Years in the making, the foreclosure sale of a developed property in Sagaponack Village — complete with a home, pool, pool house and tennis court — has finally come to pass.
According to The Real Estate Report Inc., 219 Sagaponack Main Street has been sold to a limited liability company for $10.86 million. The property, also known as 219 Sagg Main Street, was the subject of a foreclosure auction scheduled to take place on the steps of Southampton Town Hall in 2012. It was to be the second foreclosure in the history of the Village of Sagaponack, which incorporated in 2005.
However, town property records show no change in ownership since that auction was scheduled in 2012. The owner is still listed as 219 Sagg Main LLC, a limited liability company that belongs to Benjamin Ringel, the president and CEO of Armstrong Realty Management, a commercial and residential real estate management firm. Those records will be updated soon to reflect the new owner.
The estate on 3 acres by Sagaponack developer Michael Davis was completed in 2009 for Mr. Ringel. The 15,000-square-foot mansion has seven bedrooms and 8.5 baths. The Bank of Smithtown said in a 2011 court filing that it was an investment property and sought to foreclose on “matured mortgages in an aggregate sum of” $7,125,000.
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