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Less than two years after he purchased his oceanfront property on Lily Pond Lane in East Hampton, hedge fund manager Scott Bommer has sold it for a record $110 million.
It is the second largest sale in the history of New York State and the fifth-largest residential sale in the United States, according to Compass, whose broker, Edward Petrie, negotiated the sale. The buyer is reportedly natural gas billionaire Michael S. Smith, CEO of Freeport LNG Development.
The nationwide record sale was set in 2014 when another hedge fund manager, Barry Rosenstein, paid $147 million for his 16-acre oceanfront estate on Further Lane in East Hampton.
Mr. Bommer’s sale includes three original parcels—93 Lily Pond Lane, 101 Lily Pond Lane, and 97 Lily Pond Lane—totaling 6.4 acres, including 284 feet of oceanfront. Two properties contain houses, while the one at 97 Lily Pond Lane is vacant, a home there having been demolished in 2000. Mr. Bommer bought the three properties for a combined $93.9 million.
One year before that, he purchased Wooldon Manor on Gin Lane in Southampton from Vince Camuto, the late shoe designer, for $75 million. The hedge funder subdivided it into several lots and sold them in two separate transactions for more than $80 million.
In December 2015, two of the subdivided properties from one of the transactions were then sold together for $53 million.
Carey London on Feb 12, 2016