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Hamptons Life

Oct 20, 2017 12:13 PMPublication: The East Hampton Press & The Southampton Press

Water Mill Whoppers

1265 Flying Point Road, Water Mill.  COURTESY SOTHEBY'S
Oct 23, 2017 8:48 AM

For many people, the answer to a question about a hamlet in the Town of Southampton with the initials WM would be “Water Mill.” But based on recent activity there, WM could stand for “What (a lot of) Money.” Just in the last couple of weeks there have been seven- and eight-figure deals.

Leading the way are two properties on Flying Point Road, which combined have sold to the same limited liability company using the street addresses. The residence at 1265 sold for $11,719,000, and its much smaller companion went for $1,281,000, which you arithmetic whizzes realize adds up to ... well, as we said, a lot of money. The modern beach house at 1265 is 3,500 square feet with 5 bedrooms and 3 baths. The interior of the new Stelle Lomont Rouhani-designed structure has high-quality amenities, but probably the best features of the property are the 100 feet of bulkheaded beachfront on the ocean and 55 feet frontage of Mecox Bay.

The seller of both properties is David Wassong, the managing director and co-head of private equity at Soros Fund Management. When he bought the land a few years ago for $7.9 million from Christie Brinkley—while she was in the midst of a bitter divorce from the architect Peter Cook—the residence that had stood there was described as a "cabin."

Also catching our eye in Water Mill is 131 Summerfield Lane, which was scooped up by Douglas and Wendi Adams for $6,995,000. And almost catching this couple money-wise are William and Melissa Gildin, who ponied up a nice, round $6,190,080 (really, $80 made a difference?) for 338 Edge of Woods Road in Water Mill.

Know what else WM stands for? “Why (not) Me?”

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