Eyebrow-Raising Transactions In Southampton - 27 East

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Eyebrow-Raising Transactions In Southampton

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author on Dec 29, 2017

A few weeks ago we wrote about a bevy of buying and selling going on in Southampton, especially within the village limits. That pace remains brisk, but with a couple of twists.

One is the reported sale of 6 Olde Towne Road, for $16 million. It’s a magnificent property consisting of a 9-bedroom, 14.5-bath, just-constructed house on 3.84 acres. The 23,000-square-foot residence has such amenities as staff quarters, an exercise room, a finished basement, a formal dining room, a great room, a spa, a library, and a media room. There is also a pool house next to the in-ground pool. And don’t forget the rooftop putting green and the subterranean basketball court.

The seller was Old Towne Southampton Associates LLC and the buyer was Old Towne Development LLC, which doesn’t really tell us much about why there was a difference of $19 million between the ask and the price paid for the property. Yes, you read that right. The house was listed for $35 million and sold for a reported $16 million. The brand-new mansion at 6 Olde Towne Lane, dubbed Summer House, was featured in an episode of CNBC’s “Secret Lives of the Super Rich.”

Another twist was the sale of a property next door, at 4 Olde Towne Lane, which was also purchased by Olde Town Development LLC. In this case, the property was initially described as a 3.88-acre vacant lot on the market for $10 million. However, the sale price reported was $24 million. Inquiring minds want to know. A search for Olde Town Development LLC tells us the corporation is based in Glen Carbon, Illinois.

Switching gears: How many of you watched the James Stewart-Donna Reed holiday classic? Well, it sure was a wonderful life real estate-wise for Edward T. Galett of Southampton. According to the folks at Douglas Elliman Real Estate, the estate of the investor, who died earlier in 2017, recently closed on the sale of 54 Pheasant Close in Southampton only a week after another property, this one at 249 Mitchells Lane in Bridgehampton, changed hands.

What makes these transactions particularly interesting is that they represent just a portion of the Galett portfolio. His other investments in Hamptons real estate include 59 Farm Court in Sagaponack, 32 Georgica Road and 3 Close Court in East Hampton, and 1 Lake Road in Bridgehampton. Probably a good time to go to Ancestry.com and see if you’re related to the Galett family!

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