East Hampton Horse Farm On Market For $39 Million

One couple’s somewhat-delayed equestrian dream may soon allow you to become an East Hampton horse impresario. On the market is 172 Cedar Street in East Hampton that is the centerpiece of a 23-acre compound on the fringe of the Village of East Hampton created by Jeff Fagen, the creative director of the sports lifestyle brand Panda Diplomacy, and his wife, Isabel Rose. The ask is $39 million.

The couple bought the 8-acre property in 2009 for $12.5 million. Their intention was to use the 18,000-square-foot stone and shingled house on it as the center of not just an expanding equestrian center and horse farm, but a place where the family could plant orchards and grow their own food. The main house contains 12 bathrooms and 12 bedrooms, most of them looking out at surroundings landscaped by Ed Hollander, a saltwater pool, and a tennis court.

To pursue their grander plan, in the intervening years Mr. Fagen and Ms. Rose have purchased five adjacent properties, increasing their holdings to 23 acres. There are other structures on the parcels including cottages, barns, and a 5,500-square-foot guesthouse. The total 23 acres also include nine buildable lots.

Last year, the family put the entire compound up for sale, asking $55 million. The pace of business for Panda Diplomacy has Mr. Fagen spending more time on the road than in East Hampton during the warm-weather months, and the couple’s two daughters have traded horses for other interests. The result is 172 Cedar Street for sale, and separately 174 Cedar Street is available too, for $22 million. A buyer of the first property who will need help managing it will be glad to find a three-bedroom staff wing on the lower level.

At least Mr. Fagen and Ms. Rose got in one last big bash. Last August, the couple hosted a party after the opening of “Roy Lichtenstein: Between Sea and Sky” at Guild Hall. The party attracted the attention of the Wall Street Journal, which reported “a glittery crowd” including Alec and Hilaria Baldwin, Harry and Linda Macklowe, Marjorie and Roy Furman, and others who, WSJ observed, contributed to the “parade of Range Rovers and Mini Coopers making the trek from Guild Hall to Cedar Street.”