Formerly a Foreclosure, A Sagaponack Estate Sells for $24.5 Million - 27 East

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Formerly a Foreclosure, A Sagaponack Estate Sells for $24.5 Million

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n Sagaponack, 219 Sagaponack Main Street sold for $24.5 million.  HARRIS ALLEN

n Sagaponack, 219 Sagaponack Main Street sold for $24.5 million. HARRIS ALLEN

authorStaff Writer on Nov 21, 2023

A 3-acre Sagaponack estate updated by Kristen Farrell & Co. sold this fall for $24.5 million, a significant return on investment.

The property, with pool and tennis, was originally developed between 2007 and 2009, and within a few years earned the dubious distinction of being the first residence in the Village of Sagaponack to be foreclosed on. Farrell saw something special in the distressed property and acquired it to realize its potential.

“You get a feeling about a house even before you can consciously identify what’s drawing you in,” she told The Express News Group this summer. “[This house] gave me that feeling.”

The residence was originally designed by architect Todd Nagy. For Farrell’s recent update, Sag Harbor builder Eric Hagermen served as project manager.

The main house is 17,600 square feet, inclusive of the lower level, and has nine bedrooms, 13 full bathrooms and five half-baths. There are five fireplaces to be found — four wood-burning and one gas. A great room, home office, outdoor living room, wine room, gym, spa, sauna, theater, playroom, five laundry rooms and mudroom are all part of the main house.

The pool house has a kitchenette, den, steam room, shower, bath, powder room, seating area and laundry. A pair of restored 20th century barns with board and batten siding offer a kitchenette, bathrooms, laundry and potential for an art or recording studio or a variety of other uses the new owners might imagine.

The property traded for $10.86 million in 2020, and then Farrell picked it up for $12.05 million in 2022. The newest owner is Sagg Main Sunshine LLC, according to Suffolk Vision Inc.

Christopher Covert, an associate broker and the managing director for Modlin Group Hamptons, had the most recent listing.

“It has been a fantastic experience working with our design and build client, and we are extremely happy for her with the outcome,” Covert said. “We look forward to working together on many more. And while this is a significant price point, it is on par with the other sales MGH has participated in both on- and off-market since opening the Hamptons operations.”

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