A Rare Foreclosure Looms In Sagaponack - 27 East

Real Estate News

Real Estate News / 1416053

A Rare Foreclosure Looms In Sagaponack

icon 1 Photo

author27east on Aug 1, 2012

Later this month, one of the rarest of events to take place in the Hamptons is slated to unfold on the steps of Southampton Town Hall: the public auction of a foreclosed home—in Sagaponack.

With the hamlet being the reigning placeholder of “America’s Most Expensive Small Town,” foreclosures in the place where property values went up nearly 20 percent and construction chugged along amid the throes of the “Great Recession” are a real estate white whale. If so, perhaps the towering mansion at 219 Sagg Main Street should be named Moby Dick.

The estate—3 acres, pool, tennis, 15,000 square feet of basically new construction, seven bedrooms, eight and a half baths—is slated to go on the auction block on August 27 and sold to the highest bidder, preferably for more than the $7.8 million the Bank of Smithtown says it is owed by the estate’s current owner, Benjamin Ringel.

It is only the second time there has been a foreclosure in Sagaponack since the village was formed in 2005, according to Village Clerk Rosemarie Winchell.

The estate was completed in 2009, built by Sagaponack developer Michael Davis on custom order by Mr. Ringel, a real estate property developer whose company, Armstrong Capital, refurbishes and manages commercial properties. Mr. Davis’s firm declined to discuss the project, but a company employee said the house construction was paid for by Mr. Ringel outright, without a mortgage.

Southampton Town has appraised the value of the estate at just more than $11 million, and real estate experts say that price is likely a realistic value for the property—a potential profit windfall if the auction price is low enough.

“If it is [completed], I would think it’s honestly worth $11 million, maybe $12 million, yes,” said Paul Brennan, a real estate broker with Prudential Douglas Elliman and a Sagaponack resident.

Mr. Ringel could not be reached for comment, and an attorney for the Bank of Smithtown did not return calls seeking comment on the circumstances of the foreclosure. But Ms. Winchell said that it appears Mr. Ringel is trying to head off the foreclosure auction. She said Mr. Ringel was behind on his village property taxes by at least two years but paid them in person at Sagaponack Village Hall on July 16. According to town tax records, his annual taxes in 2011 were $23,231.

“He’s been in here bringing his taxes up to date and closing out his [certificates of occupancy],” Ms. Winchell said. “I’m sure he’s desperately trying to hold on to it.”

You May Also Like:

Water Mill Property Where Hal Buckner and Dorothy Lichtenstein Left Their Marks Is for Sale

A Water Mill property that hosts a former dairy barn turned artist’s studio and a ... 30 Jun 2025 by Brendan J. O’Reilly

Sundays on the Bay Hits the Market

Sundays on the Bay restaurant and marina on Dune Road in Hampton Bays has hit ... 29 Jun 2025 by Staff Writer

Hamptons Rental Market Remains Alive and Well

To paraphrase Mark Twain, reports of the demise of the Hamptons summer-rental market are greatly exaggerated. “Any hint that the Hamptons rental market is anything but robust is completely wrong,” said Corcoran associate broker Gary DePersia in East Hampton. An interesting dynamic is stirring in the Hamptons vacation-rental market. Although there has been an unprecedented rise in short-term rentals and the aftershocks of the COVID-19 pandemic linger, it has been a bumper crop year for Wall Street, interest rates have remained steady and a new breed of demanding customer is emerging. Despite it all, the Hamptons vacation-rental market remains as ... 19 Jun 2025 by Joseph Finora

Jon Vaccari Joins Noble Black & Partners at Douglas Elliman

Jon Vaccari, a longtime resident of Sag Harbor, has joined Noble Black & Partners at ... 18 Jun 2025 by Staff Writer

Appeals Court Sides With Landowner Over Southampton Village ZBA

Southampton Village has lost an appeal that sought to reinstate a Zoning Board of Appeals ... 12 Jun 2025 by Brendan J. O’Reilly

Last Parcel of Startop Ranch in Montauk Sells

The last plot of land at Startop Ranch in Montauk, 107 Startop Drive, has sold ... by Staff Writer

Hamptons Real Estate Roundtable, Memorial Day Weekend 2025 Edition

With Memorial Day weekend about to kick the Hamptons into high season, The Express News ... 22 May 2025 by Moderated by Brendan J. O’Reilly

Au-Delà Real Estate Vows To Go 'Beyond'

Au-Delà Real Estate, a new boutique real estate firm based in East Hampton, is now ... 20 May 2025 by Brendan J. O’Reilly

AI Helps Rental Seekers Find Homes That Match Their Aesthetic Preferences

Consumers increasingly have an expectation of superior, more personalized service based on their own particular ... by Steven Loeb

New Construction in Montauk Sells for a Nonwaterfront Record Price

A newly constructed modern home in Montauk just set a record for the highest price ... 9 May 2025 by Staff Writer