners failed to make mortgage payments in the middle of a housing crisis.
The Walshes had paid $2.7 million in 1999 for the 1.8-acre property, which included the mansion with 8 fireplaces and a pool. Notably, the oceanfront property is next door to a single-family spread, at 60, 62 and 64 Further Lane, that reportedly broke a national record last year for residential sales when hedge fund manager Barry Rosenstein purchased the 18 acres for a stunning $147 million.