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Wooldon SOTHEBY'S INTERNATIONAL REALTY
A 4-acre parcel, a portion of the original 18.5-acre Wooldon Manor on Gin Lane in Southampton, very recently came on the market with an asking price of $50 million.
The property sits on more than 200 feet of oceanfront and has three existing structures: a 4,600-square-foot carriage house, a 2,700-square-foot caretaker’s cottage, and a tea house. Both the carriage and caretaker’s houses were built about 1900 in the Tudor style, but will likely be torn down by any eventual buyer.
Anyone willing to spend more than $12 million per acre of land most likely will not want to live in the auxiliary housing of someone else’s former and more impressive estate. Zoning on the lot allows for a 15,000-square-foot house, a pool and tennis court.
“This is the first time in more than 55 years that this parcel has been put on the market,” said Tim Davis, the Corcoran broker who controls the listing. The parcel has remained separate from recent transactions involving the other 14.5 acres of Wooldon Manor that were purchased in June of last year by Scott Bommer, the founder of SAB Capital. Mr. Bommer purchased the property for $75 million, only to put it back on the market for $98 million this March. After only a few months, Mr. Bommer sold off that property’s five lots to two separate buyers for a combined total of just over $80 million—not quite his asking price, but still a flip for the record books.
on Aug 22, 2014