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Charles Lazarus, founder of retail giant Toys “R” Us, sold his Quogue compound for $11.2 million on January 6. The property was put up for sale last July for $13.5 million.
Broker Marcia Altman with Brown Harris Stevens, who listed the property, would not reveal the buyer, saying only, “He’s another captain of industry, in the financial world.”
Sitting on 4 acres, with 375 feet of waterfront overlooking Shinnecock Bay, the estate consists of a main house, a gatehouse, a croquet field, an oversized heated gunite pool and a boathouse.
Built in 1896, the original 6,500-square-foot, three-story main house was hit by lightning and burned down, according to the listing. In 1900, the owners rebuilt the same home, which has eight bedrooms and 6.5 baths. The gatehouse, which can be used as a guest house, was originally stables with a tower and windmill on top.
Toys “R” Us was founded in 1948 and bought FAO Schwarz, the iconic toy store in New York City, in 2009.
Carey London on Jan 18, 2016