Contents Of Three Ponds Farm Go On Auction After 58-Acre Compound Sells - 27 East

Real Estate News

Real Estate News / 1391265

Contents Of Three Ponds Farm Go On Auction After 58-Acre Compound Sells

icon 3 Photos
A vintage-style Coke machine from Three Ponds Farm on auction. COURTESY THE POTOMACK COMPANY

A vintage-style Coke machine from Three Ponds Farm on auction. COURTESY THE POTOMACK COMPANY

A golf ball slot machine from Three Ponds Farm. COURTESY THE POTOMACK COMPANY

A golf ball slot machine from Three Ponds Farm. COURTESY THE POTOMACK COMPANY

Jack Nicklaus commemorative clubs from Three Ponds Farm will be on auction. COURTESY THE POTOMACK COMPANY

Jack Nicklaus commemorative clubs from Three Ponds Farm will be on auction. COURTESY THE POTOMACK COMPANY

author on Jun 14, 2019

Three Ponds Farm, the 58.65-acre, eight-structure compound complete with its own 18-hole golf course in Bridgehampton, has sold—and that means it needed to be emptied out. The contents of the 25,000-square-foot Italianate residence, the orangerie, the pro-shop and the course’s halfway house are on the auction block with the Potomack Company in Alexandria, Virginia.

Potomack Company owner and CEO Elizabeth Haynie Wainstein, a veteran of Sotheby’s and Christie’s, said the contents were all shipped to Virginia to be displayed in Potomack’s 15,000-square-foot warehouse for auction previews. The interiors of the estate have been re-created in the warehouse to give potential buyers a sense of how the antiques, artworks and other property was kept at Three Ponds Farm.

The warehouse, in the historic Old Town Alexandria neighborhood, is just five minutes from Reagan National Airport, so bidders fly in from all over to view the auction lots, Ms. Wainstein noted.

A live auction on Saturday, June 15, at 10 a.m. will offer the artworks, including works by old masters. Lamps, mirrors, candlesticks, tables, chairs, dressers, and more will also be on the block. Absentee bidding has started, and callers can phone-in bids during the live auction as well.

Then on Wednesday, June 19, an online auction at potomackcompany.com will offer the contents of the pro shop and halfway house and the estate’s designer pieces. A few examples of items on auction are a slot machine that awards golf balls, a vintage-style Coca-cola machine, and commemorative Jack Nicklaus golf clubs.

Ms. Wainstein said that when it comes to the works of old masters, about 70 percent are bought by private buyers, 20 percent go to members of the art trade—usually from Europe—and about 10 percent go to institutions such as museums.

Her personal favorite object in the Three Ponds Farm auctions is a marble Art Deco table that was in the orangerie. With clean lines, it has a historical feel but fits in well with modern interiors, she said.

The auction is of note because most of the pieces have not been on the market in a long time, Ms. Wainstein added. “They have been held at this estate for decades, so it’s fresh to the market, and it’s a combination of historical and more modern pieces.”

Large auctions such as these may come up because owners are downsizing to a smaller home, or it could be that the owners have died and the heirs have decided to sell the personal property, Ms. Wainstein explained. Some estate owners know what they want to keep and what they want to sell, she said. Others want Potomack Company’s help deciding what to sell or, at least, want to know the valuations of certain possessions before they decide.

“Some people have a very clear idea of what they want to keep initially, and then we come in and help with everything else,” Ms. Wainstein said.

She went on to say: “We actually turn auctions around fairly quickly, and I think that’s why we’ve developed a niche in this area. Because it still takes at least a month, but we are able to turn an estate into an auction within a month, which is very fast in the auction cycle. We photograph, research, catalog, everything that we sell and put it up on different internet platforms.”

Three Ponds Farm was listed for $49 million by Bespoke Real Estate. The New York Post reported that the buyer was Arbor Realty Trust CEO and President Ivan Kaufman and the final sales price is $35 million.

You May Also Like:

Parrish’s Friday Nights Live Series Tackles Affordable Housing

The Parrish Art Museum’s latest installment of its Friday Nights Live series last week delved ... 19 Jan 2021 by Brendan J. OReilly

Potential Impacts Of Proposed 52-Unit Condo Development In Westhampton Beach Detailed

The developer proposing a new 52-unit condominium community in Westhampton Beach at the site of ... by Brendan J. OReilly

Southampton Village Residence With ‘Million-Dollar Lower Level’ Sells For Nearly $10 Million

A 10,580-square-foot residence on 1.6 acres with pool and tennis at the eastern end of ... 18 Jan 2021 by Staff Writer

Community Preservation Fund Revenue In 2020 Is All-Time High

Peconic Bay Region Community Preservation Fund revenue continued to amass at a record pace in November, as the five East End towns collected $15.5 million during the month, bringing the total haul for the first 11 months of 2020 up to $118.11 million — more than any full year in the history of the program founded in 1999. Revenue was 70.5 percent higher than the same months in 2019, noted New York State Assemblyman Fred W. Thiele Jr., and November 2020’s $15.5 million total was the second-best month ever, behind October 2020’s $17.93 million. In November 2019, revenue was just ... 15 Jan 2021 by Staff Writer

New Yorkers Struggling To Pay Rent May Be Eligible For One-Time Subsidies

New York State residents with a household income below 80 percent of the area median income may be eligible for rent relief under the federal CARES Act and the New York State COVID Rent Relief Extension Program — and the February 1 deadline to apply is fast approaching. The one-time rental subsidy is sent directly to the home’s landlord, and the assistance never needs to be repaid. Applicants must be renters with a primary residence in New York State, must have lost income between April 1 and July 31, 2020, and must have been “rent-burdened” during that period, meaning their ... by Staff Writer

New York State Residential Eviction Moratorium Continues Until May

The COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020, which Governor Andrew Cuomo signed into law last month, extends New York State’s moratorium on residential evictions, which was first instituted on March 20, 2020, until May 1, 2021. The law applies to both residential convictions and foreclosure proceedings when the tenant or homeowner is experiencing a hardship related to COVID-19. Additionally, the law prohibits credit discrimination and negative credit reporting due to the pandemic. “When the COVID-19 pandemic began, we asked New Yorkers to protect each other by staying at home. As we fight our way through the marathon ... 13 Jan 2021 by Staff Writer

In-land Record Breaks As Southampton Village Racks Up Eight-Figure Real Estate Sales

Southampton Village saw a number of eight-figure transactions close as 2020 neared its end, the ... 12 Jan 2021 by Staff Writer

Oceanfront Residence On Bridgehampton’s Dune Road Sells For $50 Million

An oceanfront property in Bridgehampton recently changed hands for $50.15 million in an off-market transaction, ... 11 Jan 2021 by Staff Writer

Sale Of Quogue Oceanfront For $22.5 Million Sets New West-Of-The-Canal Record

An oceanfront residence in Quogue sold at the end of last year for $22.5 million, ... 8 Jan 2021 by Staff Writer

New Signed Contracts For Hamptons Home Sales Up 40 Percent In December 2020

For the seventh month in a row, the number of single-family homes in the Hamptons ... 5 Jan 2021 by Brendan J. OReilly
logo

Welcome to our new website!

To see what’s new, click “Start the Tour” to take a tour.

We welcome your feedback. Please click the
“contact/advertise” link in the menu bar to email us.

Start the Tour
Landscape view not supported