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:

Top Five Hamptons Home Sales West Of The Canal, First Half 2022

West of the Shinnecock Canal, the top five home sales of the first half of ... 16 Aug 2022 by Staff Writer

Duck Pond Lane Estate Sells For $30 Million

A Southampton Village nonwaterfront estate sold at the end of June for $30 million even, not quite a record price for an inland property in the village, but a rare feat nonetheless. At 63 Duck Pond Lane, the gated 2-acre estate offers 16,000 square feet of living space with nine bedrooms and 12 bathrooms. In the main house, a grand foyer leads to a great room with soaring ceilings featuring a double-height arabescato fireplace with a wet bar and handmade SICIS mosaic. A formal dining room seats 25 with a crystal chandelier. The gourmet dine-in kitchen has top-of-the-line appliances, a ... by Staff Writer

Oceanfront Meadow Lane Property Sells For $48 Million

In August 2020, the 3.65-acre oceanfront property at 1116 Meadow Lane in Southampton sold for $36 million, making it the seventh biggest Hamptons sale of that year. Now, less then two years later, it has sold again, this time for $48 million. In 2021, the Southampton Village Architectural Review Board approved plans for a new shingle-style “traditional house with sort of a slightly modern edge” high on the dune by architect Tom Kligerman from Ike, Kligerman and Barkley, with landscape architecture by Ed Hollander to replace the existing residence. The plan calls for Alaskan yellow cedar, which will weather to ... by Staff Writer

Property Fronting Hook Pond Gets $21.75 Million, Its Full Asking Price

The East Hampton Village home fronting Hook Pond recently sold for $21.75 million, its full ... 12 Aug 2022 by Staff Writer

Hamptons Summer Rental Market Slows Down After Two Hot Years

After two supercharged summers, driven by pandemic demand, it seems the East End’s seasonal rental ... 11 Aug 2022 by Sophie Griffin

Pulse: Hamptons Real Estate Roundtable

During the first half of 2022, the Hamptons market achieved record-high prices and record-low inventory, ... by Moderated By Brendan J. O’Reilly

The Top 10 Hamptons Home Sales Of The First Half Of 2022

In the first half of 2022, the top 10 Hamptons home sales ranged in price ... by Staff Writer

Experts Say Community Housing Funds Won’t Be Panaceas But Won’t Overheat Real Estate Market, Either

That the East End has an affordable housing crisis is a given. The extent to ... by Stephen J. Kotz

Hamptons Real Estate Market Is Pivoting, Analyst Says

There is a change in the Hamptons real estate market being felt right now, as ... by Brendan J. O’Reilly

Bespoke Debuts 1 Percent Listing Commissions

Bespoke Real Estate, a brokerage in Manhattan, the Hamptons and Miami specializing in listings priced ... 10 Aug 2022 by Brendan J. O’Reilly